If you own valuable artwork or collectibles of any kind, it’s important to take steps to protect these investments. Whether it’s something you purchased outright or inherited, the right insurance policy will offer the protection you need. If you've never gone through the process of insuring your collectibles, here's what you need to know about securing coverage.

Why Is Insuring Artwork Important?

While it’s difficult to assign a value to a truly precious item, a dollar amount matters from a practical perspective. Generally, the average homeowners insurance plan covers collectibles and artwork up to your coverage limits and deductible. This means if they’re worth more than that amount, you’ll need to pay out of pocket for any damages incurred.

If the artwork or collectible is damaged, you’ll file a claim with your insurance provider. They’ll reimburse you depending on the scope of your plan for either the cost to repair the item or to replace it based on its assessed value.

How Do You Insure Collectibles Properly? 

Gather any documents associated with the artwork or collectibles first, such as a certificate of authenticity or a purchase receipt. Then, have a skilled appraiser assess the value of your belongings. 

This appraisal will give you a better idea of how much insurance to purchase. The appraiser can also provide the retail replacement value of the item, the amount you would need to purchase a similar item to replace the damaged object. 

Perils like robbery, theft, and fire put your artwork and collectible items at risk. To ensure the collectibles are fully covered in these events, you should consider getting a separate insurance plan or an endorsement to your existing homeowners policy. However, be aware that coverage doesn’t apply to everyday wear and tear.

If you’re interested in purchasing insurance for your artwork and collectibles, contact Insurance Savers. Proudly serving clients throughout the Phoenix, AZ, metro area, these experienced brokers can provide you with comprehensive and affordable policies that will save you money while protecting your most valuable investments. Visit their website for more information on their products, or call (602) 265-9311 to discuss your needs.