How to fully insure your art and collectibles
Sometimes your homeowners, renters, condo, or manufactured home policy will automatically cover your items' full value, but that all depends on how much your pieces are worth and the type of the loss. Long story short: If you want to be sure your art and collectibles are fully insured, you need to add them to your policy.
This is called scheduling an item or adding a rider. It's really just like listing a special one-off item on your policy, although not all insurers will offer this option.
Non Progressive customers
Just get an insurance quote and add your art or collectibles.
Current Progressive customers
Call 866-749-7436 and tell a representative how much your piece(s) are worth (an appraisal may be required for items over a certain value). We'll let you know if your item can be added to your policy or if you'll need to cover it with a separate, specialized policy.
Art and collectibles insurance cost
This insurance is normally affordable. It generally only costs 1% to 2% of the individual piece you're insuring. So, a $10,000 piece will cost about $100-$200/year to insure. If you want an exact price, just go ahead and get a quote or contact your insurance company.
Coverages for your art and collectibles
If your art is stolen.
Your insurance covers both total and partial damage. For example, you're typically covered if your painting is destroyed in a fire or if there's only partial damage from exposure to smoke.
Loss and disappearance
Even if you simply forgot where you left something, you're generally covered for scheduled items.
Examples of art and collectibles
- Statues and sculptures
- Stamp or coin collections
What's not covered
Wear and tear
Art or collectibles that simply deteriorate over time will not be covered. For example: A collection of vintage baseball cards that are smudged or frayed. Instead, something unexpected must happen (such as theft or a fire damaging your art or collectibles).
Art displayed outside your home
If you're displaying art in galleries or loaning it out, it's usually not covered by insurance.
Very expensive items
Most insurance companies have a maximum limit they'll insure. This limit can vary and may depend on your policy's coverage amounts. If you have items worth more than the max insured amount, you'll need a completely separate policy.
How your insurance works and how you can get paid
If your art or collectibles are damaged or stolen, just file a claim with your insurance company. If it's covered, your insurer will reimburse you for the cost of repair—or if lost or stolen, for the cost of replacement based on your insurer's valuation.