You have put time and passion into building your art collection, but are you sure you have protected your investment. Buy art insurance can be tricky.  There are several kinds of loss and circumstances that could effect your art collection.  Providing adequate coverage is important for maintaining your investment. Depending on the value of your collection, you may find adding on to your current home insurance policy will be sufficient, but be cautious of the limitations. As your collection grows, either in size or value, you will want to consider specialized art insurance.

If your collection is valued above what your home insurance coverage will allow, then look into a floater policy from a specialized art insurance company. Your current insurance provider may already have a specialized art department. It’s still a good idea to shop around and compare the different levels of risk companies are willing to cover.

Here are a few tips on insuring your collection.  

     -Research insurance providers to make sure they have expertise in the kind of collection you need to protect.

     - Purchase as much insurance as you can afford. Having some coverage is better then none at all.  

     - Give careful consideration to all types of possible risk beyond the obvious theft, fire and flood.  Often adding additional coverage is inexpensive and it could be foolish not to include.  

     - Document your collection with good quality photographs, invoices, appraisals and certificates of authenticity.  It’s a good idea to scan your documentation and keep a digital copy in another location, such as safety deposit box or at the office.

     - Read the fine print of your policy.  You must be well informed about what is or is not covered.

Additional ways to protect yourself, particularly if you acquire art by important artists, is to consider art title insurance. This will ensure your investment is protected against forgery.  Today, there are many excellent forged works on the market.  They can fool many experts. There is also a lot of stolen artwork on the market.  Check databases that keep a record of stolen art worldwide, such as Art Loss Register of London and the FBI’s National Stolen Art File.

Specialized art insurance is certainly worthwhile as you build and grow your art collection.  There are many risks and different levels of coverage, so do your research and revisit your policy as your collection evolves over time.  You can always call Ackerman’s Fine Art to get more advice on what is best for your needs and the art you have collected.