Insuring art is a necessary protection against loss. Most homeowners insurance provides a general coverage on all items in the home including your art. If it is of modest value this type of coverage maybe all you need, but if your art is of value or your collection extensive, you may want to consider insurance.
To properly insure your art you should keep records of its history, value and condition prior to any claims.
If you are going to insure each piece of your art separately, you need to establish how its repair or replacement will be established when you get the policy not when you have a claim.
Partial lists of some of the most common problems that occur are:
• Falling from the wall, (Not properly hung)
• Smoke (from a fireplace, kitchen or house fire)
• Water damage (from a broken pipe or house fire)
• Careless handling (dropped, bumped or punctured)
• Artwork done by relatives or unknown artists who have no sales records
• Shipping or moving
The majority of problems that occur with insurance settlements are when the art is badly damaged and can not be currently valued.