I have a lot of artwork that I received from my now deceased husband. Is it insured under my homeowner policy?
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UPDATED: Jul 16, 2021
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The homeowner policy provides limited protection for fine arts or antiques. Each company is a little different, so you need to speak to your insurance agent to find out the limitations in your policy. You can sometimes increase the limits in the existing policy or you can purchase a Valuable Articles Policy. This is especially offered for clients who have large amounts of valuable articles such as jewelry, furs, silver and/or fine arts. In a Valuable Articles policy, each item is listed specifically with a description and value, then depending upon the value of the item, a formal appraisal or recent sales receipt may be needed to verify its insured value. Then, the insurance company agrees to repair or replace the item if damaged or destroyed. It is generally your choice whether to replace the item if it is a total loss or to simply take the money. The insurance company cannot come back after a loss and ask for proof of the valuation of any item, since that was predetermined when the policy was written. There are many variations in Valuable Articles Policies so be sure that you understand how yours works.