Investing in a work of art is not just about owning a beautiful piece, it's also about protecting it. Whether you've just bought a painting by a great master or a sculpture that you've been dreaming of, art insurance is crucial to ensure the safety of your property. In this article, we'll explore the key steps to take when insuring your valuable art pieces.
Estimate the Value of Your Artwork
The first step is to appraise your artwork. There are two methods: declared value and agreed value. If your artwork is expensive, it's recommended to opt for the agreed value.
You can call upon a specialized auctioneer to authenticate your work and estimate its insurance value. An official authentication and appraisal document will serve as proof if necessary.
It's advisable to update the authentication frequently, depending on the age of the artwork.
Home Insurance for Art
Protecting your art objects through your home insurance is the most common and quickest way to insure your valuable items. Your home insurance policy will cover a range of losses, including fire, water damage, natural disasters, glass breakage, theft, and vandalism.
The compensation can range from restoration to full reimbursement of the appraised value. Make sure to indicate the estimated value of each work in the inventory of your home insurance policy. The indemnified amount is based on your certificate of authentication.
Companies Specializing in Art Insurance
If your artwork is very expensive, comprehensive home insurance may not be enough. It's advisable to choose a specific art insurance, which generally corresponds to about 0.5% of the insured's wealth.
This type of insurance entails additional costs, based on the value of the work, and may require an adequate security system.
Companies specialized in art insurance can provide the necessary coverage. Alternatively, a broker can act as an intermediary between you and the insurer.
InsuranceCanada.info Tips:
- Update the authentication of old artwork every ten years and contemporary artwork every two years.
- Choose the agreed value method of appraisal for expensive artwork.
- Ensure that your home insurance policy includes the estimated value of each work.
- Consider specific art insurance for very expensive artwork.
- Choose companies specialized in art insurance or a broker to act as an intermediary.
Investing in art is a passion that can bring immense joy and financial rewards. However, it's essential to protect your investment by insuring it properly. By following the steps outlined in this article, you can ensure that your valuable artwork is protected from unexpected losses.
Don't let a mishap ruin your passion for art!
