People love art, and whether you’re a home or business owner that loves to collect and display art around your property, this art may also be very dear to you. Since many fine paintings are very valuable pieces, owners would like to have a type of insurance that covers them in the event they get damaged or stolen.

While there’s insurance for art you purchase to cover transporting the art to your address, you are probably looking if insurance providers that issue group health care plans for individuals can help you in case something happens to your artwork when it’s on your property.

Fortunately, there are at least two kinds of insurance that covers artworks and other valuables. These insurance types are as follows:

Title Insurance

Title insurance refers to an insurance policy that specifies that you’re the rightful owner of the assets you have either acquired or bought. With title insurance, you’re protected by declaring official ownership of your artwork and prevents others from declaring the same ownership. This is great in the event that a thief steals a painting from you. As you’d be the rightful owner of the painting thanks to documentation, you’d get reimbursed in one form or another. Title insurance is often used if art owners own very valuable works of art or there have been various different owners of certain artworks across generations.

Property Insurance

The second type of insurance you can consider for your paintings has a lot of things in common to homeowners insurance. If you already have some form of property insurance, your paintings and artworks may already be covered. This type of insurance plays its part when you keep your artwork at home or another piece of property and it gets stolen or damaged. When you have property insurance, you’re covered on a policy restriction, except for deductibles, for each item in the plan.

A more advanced form of property insurance is known as floater insurance. This insurance has advanced or additional terms in a typical property insurance policy, and covers assets you own that can easily be carried or snuck out of your property.

Are There Any Other Insurance Options?

If you curate a museum or own a business with a collection of paintings, you may not have the aforementioned options available to you, as they either have terms that are outside your reach or because your art isn’t kept at your home. Fortunately, you can apply for a specific insurance plan called fine art insurance. This plan provides financial support for art owners by chance that assets are stolen, lost, or damaged. This is a policy that any type of art owner can apply for, with the caveat that owners will need to add an additional insurance plan and end up paying more in premiums. Oftentimes, title and property insurance is bundled into more common types of plans, which is not the case with something as specific as fine art insurance.

Can I Have A Provider Look At My Art To Determine Insurance?

To have your art qualify for insurance you can have an insurance agent take a look at the art and determine which kind of plan can cover it the best. The agent might also want to look at other credentials like proof of ownership, an appraisal, and pictures of the art if they cannot see it in person. If there are any previous owners, you would also like to present related documentation to help the agent understand how it legally got in your possession.