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Insuring Antiques and Fine Art Article

By: Almeda Glew

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Obtaining Insurance Cover for Fine Art and Antiques

High value contents can include a wide range of items. Each of these possessions requires specialised insurance cover that has been designed to protect the high value of such items in the event of theft or damage. Specialised insurance for fine art and antiques is available through direct insurers as well as insurance brokers. An additional fee is charged over and above standard home contents insurance cover when obtaining this level of coverage. Without this specialized level of insurance cover, your fine art pieces and antiques might be underinsured, leading to a loss for you if the worst should happen.

The term fine art is often used to include paintings, prints, pictures, etchings, sculptures, tapestries, photography, statues, ceramics, and more. The category of antiques is often used to include a wide array of items including furniture, pottery, coin collections, stained glass windows, and more. In some cases, the terms are interchangeable depending on the item in question.

Determining the Correct Level of Insurance for Fine Art and Antiques

In order to determine the correct level of insurance cover for your collection of fine art pieces and antiques, it is important to have each item valued by an expert prior to obtaining the insurance coverage. If you skip this step, it is possible that your collection of fine art and antiques will be underinsured.

Typically, the full market value or the cost to replace the item is used to calculate the amount for which the item in question should be insured. Indeed, the best strategy is to list each piece of fine art or each antique separately along with its description, picture, and appraised value. A copy of this list should be given to the insurer.

Reviewing the Correct Level of Insurance for Fine Art and Antiques

Periodically, individuals who have insured fine art collections and antiques should review the market value of these items. Prices fluctuate over time, going up or down according to the market. Therefore, in order to keep current with the replacement cost of your fine valuables, you need to review current market prices for the items in question.

If desired, hire a professional to evaluate the items for you. You will pay a small fee for these services, but the value that you are given for each item should be accurate.

If you discover that the market value or replacement cost of the item has changed quite a bit, you should investigate the opportunity to amend your insurance cover to meet these changes. In some cases, you might need to wait until the policy comes due for renewal, so it is best to undertake this review of the current market value of your antiques and fine art pieces prior to the renewal date. With this strategy, you will already know whether or not you need to make any changes to the insurance cover for your collectibles.

Article Source: http://depositarticles.com/

The writer of this article is . In order to choose the right home insurance and car insurance policy visit the Co-Operative Insurance website.

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