Fine Art

Insurance help

You have some beautiful objects of art in your home. This can be anything from oil paintings, Italian statues, Persian rugs, crystal or other items. It could be a collection of rodeo belt buckles valued at $500 to $5000 each. It could also be a collection of Ukaranian hand drawn Easter eggs that are valued at thousands of dollars. Of course you take steps to prevent loss or damage to these valuable items but that is not enough. Insurance can provide for repair or replacement of these special items.

It is usual to have such items appraised. Once appraised then the item is listed specifically on the home insurance policy. This establishes the value of the item and often deletes any deductible to be paid in case of a claim. Some companies will not take away the claims-free discount for the house policy when a claim is processed for scheduled items.

What kind of price do you pay? The rate is set at a certain amount per $100 value and varies between companies. It is possible that one company may give you better overall pricing due to a more reasonable rate for the fine arts listed on the policy. Once again, there is no one answer so you need to check with your broker to be sure you are getting the best rate and coverage available.

Many high-valued and easily disposed of items have a set limit on the insurance policy for a loss caused by mysterious disappearance or theft. So you would be able to claim this item if stolen but the insurance company would only pay up to a certain limit. Again, you need to know if you are self-insuring on certain areas.

Insurance Advice

Turnerstips recommends you complete a household inventory. This will help you determine what it is you need to specifically list on the insurance policy. It is also of great assistance in a claim as you will be required to document any items that have been damage, destroyed or lost.

Talk to your agent or broker about your contents coverage. Your adviser should be able to provide you with inventory booklets and quote you on the cost of adding your valuables specifically on your policy.