Why do you need to have extra insurance coverage for fine art & jewelry?

Friday, April 19, 2024 in News, Fine Art, Gems & Jewelry

Spring is a time for renewal and rebirth. It’s also a good time to take inventory while you do your spring cleaning. One question you should ask yourself is “am I properly insured if something catastrophic happens?” Specifically, many people may not realize that traditional homeowners insurance policies typically have coverage limits that may not be sufficient to adequately protect high-valued property such as fine art, jewelry, or luxury items. There may be several reasons why:
• Coverage limits
• Specialized risks
• Policy Exclusions
• Risk Assessment
• Loss Valuation Methods
• Appraisal Requirements

You might be asking yourself “why do you need an appraiser for my fine art & jewelry?”

Insurance companies often require an appraisal before providing coverage for fine art and jewelry. An appraisal from an ISA personal property appraiser can provide information to insurance professionals to assist in determining an appropriate coverage amount to ensure that the item is adequately protected against loss, theft, or damage. As we outlined in an earlier blog, hiring an ISA personal property appraiser can play a crucial role in assessing the value of your unique possessions.

ISA Appraisers have specialized knowledge and expertise in assessing the value of fine art, antiques, and jewelry, among other items. They consider factors such as an artist's reputation, rarity of the piece, quality of materials, provenance (history of ownership), and market trends. Their expertise ensures that the valuation is accurate.

Overall, appraisers play a crucial role in providing reliable, objective assessments of the value of these high dollar items, which are essential for various purposes including insurance, estate planning, or buying and selling. Engaging an appraiser may provide peace of mind that these valuable and often irreplaceable possessions could be adequately protected. That is a key reason to reach out to an ISA personal property appraiser.