When it comes to protecting your valuable works of art, paintings, sculptures, and other collectibles, it's essential to make sure that they are fully covered by your homeowners, renters, condo or mobile home insurance policy. Depending on the value of your items and the type of loss, your policy may provide full coverage. However, you may need to add them as an endorsement to your policy in order to guarantee that they are fully insured. Scheduled item coverage or a personal items policy is a much safer way to insure your valuables.It's noteworthy that in each case, the art collector went to the insurance company after the incident in search of an expert in restoration and insurance for works of art.
It's important to remember that there may be some gaps in coverage under a standard home insurance policy if you have valuable items. Some insurers may offer the option of insuring for an amount higher than the appraisal, which allows for appreciation of the value. Be sure to read your coverage and don't assume that this option is included in your policy.If your works of art, paintings, sculptures, or other valuables aren't specifically insured as scheduled items, they may not be fully insured. This policy can be managed separately from your home insurance policy, but it offers the same coverage benefit up to the full value of the item.
Additionally, it's important to consider purchasing additional coverage for artwork on your home insurance policy if you have valuable items that are not covered by your existing policy.
