What to know about insuring your art, jewelry, and other valuables
What’s that you hear? Is it the sound of Arsène Lupin snatching a jeweled tiara and making his way out the window and into the Parisian night? While our favorite French thief may only take from society’s worst, those of us not residing in the French capital still might want to protect our most treasured possessions against less noble thieves.
If you happen to own an oil painting or two, or have ever feared your wedding ring might disappear down the drain (which happens more frequently than you’d think!), the correct insurance can help to safeguard your belongings.
While homeowners and renters policies do offer some security, they don’t cover everything, so many people choose to purchase separate plans to protect their most valuable items. These policies often have higher limits and deductible requirements that correspond to an object’s value. But depending on what it is you want to insure, you have a few different options.
Art and Collectibles Insurance
Collectibles are items that gain in value owing to their scarcity and popularity, as well as their condition. While collections can include high-ticket items such as paintings or Roman coins, the idea here is that you have a collection, and not disparate objects. Collectibles insurance will protect your collection from flood, theft, accidental damage, and other types of loss.
Fine Art Insurance Policy
Like its name suggests, Fine Art Insurance insures fine art — though what’s considered fine does vary, and can include anything from a Picasso to a tapestry. That said, there’s no minimum value for a piece to warrant insurance, so if you’d like to have your flea market sculpture protected, go wild!
But you shouldn’t just protect a work of art from theft; insurance can also help with expenses incurred owing to natural disasters, like water damage from flooding or even just excessive sunlight. Because everyone’s objects are different, this type of insurance is very customizable — but regardless, you’ll want to get the artwork appraised first to determine the value of what you’re insuring.
Nothing seems to make people more upset than the loss of a priceless family heirloom like Mom’s locket or Great-grandpa Maurice’s cufflinks. But while homeowners policies do protect your possessions, many do not cover jewelry unless a specific rider is requested. This is why we recommend getting jewelry insurance (especially from our preferred partners at Jewelers Mutual), which will do more for your gems and watches than a plain ol’ run of the mill homeowners policy ever could.
For these beloved pieces, jewelry insurance can cover repairs, replacement, and even reimbursement of the appraised value. Almost any type of jewelry can be insured — though most companies do have a maximum limit. (If you’re lucky enough to own the Hope Diamond, you’ll need to buy an entirely separate policy.)
A few things to know:
- If your item is quite valuable, you’ll want to have it appraised in advance of purchasing insurance.
- Because art and jewelry isn’t necessarily replaceable, make sure to ask about appreciation and replacement rules when going over a policy.
- If you share a plan with your partner, insurance will carry over to any jewelry you give them.
While we can't be sure that Lupin hasn’t trained his sights this side of the Atlantic, we at Marble know that there are other threats closer to home besides a dapper thief. We encourage you to look closely at your existing policies to see what’s covered, and add coverage for any of your own treasure that you want protected.
And once you’ve made sure everything is properly insured, you can add it all to your Marble wallet, where you can easily keep all your policies organized (and earn rewards just for having insurance). And that, in our minds, is priceless!