How much should my fine art and antiques, jewellery and watches be insured for?
A typical homeowner’s insurance policy will have limits on on how much it will cover for expensive personal items. You may need to take out a separate rider for valuable objects such as fine art, jewelry or antiques. Because the monetary worth of your valuables will often fluctuate with the market, it is important to review their value on a regular basis with an expert, such as an art dealer or a jewelry appraiser. You will then be able to price each item’s value appropriately and choose the proper amount of coverage. For fine items of lesser value such as furs, jewelry, wine, silverware or art (under about $2,500 each), you might want to look into blanket coverage. For items individually worth over $50,000, you should seek out documentation from an appraiser so that in the event of damage or loss, you will be able to prove its value and avoid haggling with insurance claims adjusters.
Source: Insure.com
The total sum insured on fine art and antiques, jewellery and watches must represent the full market value or cost of replacement. The market value and cost of replacing fine art and antiques, jewellery and watches is likely to fluctuate. We therefore recommend strongly that you review the value of these items regularly and seek professional help and guidance. The value of a painting can often increase following the death of the artist but you may not know about the death for a few months and so the sum insured under fine art will be increased by up to 50,000 automatically for 6 months following the death of the artist.
