New York Property Insurance and Art Collections

Those who love art understand wholeheartedly the joy of buying a painting, sculpture, photograph or other artwork that they adore. Art is a lot more than décor, and it can be a joy to develop even the smallest of art collections. For those looking to buy art, it’s worth understanding how you might best protect it with New York property insurance.

Essentially your home policy includes property insurance that may cover the dwelling you live in (if you own it) and all of your possessions. You do need to have the correct type and amount of insurance. A home inventory may help give you an estimate of the value of your contents, however to be effective this should be updated regularly. Should you make a spate of art purchases, add up their collective value and decide if you should increase the value of your current contents coverage. It’s important to remember that home policies generally do not cover valuable items (usually over $2000 per piece) however they may cover such items under a separate ‘valuable items’ policy.

Artworks tend to be irreplaceable but at least with New York property insurance, you might receive some financial compensation if you were ever to lose a work to fire, theft or another disaster. For more details, be sure to give your agent a call.

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