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Why Art Collectors Need the Right Insurance

Veritas Art Appraisals

Some of the most common questions advisors hear from clients about their fine art and collectibles are, “Does my homeowner’s insurance provide coverage for my artwork? A typical homeowner’s insurance policy affords you a little bit of coverage. Do I need a special rider?”

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Fine Art Insurance 101

Fine Art Estates

Early on in our conversation, Adrienne answered the “When” question by saying “If you can walk around your house and you determine that you have more than 5 artworks that exceed $10,000 each in value, you should consult an agent or firm that specializes in fine art insurance.”

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The Role of Jewelry Appraisers in Insurance Valuation

Buckhead Jewelry Appraisers

So you’ve just inherited your grandmother’s vintage diamond ring, only to find out it’s not covered by your insurance policy because its value wasn’t properly appraised. Insurance valuation refers to the process of determining the monetary value of an asset, property, or item for insurance coverage.

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How To Determine If You Need An Art Appraisal

Art Appraisal Resources

Many insurance companies require a professional art appraisal to determine the appropriate coverage and premiums. You should check with your insurance provider to see what is and is not covered by your homeowners or rental insurance policy.

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Replacement Value Appraisal vs. Fair Market Value Appraisal: Understanding the Difference

ValuePros Appraisal Services

– It is typically used for insurance purposes to ensure adequate coverage. Fair Market Value is often determined by considering recent sales of similar items or consulting with experts in the field. – Ensuring that the insurance policy covers the cost of replacing items in case of loss or damage.

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Art Peritus Art Industry Spotlight: Katja Zigerlig of Berkley One

Art Peritus

Art Peritus recently sat down with Katja Zigerlig, Vice President, Art, Wine and Collectibles Advisory at Berkley One, a Berkley Company (WRB) to discuss the nuances of collecting and insuring Fine Art. It’s one of the most important documents a collector can have, along with purchase invoices, and an insurance policy of course.

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Where To Buy Diamond Jewelry?

La Jolla Gem Appraisal

It’s advisable to consult with a gemologist to verify that the diamond you intend to buy matches the one in the certificate. Protect Your Investment After purchasing a diamond, it’s important to consider insuring it. This will help them determine the value of the diamond and the premium for coverage.

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