If you own fine arts or collections, your homeowners insurance may not provide adequate insurance protection for you, and the solution may be to insure such valuables separately. For fine arts, the main impetus is to establish values; for collections, needs are prompted by specific coverage limitations within the homeowners policy itself.
Specific insurance on Fine Arts solves the problem of valuation by establishing the values at the outset of a policy. For owners of fine arts, this may involve hiring an independent appraiser or having a recognized auction house provide a current value. Knowing the value at the outset provides objectivity in claim settlements.
Underwriting requirements vary with companies, but many companies will require a central station alarm and other safeguards to insure items of significant value.
Collections have similar underwriting requirements. In addition companies will require a catalogue detailing the collection’s specific contents so that values can be established when a claim is presented.
IF you have fine arts in your home and want more complete insurance protection than the homeowners policy can provide, contact us for more details, or complete the form here.