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Many insurance providers insure art, but the type of art insurance you'll need will depend on the art's value and the kind of coverage you're looking for. Unless you own fine art, your home and contents insurance may be able to provide the protection you need.
Art insurance is a type of insurance that provides financial protection in the event that a piece of art or an art collection that you own is damaged, lost or stolen. In most cases, there are two different ways that you can insure art.
Art can be covered under home contents as long as it's under a certain value. If you have fine art or unique collections, you might want to look into a specialist policy.
The table below outlines which home insurance companies on Finder cover art, as well as their specific limits. If you need higher limits for your art, most provide additional cover — you'll just need to pay slightly more for your premiums.
This depends entirely on how valuable your art or art collection is. Your premiums are based on your art's value, the risk of damage, as well as other factors such as how well protected it is, for example, how easily it could be stolen.
If you don't go with a specialist provider and instead opt for a home and contents insurance policy, you're likely to pay around $200 a month, with your contents valued at $100,000 and building replacement valued $1,000,000. Keep in mind that this covers your entire home and its belongings and can vary a lot depending on the value of your home and its contents.
If you buy art insurance from a specialist provider, you can usually have the policy tailored to your needs. You can generally get cover for:
Weigh up the advantages and disadvantages of getting art insurance below:
All insurance policies have exclusions. You may encounter the following exclusions if you buy art insurance:
If you've bought art, you need to consider protecting your investment. Depending on its value, a home insurance policy may be the best way to do this. Otherwise, look for specialist cover.
Picture: Getty Images
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