If you own fine art or other collectibles, it’s wise to have them adequately insured and to keep the insured amounts current as your collection’s value increases.
If your collection is limited to a few items, you may have enough coverage under the personal property portion of your home insurance policy. That said, it’s still worth creating a detailed inventory of your valuable items, including photos and videos.
If your collection is more extensive, you’ll likely need specialized insurance.
When Do I Need to Have an Appraisal?
Consult with your agent at Clockwork Insurance Services in Metairie, LA, to properly insure your fine art and collectibles. High-value items typically require an appraisal, and the appraiser you work with needs professional credentials that are acceptable to your insurance underwriter.
What If the Appraisal Value Isn’t Adequate?
You’ll want an appraisal that reflects a realistic valuation of your items, especially if you’re seeking replacement value coverage.
If you feel the appraisal amount is inaccurate, you can submit supporting evidence, such as a recent auction sale of a similar item, or request a second opinion from a different appraiser.
Keep the Appraisal Current
Update your appraisals at least once a year, and more often if the value of your items changes significantly, to make sure you have adequate protection.
Inform Your Insurance Carrier of Changes
If you move your items or their security risk changes, such as temporarily lending a piece to a museum for display, be sure to inform your insurance carrier and make coverage adjustments as needed with the help of your agent.
Reach out to us at Clockwork Insurance Services in Metairie, LA, to properly insure your fine art and collectibles.
