Protecting Your Passion

Author: Randye S. Spina

Bienvenue Collectors !

So far, in our “Collectors Corner” column, we’ve discussed finding your own personal style and bringing French flair into your home. In our next issue we’ll explore how we can bring serenity into your home through art and interior design. However, before we dive deeper into strategically building your collection, it’s important to think about how you will protect your art and your investment…

At the Beginning
At the beginning of your collecting journey, it’s important to remember that your journey will include trial and error – some purchases may be beloved for decades, some you may find to be “a miss.”  Most importantly, the best advice one can offer: Buy what you love, buy what gives you joy.  Then, you can never go wrong.

However, most of us also appreciate that art is an investment. While there are no guarantees you’ll ever own the next 100 million dollar Van Gogh, what we can be sure of is that as your collection grows, so will the collection’s value. Even if you’re an early collector with just one or two pieces, it may be time to consider investing in specialized fine art insurance to safeguard your new investment.  

Fine art Insurance

The benefit of having special fine art insurance is that while some insurance policies do cover art collections, most cover only a limited amount or are based on the replacement value instead of the actual market value. In addition, Boston-based insurance broker Risk Strategies suggests that the recent weather disasters such as wildfires and floods may mean an increased need for special fine art insurance. 

Not sure if this is right for you? These steps will help you make the right decision: 

1. Determine the value of your art. Depending on your insurance carrier’s specific needs, you’ll likely need original certificates of sale, detailed photos, and possibly a formal appraisal if required by your insurance carrier.
2. Next, review your homeowners/renters insurance policy to determine if there’s an appropriate amount of coverage. If there’s a gap, you’ll want to get insurance to be sure your collection is covered.
3. Choose an insurance agent or company

If you’re already insured with a larger company, you may be able to purchase this specialized additional coverage from them. However, if you’re insured with a small company that doesn’t offer this type of insurance, then you’ll need to work with an independent insurance broker who understands the fine art market and can guide you to the coverage that best fits your growing art collection needs.  

Here’s a list of the top art insurance providers according to Benziga.com: 

*  Best Overall: Progressive 

*  Best for New Collectors: Lemonade Home

*  Best for Instruments: Huntington T. Block 

What special coverage can I expect from fine art insurance? 

Typically, losses that incur due to theft and various types of damage such as fire, flood or vandalism are covered in these special policies. Your agent can walk you through the coverage that’s right for you based on the number of pieces in your collection, their value, and your geographic region. 

Examples of fine art and collectibles that are usually covered by special art insurance policies are: Paintings, sculptures, jewelry, statues, collectibles such as sports and art trading cards, rare stamps and coins, and others. 

And then?

You’ll receive a customized “rider” for your homeowners or renters insurance that covers the specific art pieces you’ve submitted. Once done, simply renew the policy each year. Update pieces to the rider as you continue to add to your art collection and rest easy knowing that you are protected!   

Need help choosing your art? Browse our gallery for ideas, or contact us for complimentary assistance in making your best choice. Our advisors are standing by to guide you, and our coordinators will manage your purchase every step of the way, from the art studios of France…directly to your doorstep.