Does my Florida homeowners policy cover art?

With the recent dip in the property market and stocks and shares at an all-time low, many investors are turning to art as the sensible place to put their money, as art pieces tend not to depreciate in value with age.  But according, relying on your regular Florida homeowners insurance policy to cover your valuables isn’t such a good idea.

A cover all policy vs a specialist art policy

Although technically it is true that your umbrella insurance will cover your art, it is just that, an umbrella, meaning a one size fits all and although this would be fine for protecting your computer or your furniture, it isn’t designed to go into the detail and specifications of ownership and maintenance of fine art.

For example, imagine that your clumsy dinner guest knocked a chip out of your favorite (and not to mention highly expensive) sculpture.  Most general policies do not cover art restoration according to, which means all repair costs must be covered by yourself.

Or maybe your highly collectible piece is stolen.  Under a general policy, a claim would be paid out based on the price you paid for the piece and not necessarily what the art is actually worth.

Valuation, Valuation, Valuation

Florida home insurance policies also do not take into consideration the fluctuating values of art pieces.

If, as in the first example, you need to restore a piece of your collection, the value of that piece will decrease, therefore you would need a more flexible policy to account for this.

Likewise, if the artist should die within the life of your policy, the value of the piece may well go up, but under a general policy, this would not necessarily be reflected.

Many insurers are now employing individual art specialists and valuation experts in a bid to stress the importance of a proper valuation of an art piece prior to taking out insurance.  However, the general rule of thumb seems to be that all collections worth a few thousand dollars or more should be covered by a specialist insurance as many online Florida homeowners insurance policies from do not cover items above this level anyway.

In conclusion, even if your policy does cover your art collection as it stands now, chances are over time it will grow and therefore, perhaps individual, specialist cover designed specifically for art collectors would be a better way to go.