Protect and preserve your cherished masterpieces.
Is your art adequately insured? Standard homeowners and commercial property insurance policies are not equipped to cover high-value works of art. Whether you have a single piece or a large collection, fine art insurance provides protection for your investment.
Understanding Fine Art Insurance
Fine art insurance provides coverage for private collectors, galleries, museums and artists. In addition to covering theft and total losses, fine art insurance can cover restoration costs in the event of partial damage, helping you to preserve your collection.
Frequently Asked Questions
What is fine art insurance and what does it cover?
Fine art insurance is designed to cover risks associated with fine art that is being transported, stored or displayed. Policy terms can vary, but it is possible to secure broad coverage for a wide range of perils, including theft, water damage, fire, smoke, vandalism, mysterious disappearance and accidental damage. Some types of damage, including damage from wear and tear or improper storage, may not be covered.
If a loss occurs, fine art insurance can pay the restoration costs or compensate the policyholder for the loss. How much you receive in the event of a total loss will depend on the limits of your coverage and whether you have replacement value coverage or fair market value coverage. Replacement value coverage provides more robust protection.
Can I get insurance for artwork in transit or on display?
Yes, it is possible to secure insurance for artwork in transit or on display. However, you’ll need to confirm that your fine art insurance coverage provides the terms you need. When art is being shipped, it is particularly vulnerable to damage and theft, so it’s important to look for coverage that does not leave any gaps while the art is being loaded, transported and unloaded.
Does homeowners insurance cover fine art or paintings?
Standard homeowners insurance does not provide adequate coverage for high-value fine art or paintings. Although a home policy will likely provide some coverage for art, low sublimits can be a problem. For example, even if your house is insured for $1 million, you may have a $1,500 sublimit on individual stolen items. If your fine art is worth more than that, you will have to eat the loss.
It’s possible to list high-value items individually on a homeowners insurance policy to secure higher coverage. However, in the case of fine art, it may make more sense to buy a separate fine art insurance policy so you can secure broad coverage as well as expert claims and risk management support.
How is artwork appraised for insurance purposes?
Some fine art insurance companies do not require an appraisal for pieces insured below a set threshold. However, for high-value pieces, an appraisal will likely be required, and you may want to have an appraisal regardless to ensure it is properly insured.
It’s important to use a qualified appraiser. You can find an appraiser who is accredited by organizations like the Appraisers Association of America or the International Society of Appraisers. You can also ask your fine art insurance company for advice, or you can request recommendations from a local gallery or museum. To keep your coverage current, you will need to have your art appraised again periodically or when a change in value is suspected.
How much does fine art insurance cost?
The cost of fine art insurance varies considerably depending on multiple factors, including the value of the art and the level of risk. A piece of art valued at $500,000 will be less expensive to insure than a piece of art valued at $5 million. Likewise, art that is part of a traveling exhibition and is frequently in transit may be more expensive to insure than art that is kept in a single, secure location.
The best way to see how much you can expect to pay is to request a fine art insurance quote.