Insuring Art: Guide on Art Insurance & Policies

Insuring Art: Guide on Art Insurance & Policies

They say that art is the priceless thing that one can ever own. 

But what if that expensive artwork you bought meets with some accident?

What a scary nightmare it is, right?

Now that the damage is done, there is nothing you can do about it unless you are covered with an art insurance.

Yes, insurance for artwork!

In this blog, we will be talking about what art insurance is, how to insure a painting and many more facts related to that.

Let’s start with “What does insurance art mean?”

What is Art Insurance?

Painting of Van Gogh as insuring art
Image: googleusercontent

Insuring a painting is a way to protect your priceless pieces of art from any type of accident that includes a coverage amount.

In simple words, art insurance can help cover losses to your collection if it is stolen, destroyed in a fire, or subjected to any physical damage.

It provides extensive protection for your valuables, like paintings, sculptures, or any other art pieces.

Family painting from different photos

There is a compensation amount for every insured piece in case of any physical damage to these precious items.

Now that the meaning is clear to you, shall we go through the procedure that includes how to insure art?

Suggested read: 101 Guide to Art Copyright

How do I Insure Art? (Types of Artwork insurance)

Art insurance policy paper showing how do I Insure Art
Image: verusart

There can be different ways to have insurance on art.

The very first is “agreed value.”

Agreed Value means that each piece is insured for its agreed-upon value.

Look at it this way. Imagine that you buy a painting that costs you 20 thousand dollars.

Now, you get agreed-value insurance that if the art piece gets damaged, you’ll be getting the fixed amount you agreed on. Not more or less.

You’ll only get the agreed value of the art, regardless of the actual value of the property at the time of loss. This is known as an agreed-value policy.

Another way to insure art is through “blanket policy.”

In a blanket policy, the insurance company will cover a specific amount for all your artwork, which includes a maximum coverage price for each piece.

For example, you can buy a blanket fine art policy that has a limit of $100,000 with no more than $10,000 for each valuable.

Which means there is a minimum and maximum limit on the amount that can be covered during the insurance.

No matter which policy you choose, always remember to keep your appraisals up-to-date!

Suggested Read: Art Appraisal

Estimated Cost of Fine Art Insurance

Two people examining painting
Image: artfervour

The cost of insurance on artwork can vary depending on the value of your piece and the amount of coverage you are looking for.

In general, you can expect to pay 1–2% of the actual worth of your art collection.

To be precise, if your painting is worth $100,000, then you are expected to pay $1,000 to $2,000 per year in premiums.

Keep in mind that the price of the artwork may fluctuate depending on a few factors, such as:

  • Age
  • Condition
  • Origin or Provenance
  • Value of your artwork
  • Proof of its originality
  • Transaction record, and more.

Always compare rates from various insurers before moving forward with any kind of policy in order to get the best deal possible.

What does Insure Art Cover?

What does Insure Art Cover
Image: otegotextile,

Normally, art insurance will cover losses like theft, fire, accidents or vandalism.

However, most policies also cover loss of income.

If your art collection was damaged and it was a source of income, then you might get coverage for your earnings.

This mostly includes insurance for art galleries and artist insurance for exhibitions.

Even there are policies for forgeries.

If someone tries to sell a fake piece of art as a real thing, then there are chances that you can get coverage (mostly on high-value pieces like reproduction paintings of famous artwork).

Note: Insurance policies will not cover damage that happens gradually with time, such as water damage, the fading of art, or harm due to sunlight exposure.

Suggested Read: 10 Tips on Art Marketing

Things To Keep in Mind While Insuring Art

Things To Keep in Mind While Insuring Art
Image: Freepik

After doing thorough research, I came to the conclusion that there are a few checklists that you should follow while insuring art.

What’s the First Step in Insuring My Art?

The very first step while insuring your art collection is to keep all the necessary materials ready, which proves the worth of your artwork and its provenance.

Does Homeowner Insurance Also Secure Art Collection?

The most common questions asked by people are, “Does my homeowners insurance also include my art collection?”

Although homeowner’s insurance covers your valuable items, it is necessary to check the policy.

It is always recommended that you have special coverage for specific pieces, like your paintings and so on.

Is a Separate Fine Art Insurance Company a Better Choice?

Hiring a broker who specializes in fine art insurance gives you the advantage of working with the company on your behalf.

They are well-versed in how, when and what to convey to the company.

Their experience will help you create policies to protect your precious collection and claim the coverage later.

How Do I Keep My Provenance and Appraisal Documents Timely Updated?

As an art lover, your art collections are never enough for you.

And don’t be delusional about getting insurance on one piece of art counts for all of your collection.

Here, you might be wrong and at risk.

Always update your provenance and appraisal documents along with your state-of-the-art insurance policy.

The Artwork Archive is an amazing archival system that keeps everything organized and in one place.


Were you able to collect all the information you were looking for?

You can go for whichever policy suits you the best; you just need to be careful what you’re signing for.

Can I share something interesting with you?

As an art lover, you can also buy handmade paintings from different places, such as PortraitFlip and more.

Well, here we come to the end of our blog.

If I have missed any points related to the topic, you can surely mention them in the comments below.

See you in the next blog!


Q. How do I insure my art?

There are various ways to insure your art, which include an agreed-value policy or a blanket policy.

Q. How much does it cost to insure art?

The amount expected to be paid is between 1% and 2% of the value of the piece of art per year.

Q. How is art valued for insurance?

Retail replacement value is the highest price of any artwork that is eventually used for insurance coverage.

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