Anyone have any art insured?

General art-related discussion.
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nimsu8
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Mon Aug 16, 2010 6:42 pm

My collection is starting to get pretty decent and I'd hate to lose it all in some sort of accident. While I do have homeowner's insurance, I 'm not sure if it covers art. I suppose I could just up my homeowner's. Anyone have any experience with insuring individual pieces or any advice?
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greenhorn1
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Mon Aug 16, 2010 6:46 pm

I don't, but there's a large thread about it over on the artchival boards. seems like the average is about $3/year for every $1k of value.
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Mon Aug 16, 2010 6:46 pm

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nimsu8
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Mon Aug 16, 2010 6:47 pm

thanks.. i tried searching for insurance, but it brought up a bunch of thread about people offering insurance on things for sale.
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ErocAfellar
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Mon Aug 16, 2010 6:55 pm

I don't insure my art but I'll be looking into it for my next renewal. I do insure some sports memorabilia for about $5 extra for the rider per year.

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jamesgunter
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Mon Aug 16, 2010 6:57 pm

i have an insurance rider simply because i live in the ghetto and my homeowners doesnt cover "collectables" under art which is what they consider posters. and even so, my homeowners only covers $1500 for art. not that i have a lot of expensive posters but they are all framed, and 100 averagely priced framed posters is still a lot of money if i had to replace them all at once. Whenever i get a new poster i just shoot a pic and value to my agent and its done, she adds it to my policy.
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roo
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Mon Aug 16, 2010 7:03 pm

Mine is insured under the house content insurance, it is good for up to $25.000 after that i would have to get specific insurance for the art.
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nimsu8
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Mon Aug 16, 2010 7:12 pm

ErocAfellar wrote:I don't insure my art but I'll be looking into it for my next renewal. I do insure some sports memorabilia for about $5 extra for the rider per year.

Oh and Search is your friend, but people answering you question instead of being jackasses is much friendlier
so do you list all the items you have for them or just do a general amount for everything?>
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3Wishes
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Wed Aug 18, 2010 10:06 pm

The main thing is to verify whether you have an ACV - actual cash value policy, a FMV - fair market value, or a replacement cost policy. ACV pays purchase price less depreciation - it would pay ONLY amount you paid for print, or less. FMV will pay up to amount that the artist sold their copies for. But you would have to prove that DD was $250, The Barracks was $150, etc. Replacement cost will pay what it costs to buy the item at the time of loss.

My recommendation is to scan your receipts, take photos, including close-ups of artist signature and print number and record all the info to a cd that is STORED OFF SITE. It doesn't do any good to have the information, but then let it burn down, blow up, etc with the house. You can provide your insurance agent with a copy of the disc that will remain in your client file, and I recommend keeping one at your office, or even in a safe deposit box or wherever you store valuable papers.

Those in apartments should especially get a renter's policy.
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s_k_y
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Thu Aug 19, 2010 1:02 pm

I added a rider to my homeowner's about 2 months ago. Before, I would have had to pay a $1k deductible if anything was lost/stolen. The additional insurance also covers me if anything falls off the wall and breaks - with no deductible.

Most of your artwork will probably fall under your regular 'personal property' however it's capped and if your house burns to the ground and you lose everything, your personal property (minus artwork) may reach that cap along so any artwork that would have put you over that cap wouldn't be covered. Usually they are pretty generous about the initial amount of personal property but I'm glad I added the additional insurance.

I think it cost me $100 for the year.
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Thu Aug 19, 2010 7:09 pm

I think there are various pros and cons to insuring art. I assume that if you insure your art and end up selling some of your collection, you better be sure to report any profits to the IRS because the insurance creates a greater paper trail and makes it more likely that you'll get caught if you don't report earnings. That said, I think the pros of insuring an art collection probably outweigh any cons, especially if the collection becomes one of your largest or main asset.
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