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The 'fine art' of keeping your collection protected

Art collections are more than just decorative pieces; they represent significant investments and often hold great sentimental value to the owner. However, many collectors are unaware of the risks their prized possessions face and whether they're adequately protected by their insurance policies.

If you’re wondering whether your collection is properly protected, and if there's more that you should be doing to keep your carefully curated pieces safe, here are some key points to consider.

Is your art covered by standard home insurance?

Artworks are susceptible to various risks, including accidental damage and theft. While standard home insurance policies may provide some coverage, there are limitations to consider. One crucial factor is the single item limit, which dictates the maximum amount you can claim for any individual piece. Should your art exceed this limit, listing them individually on your policy becomes necessary.

If your collection comprises items below the single item limit, standard home insurance may suffice. However, for high-value pieces, specialised art insurance is advisable. The key distinction lies in the specific cover relating to art, ensuring comprehensive protection for your valuable collection.

Understanding Art Insurance Coverage

Art insurance typically covers a range of risks, including accidental damage, disfigurement, breakage, and theft. Some policies may offer compensation for individual pieces within sets, increased coverage following the artist's death, and protection against depreciation in value.

Valuing Artwork for Insurance Purposes

Accurate valuation is key for obtaining adequate coverage Insurers consider factors such as the artwork's condition and storage when assessing risk. Secure storage solutions may influence premiums, emphasising the importance of regular valuation updates, especially with new additions to your collection. Regular valuation updates every three to five years should keep your policy up to date, but make sure to check in with your insurer for their opinion as they’re the ones who maintain your policy.

Implementing safety measures

Safety measures such as fire alarms and security systems not only protect your art but can also reduce insurance costs. Keeping your insurance cover up to date, particularly in the event of the artist's death, ensures the right level of protection for your collection.

Transit Coverage and risks of inadequate insurance

Transit coverage options are vital for artworks taken outside the home. Inadequate insurance may lead to disappointment in the event of a loss, with insufficient compensation for repairs or replacements.

Safeguarding your art collection requires a nuanced understanding of insurance essentials. By addressing all of the potential risks, valuing artwork accurately, and staying informed about coverage options, you can enjoy your collection with confidence, knowing it's appropriately protected against any unforeseen circumstances.

If you’re looking for additional details on the best way to protect your collection, or you’d like to know more about how our experts can help to protect what's important to you, get in touch with our team on 0330 008 5555.

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