The New York Times has a wealth blog called Bucks that has discovered that the art market is firing on all cylinders. Which reminds them that art is valuable and may be worth insuring. So they’re offering a little advice after chatting with Jeanne Salvatore of the Insurance Information Institute:
Find out what your existing insurance covers: […] Standard homeowners’ and renters’ insurance policies generally have dollar limits for how much coverage they provide for valuables like works of art and jewelry. Thus, “in most cases, you will need to purchase a fine art floater,” Ms. Salvatore said.
What kind of additional coverage to get: […] more expensive individual coverage comes with a number of advantages, including better proof of what you have and more coverage if an item is lost. Insurance experts I spoke with recommended opting for the individual coverage.
Make sure to get the art regularly appraised and keep the right records: […] Having an up-to-date appraisal can help ensure that you get right value for the item if something were to happen to it. The appraisal can also let you know when you can reduce the amount of insurance coverage to save costs.
Insuring Fine Art (Bucks/New York Times)