Insuring your fine art and other valuables

If you have homeowners, renters, or condo insurance, you likely have some coverage for things like

• Jewelry
• Art
• Other collectibles

However, these types of items are typically only covered up to a specific dollar amount/limit as stated in your policy. They may also only be covered for certain things like theft or fire. So, how do you get the insurance coverage you need to protect your fine art, jewelry, etc.?

We'll help you better understand how to get coverage for these valuables.

Take an inventory

The first step to making sure your valuables are covered is to make a list. This should include a detailed inventory of your property. You should also

• Take pictures of your valuables
• Keep original receipts of existing and newly acquired items
• Regularly update your inventory

Get appraisals

Professional appraisals establish the value of your fine art, jewelry, etc. Appraisals also ensure you buy the right amount of insurance so in the event of a loss, you'll have coverage. Most insurance companies want to see up-to-date appraisals, typically completed within the last 5 years.

If you want higher coverage, more than what the item is worth, there are a few things to keep in mind. Most insurance companies only insure items according to the stated value on your policy's schedule - and not higher. The stated value is typically based off the appraisal.

However, some companies may allow you to update the value of certain items that have increased in value over time by 10%. This may require getting a new appraisal. If you believe you have an item worth more than the appraised value, discuss options with your insurance agent.

You may need specialized coverage for certain items, so ask

Coverage for fine art and other high-value items differ between insurance companies. For example, some companies may offer a specific limit to cover unique and high-valued items, while others may require adding an endorsement or writing a separate policy. Common items that typically require specialized coverage include

• Jewelry
• Furs
• Art
• Silverware
• Musical instruments
• Coin, stamp, or other collections
• Expensive camera equipment

Furthermore, if you're traveling with fine art or other high-valued items, you may only have coverage for a loss while in the U.S. The best way to know for certain if you have an item that requires specific coverage is to ask your insurance company or agent.

Find out if you have coverage for fine art that becomes broken

If you have concerns about insuring fine art and collectibles against losses involving breakage, ask your insurance company or agent. Some companies offer coverage for fine arts that includes breakage but if you aren't sure, ask.

Looking to learn more about insuring jewelry, art or other high-value items? Call us at 800-295-2723.