Should I Insure My Art?

Jennifer Stewart

Should I Insure My Art?

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Do you fancy yourself a bit of an art collector? Maybe you love local galleries and have picked up a piece or 2 over the years? Perhaps you have inherited art from a family member or friend? It critical to keep an inventory of your collection, no matter how big or small it is. Art changes in value over time and that painting you bought years ago for a few hundred dollars may be worth several thousands today!

Speak with your insurance broker to get a clear outline of what is covered in the event of theft, flood or fire. There are usually limits for things like artwork, jewellery and other collectibles in your standard policy. You may need to get appraisals on certain items and even take out supplementary or specialized insurance. Best to think about this ahead of time and be prepared for the worst, hoping of course that it never happens!

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