How often should I get my art valued?

You should ideally have your collection valued before renewing your policy, as this provides an accurate sum insured. If that is not possible, a valuation every few years should help you stay up to date with any market fluctuations.

What should I do if one of my artworks is damaged?

If you notice that your artwork has been damaged, you should contact your insurer. Document any evidence, including photos or statements of anyone who has witnessed how the damage occurred. Speaking to your provider as soon as you notice any damage means they will also be able to talk you through any specific details they need.

Does my policy automatically cover a newly acquired piece of art?

This depends on the policy. Some will automatically cover new pieces of art for a limited time (until you can have them valued professionally). Others may provide automatic cover providing the value of the new item is under a certain limit.

A guide to insuring your art collection

If you have valuable art to insure, a standard, off-the-shelf policy is unlikely to provide the specialist cover you need, potentially leaving you disappointed and at a monetary loss.

We look at why a bespoke policy is essential for art collections and how to ensure your policy provides you with the protection you need.

Updated: 03.08.26

By Daniel Hurd

Why standard home insurance isn’t sufficient for artworks

Standard home or contents insurance is designed to cover the everyday items most of us keep in our homes. While policies will typically cover décor, they rarely provide the level of cover or specialist knowledge needed for high-value fine art or collectables. Key reasons for this include:

Policy limitations

Standard home insurance typically has low single-item limits, which is the maximum amount of money your insurer will pay out for any one item.

Limits vary by insurer but range from £1,500 to £2,500. While this might be enough to replace a sofa or a bed, it could fall significantly short of replacing a one-off painting, antique, or collectable, let alone a collection.

Most insurers will allow you to list specific items that are worth more than the single item limit; however, this is typically designed for items like bicycles and technology, not the significantly higher values that art commands.

The risk of underinsurance

Underinsurance occurs when the sum insured is insufficient to cover the cost of repairing or replacing the item listed on the policy. This might not seem important, but the consequences can be serious because of the application of the average clause when you make a claim.

If your insurer applies the average clause, they can reduce your settlement amount by the percentage of underinsurance. For example, if you had underinsured an item by 50%, your settlement can then be lowered by 50%, leaving you with a significantly smaller amount. How the average clause is applied will depend on the type of claim you are making – claiming for an amount that is less than the total sum insured will see your settlement reduced by the percentage of underinsurance, claiming for the total value of the sum insured will see you only receive the value of the sum insured – either way, you would receive less than you need.

Lack of specialist cover

Standard home insurance won’t always cover the unique risks that can affect your art collection. This could include damage during, or depreciation after, restoration work, or damage caused while it is in transit or on loan.

A specialist policy will consider all these risks and be tailored to suit you, considering specific details such as where items are stored (in your home, on display, or in a secure location), and their desirability or collectability.

Why would I need art insurance?

No matter how well prepared or protected you think you are, there is always a risk that something will not go to plan. A specialist policy designed for your unique needs factors in the unexpected. Common situations where art insurance could prove invaluable include:

Theft or damage at home

Theft and damage can happen anywhere, but if your art collection or collectables take pride of place at home, they may be at greater risk of theft (even with security provisions, such as intruder alarms and CCTV) compared to galleries or museums, which typically have much higher levels of security.

Similarly, depending on the type of art you have, there may be environmental risks if no controls are in place – for example, humidity, damp, and exposure to the atmosphere can all affect delicate items.

Accidental damage is also a risk, especially if you have small children or pets in the home.

In transit or storage

Specialist art insurance policies cover the risks associated with transporting your collection or storing it.

Policies may have certain conditions; for example, you might be expected to use professional art transportation firms, and storage facilities may need to meet climate-control standards.

On loan to a gallery or museum

If you are loaning your art, it is crucial to know exactly what you are covered for and who is liable if something goes wrong. Some art insurance policies offer ‘nail-to-nail’ cover, which insures your items from when they leave your wall to when they return.

What does specialist art insurance cover?

Specialist policies are generally designed to reflect your needs, but can include features such as:

All risks worldwide cover – this covers loss, theft, and accidental damage to your art while it is at home, in transit, or on loan anywhere in the world. ‘All risks’ covers any loss to the items insured unless it is specifically excluded in your policy wording.
Depreciation – if an item needs to be repaired or restored, you can claim for the loss in market value.
Defective title protection – this allows you to claim back the amount you paid for an item if the seller did not have legal ownership (for example, if it was found to be stolen).
Pairs and sets insurance – if one of a pair or part of a set is damaged, this cover compensates for the loss in value to the complete set (not just the damaged items).
Death of an artist – if an artist whose work you own passes away, your policy may automatically increase the item’s insured value for a set period. If you make a claim during this time, you may be paid the higher value.
New acquisitions – this automatically covers new pieces you purchase. This may be for a limited period until you can arrange a valuation, or it could be for any item under a certain value.

