There are two types of art insurance coverage that offer protection for a work of fine art: title and property.
- Title insurance insures against a defective title. For example, if the artwork was stolen or looted before you bought it rendering your title defective. Often an insurance company or division specializes in just title insurance. This type of insurance is important for high-value artworks that have passed through several owners or whose history is unclear.
- Property insurance, on the other hand, is similar to homeowner's insurance as it insures against theft or damage. If you have a regular homeowner’s or renter’s insurance policy, you might be covered up to your policy limit per item minus a deductible. For valuable art, you probably need a separate add-on floater to specifically cover it.
If you have a significant piece or collection of art, however, you would likely be better served by a policy underwritten by separate fine art insurance company. Fine art insurance companies cover a wide range of art, from artworks to antiques and from personal art collections to museums and businesses, including the works of artists in their own studios.
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