The First Art Newspaper on the Net    Established in 1996 Wednesday, September 28, 2022


Does Home Insurance Cover Paintings, Artwork, and Sculptures?



Every insurance carrier will have different policies and practices, but for the most part the simple answer to the question is “YES,” as long as it is within the amounts of the policy that you have. This is one of the biggest reasons that you should always read through the contract that is being offered to you. Front to back, and side to side, and upside down if you think it will help.

We are talking about home insurance, though, so there are some in depth things that you need to know before assuming that the “YES” above applies to you and all your paintings, artwork, and sculptures.

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Home Insurance Coverage Limits
A basic home insurance policy will cover your collectibles, up to a limit. The limits are usually set when you first sign the insurance contract. You can increase these amounts, but you still may run into a pay-out cap that is much lower than the actual market value of your piece, or pieces. That is not to say that you cannot get your items covered, though. You can add a policy onto your original one that specifically covers your paintings, sculptures, or other valuable artwork. This is the best way to ensure that your expensive items are covered completely.

Home Insurance Deductible Limits
To go back to the previous point, we need to touch on the statement that you will be completely covered. You need to realize that you have a deductible that you have set that will need to be paid out before the insurance company will pay on a claim. The higher that you set this amount the lower that your premiums will be, but when you do have to file a claim, you will have to pay more out of your pocket. You need to make sure that you consider this before you set a number for the deductible amount with your refinance home loan rates. It is best if your deductible is under the amount of money that you have left over on your budget after you have paid your bills.

Scheduled Items Protection
This term may not be familiar to you so we can define it for you. A scheduled item is a valuable item that needs to have a separate policy just to cover it because the basic homeowners insurance policy will not cover the total value of it. There are two ways in which you can get a scheduled item insured.

• You can build a policy into your basic homeowners coverage that will include each of the scheduled items. This means that it will be attached onto your policy and that a claim would have to be made against the entire policy, not just one or two items.

• The second option that you will have is to have a completely separate policy that covers your scheduled items. This is an effective way to go because if the item is damaged separately from the house, you can still file a claim. This type of insurance coverage is called a personal articles policy. It may cost a little more on your premiums, but it is worth it if something did ever happen.

Final Thoughts
Your policy will outline everything that you need to know about your coverage. You will know what would be covered if a claim were made, and what would not be. This is where the extra insurance coverage would come in, to cover anything above and beyond the limits set.

Make sure that you check any exclusions that may have been added into the contract, and make sure you know all the limits. With all that in mind, the answer to the question in the title is “YES.”










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