If you are an art collector, or simply love antique art, you know the importance of protecting your valuables. You rely on your insurance company to protect you and your home, including your belongings inside. While your home insurance does a great job protecting your home, you may want to look into a Connecticut fine arts insurance policy to get the best possible coverage for your work of art. Whether it is a family collection, a personal collection or if you are an artist yourself, speaking with an agent can get you and your artwork the coverage it deserves.
When any valuable is scheduled on a homeowners policy, you have the option of purchasing coverage for breakage on certain classes of items. Talking to an agent can help you decide if this is a good addition to your policy or not. When it comes to higher valued items, an agent can also help you make sure your appraisals stay-up-to-date, which will ensure you receive the adequate amount of insurance for your item. When scheduling a fine art piece, here are some things to be aware of:
- Companies often have a per item limit.
- Companies often require a centralized burglar and/or fire alarm when the total fine arts coverage is over a certain limit.
- Having the proper alarms can also provide a discount to your policy.
- Companies will require appraisals on individual items over a certain amount.
How well do you know the state you live in? Did you know these fun facts about CT?
- It has no county government. Below the state level, governing units are done by cities or towns.
- The first medical diploma in the United States was granted by Yale University, located in New Haven, in 1729.
- Frisbee was discovered at Yale University when students took their empty pie plates, from Mrs. Frisbie Pies in Bridgeport, and threw them across the grass.
Owning a valuable work of art is why taking a home inventory is so important for all homeowners and condo insurance policies. Creating a record of everything in your home can help you remember all of the important items you could lose in the event of a fire or burglary. When you buy a new piece of fine art, remember to keep the receipt and add the new item to your home inventory list. Photographs are useful records of your art and should be included in the inventory.
If you have any higher valuable fine arts, you should consider adding a floater or endorsement, which provides additional insurance for your valuables and covers them for perils not included in your policy, such as accidental loss. It is always a good idea to be well educated on the type of coverage you have and understand what items are not covered under your basic home, condo or renters policy. Here are some things to keep in mind when looking for the right fine arts policy in Connecticut:
- A standard homeowners insurance policy will only offer limited coverage for highly valuable items.
- A fine arts policy can protect your belongings from fire, water, light and other damages that may threaten its completion.
- Policies are also available for artists looking to protect their own work.
- Scheduling your collection to your home insurance policy may not be subject to a deductible.
Before you purchase a new piece of art, or as soon as you do, find out if it is covered under your existing home insurance policy. If you need supplemental insurance, such as a fine art floater, learn what additional coverage you get with the policy. Adding these coverages can be very beneficial and are better proof of what you have in the event the item is lost or damaged. Once your item is insured, regularly get the item appraised to sustain its financial value. Frequent appraisals can also let you know if you have the right amount of coverage or not. While this may seem like a lot of work, knowing your work of art is safe and secure in your home will bring you the peace of mind to enjoy its beauty.
Give the agents at Encharter Insurance a call today at 888.754.8299 or use our contact form above to get a quote for your CT fine art insurance and protect your valuable artwork!