Just like with your health, car, or home, you should always have a backup plan against your art collection damage or loss, which makes art insurance essential for all artists and art collectors. After all, it protects both the artworks themselves and the investments in art. In this way, whether you are a dedicated collector, an artist, or a fine art connoisseur, it is very important to protect yourself and your art collection with a good art insurance policy. Here are some strong reasons for that!
1. Compensation for lost or damaged art
You can certainly include your art collection in the renters or homeowners policy, but specialized art insurance is always a better choice. The fact is that if you are a lucky owner of valuable paintings, luxury watches, jewelry, or other expensive things, most likely your homeowners insurance will not recoup damages in a proper way. Therefore, it is always recommended to have a special art insurance policy able to fully recoup the value of damaged or lost art pieces.
2. Possibility of theft
Art insurance is the best way to be prepared for theft from your home, art storage facility, gallery, or even museum. The truth is that art trafficking is one of the most profitable criminal enterprises, which can be confirmed by any international expert or law enforcement agency. So whether it comes to your private art collection or a public one, it is always better to have a valid art insurance policy.
3. Dangers in your home
Think your art collection is safe in your home? Unfortunately, it’s not quite so. Along with the possibility of theft, there are also lots of other dangers you should be prepared for. From flood and fire to worn out and damaged wires, there is a whole list of home accidents you should protect your valuable possessions from. This is where the right art insurance policy may also come in handy.
4. Gallery mistakes
Everyone knows that if you want to increase the value of your art collection, you need to display its pieces in a gallery. However, since they can be damaged during transportation, stolen, or even sold without your consent, you have to protect them from all these dangers, and a proper art insurance policy can help you with that.
5. True value of your art collection
Do you know what your art collection is worth? If you want to understand its true value, you need to consult a reliable fine art insurance company that is guaranteed to provide you with a professional art appraisal. This information is crucial in case of an emergency, or if you simply want to sell your art collection in future.