If you are like most people, your fine arts are valuable to you. They may be pieces of art that have been passed down for generations, or they may be new pieces that you have invested a lot of money in. No matter what the case may be, it is important to make sure that your items are properly insured. Most homeowners’ policies do not provide coverage for valuable items like paintings, so you need to get special coverage if you want to protect them. In this blog post, we will discuss why it is important to get valuable items insurance coverage for your items and how it can benefit you.
Why do you need Fine Arts Insurance?
You may not think insurance is necessary, but it’s important to have some sort of coverage for them. Homeowners’ policies typically do not provide enough coverage for valuable items like sculptures, which means they are unprotected if something happens, and you need to file a claim. If an accident or theft occurs at home and items are damaged or stolen, your insurance company will deny coverage because those items were not insured separately. Unfortunately, it’s up to you as the homeowner to make sure that valuable pieces of art are properly covered with their own policy.
Fine Arts Coverage
This type of insurance is designed specifically for fine art objects. Fine art is defined as any fine object that has an intrinsic value. This can include paintings, sculptures, antiques, and other collectibles such as fine jewelry or coins.
Why should you insure in your collection?
If you own valuable items, it is important to make sure that they are protected in the event something happens. If you have fine art damaged or stolen from your home, an insurance company will deny coverage because items were not insured separately on their own policy. Valuable items insurance works like any other type of valuable items (i.e., fine art) insurance. It provides coverage for items in the event of theft, vandalism or other perils that might cause damage or destruction to fine art objects owned by you as a homeowner or business owner.
Valuable items can be valuable and hard to replace if they are damaged in any way. If your fine art is stolen from home or damaged by fire, flood etc., fine art insurance will cover the cost of replacing those fine pieces.
How does valuation work for fine arts?
When you purchase valuable items insurance, your artwork will be insured for its current market value. This means that if something happens to your art and it needs to be replaced, the insurance company will pay out based on what the work of art is worth at the time of the claim.
Finally
If you want to discuss options for valuable items insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.