What doesn’t art insurance cover?

As with most types of insurance, there will be events or risks that will not be covered. Common exclusions to be aware of include:

The cost of routine maintenance.
Cosmetic damage caused by routine maintenance (such as cleaning).
Theft due to negligence (for example, if there are no signs of forced entry).
Damage caused by wear and tear (this could include damage by vermin, damp, or mould).

What is ‘agreed value’ cover, and why is it important?

‘Agreed value’ applies to various specialist policies, including art insurance and classic cars, for example. It is when you and your insurer agree on the value of the insured item when the policy commences.

If your item is destroyed and you need to claim for its loss, you will receive the agreed value, without having to negotiate or ‘prove’ its value. It provides you with certainty that the amount it is valued for is the amount you will receive in the event of a total loss.

In contrast, some policies (particularly standard policies) use ‘market value’ to determine any settlement. Market value can fluctuate, and you may need to provide evidence that your items are worth what you think they are (for example, recent auction prices or guide values), which can prolong the claims process.

How to value your art for insurance purposes

You will need to arrange for your art to be valued by a qualified expert so that the sum insured on your policy accurately reflects the value of your items.

If possible, it is recommended that you use an accredited valuer from reputable organisations, such as the Royal Institution of Chartered Surveyors (RICS) or the Society of Fine Art Auctioneers and Valuers (SOFAA). Accreditation means they have agreed to uphold and work to the high standards set out by each body.

You must also keep in mind that your art and collections should be re-valued regularly. Ideally, this should be completed before renewing your art insurance policy, or at least every few years, to stay current with any market changes.

How to document your collection for insurance purposes

Documenting your collection is just as important as getting the right insurance policy and can help support any claims you make. With that in mind, you should keep records such as:

Provenance documentation – this should summarise the item’s background and history of ownership, demonstrating why it’s considered important.
Receipts and invoices – receipt of purchase provides proof of ownership, along with any invoices for restoration work, which should include details of the repairs.
Photographs – it’s a good idea to take clear, high-resolution photos of each piece in your collection from different angles. Remember to take close-ups of any signatures and identifiable markings and store the images somewhere safe.
Condition reports – if you have had items valued, keep any professional reports, especially those that mention value.

Five quick tips for insuring your art

Finding the right policy does not have to be (and shouldn’t be) complicated. Using a broker can help you work through your options and clarify what to focus on and what to expect – here are our five top tips for getting what you need:

Tip 1: Go beyond standard home insurance

Standard home insurance policies are not always suitable for high-value items. This is because standard policies often have a lower single-item limit, which will not be adequate to cover the cost of repairing or replacing valuable art or collectables.

Tip 2: Get a professional and up-to-date valuation

A professional valuation provides proof to your insurer that your items are worth the amount you want to insure them for. It’s also vital to have your collection re-valued regularly to account for market fluctuations.

Tip 3: Insist on an ‘agreed value’

‘Agreed value’ means you and your insurer have agreed on the value of the artwork when you take out a policy. This guarantees the amount of money you will receive if the artwork is destroyed and you need to claim for a total loss. In contrast, policies that offer ‘market value’ will only pay out the value of the artwork in the current market, which may not be what you paid for it or enough for you to purchase a replacement.

Tip 4: Document your collection meticulously

Good record-keeping can help the claims process run smoothly. Keep documents and receipts that demonstrate provenance and ownership, as well as invoices that detail restoration work, and valuation appraisals from experts.

Tip 5: Check your cover for art outside the home

If there is any chance that your artwork needs to be moved, check that your policy covers this. In addition to in-transit protection, some policies offer ‘nail-to-nail’ insurance, which covers your artwork from the moment it leaves you until it returns.

Trusted policies for your valuables

Specialist policies provide your high-value possessions with the extra protection they need. The policy you choose should accurately reflect the value of your items, as well as consider the specific risks unique to art and collectables, such as depreciation or damage after restoration, defective title cover, and damage while on loan.

To discuss your needs or find out more about high-value home insurance, speak to our team on 01603 218007.

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A guide to insuring your art collection

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