If you are just starting to have an interest in art, or if you have been an avid collector for years, protecting your valuable pieces of art is of great importance. Your insurance company is there to protect your family and your home – so let them help protect your artwork too! A home insurance policy is necessary to have, but you may want to look into a Massachusetts fine arts insurance policy to get the best protection for your valuables. Talking to an agent can help you find the best policy for your family or personal art collection. Even if you are an artist yourself!
You have the option of purchasing coverage for breakage on certain classes of items when you schedule an item on your homeowners policy. An agent can help you decide whether or not you should have this additional coverage. Keeping your appraisals up-to-date can ensure you have the right amount of insurance for your highly valuable items. Here are some things to keep in mind when scheduling fine art in CT:
- 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 often have a per item limit.
- 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 MA?
- The first American Nobel Prize winner was Albert A. Michelson of Worcester. Michelson was chairman of Clark University’s Physics Department whose prize-winning work concerned the measurement of light.
- The Boston University Bridge on Commonwealth Avenue in Boston is the only place in the world where a boat can sail under a train driving under a car driving under an airplane!
- The Pilgrim National Wax Museum in Plymouth is the only wax museum devoted entirely to the Pilgrim’s story.
Taking a home inventory is important for all condo and homeowners. Owning a valuable piece of art is just another reason to create a record of everything in your home. This can help you remember important items in the event you were to lose them in a fire or burglary. Remember to keep all receipts after buying new artwork and add all new items to your home inventory list. Photographs should also be included in your inventory because they are useful records as well.
You should think about adding an art floater or endorsement if your artwork is of high value. This can provide additional insurance for perils not included in your standard policy, such as accidental loss. You should always understand what items are not covered under your basic home, renters or condo policy and know what kind of coverage you have. When looking for the right fine arts insurance policy in Massachusetts, here are some things to keep in mind:
- A fine arts policy can protect your belongings from fire, water, light and other damages that may threaten its appearance.
- Scheduling your collection to your home insurance policy might not be subject to a deductible.
- A standard homeowners insurance policy will only offer limited coverage for highly valuable items.
- Policies are also available for artists looking to protect their own work.
As soon as you purchase a new piece of artwork, or even beforehand, you should find out if it is protected under your home insurance policy. Learn what additional coverage you get with a supplemental policy, such as an art floater. Having additional coverage is beneficial and further proof of what you have in case your belonging is lost or damaged. Regularly get your item appraised once it is insured to keep its financial value. Appraisals can let you know if you have the right amount of coverage or if your coverage should change due to change in value. As much effort as this may seem, knowing your artwork is protected in your home will let you enjoy its beauty in peace.
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 MA fine art insurance and protect your work of art!