Are you an art enthusiast? Do you have one-of-a-kind art pieces that you want to preserve? If yes, you might have dedicated your time and energy to buy the original artworks that are finally in your possession. Your work doesn’t get over yet, you must find ways to protect it, and insurance for art collection is what you need. Although it is not the best thing to imagine the worst-case scenarios, it is always better to be prepared for the worst.
The premium value of insured art is very high, which means if you haven’t insured your art collection, it faces many risks. The risks include robbery, theft, and other damages.
If you have a diverse art collection worth more than a few thousand dollars, you might want to get them insured to defend against the unexpected.
Why art insurance?
There are multiple ways in which art can work in your favor as an investment. The primary one is traditional that is appreciating your hard work over the time you invested in acquiring them. Another way is leasing your art pieces to the individuals or companies in exchange for the “rent” they pay you. It is a wonderful method to get income from the art while its value is also seeing an upward trend.
These benefits you cannot gain if your art pieces get damaged. That’s why you need insurance for art collection, your prized possession.
Steps towards insuring your art
The very first step is the availability of all the documents that came along while buying the artwork. It should underline the bill of sale, proof of ownership, photographs, and replacement estimate. This provides all the necessary information required by the insurer.
The coverage amount depends upon what kind of art collector you are – a serious or casual one. Different artworks have different values.
Protection of your art collection can be in addition to your home and contents insurance policy. If you are a dedicated art collector but have no idea what to do next, you can contact Expat Insurance. The company has a dedicated team to help you select the right insurance for your collection, and also guide you on how to maintain and protect your art effortlessly. The company also delivers updated information about art insurance providers so you get better coverage.
No matter why you collect art – for pleasure or as an investment, insurance cannot be put in the back seat.