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Why do you need to have extra insurance coverage for fine art & jewelry?

International Society of Appraisers

” Specifically, many people may not realize that traditional homeowners insurance policies typically have coverage limits that may not be sufficient to adequately protect high-valued property such as fine art, jewelry, or luxury items. Their expertise ensures that the valuation is accurate.

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Passion Assets: A True Love of Collecting

Art Peritus

The term collectionor more specifically, art collectionoften evokes thoughts of fine art and antiques. However, the qualities that make passion assets so precious to collectors also expose them to unique risksrisks often not covered by standard homeowners insurance policies.

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The Importance of Contemporary Art Appraisals

Art Appraisal Resources

When Might You Need a Contemporary Art Appraisal? Art Acquisitions Art collectors, museums, galleries, and private individuals interested in purchasing contemporary Paintings, Sculpture, Photography, or Fine Art Prints might seek an appraisal to ensure they make an informed investment.

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Protecting Your Collection and Your Wallet: What You Could Lose If You Suffer a Loss Without an Appraisal

McAllister Fossum Appraisal Services

If you understand these commonalities, you can ask the right questions to ensure that your coverage is adequate. Most homeowner’s policies have a total coverage limit for household contents that is based upon a percentage of your home’s value. At this point, you know you have at least $7,000 worth of fine art.

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Office Hours Information from March 2025

International Society of Appraisers

There are different marketplaces depending on many factors, including: urgency to sell, quantity, condition of the property, and the quality of the items. What is the quality of diamond jewelry? It has similar qualities. Below are some ideas for getting your 700 hours. Please note that these hours do not have to be billable.

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Insurance: Protecting Your Collection

Art Peritus

For example, one can purchase a policy to cover their fine art collection , or purchase a valuable items policy designed specifically for jewelry , or for wines , antiques , automobiles , luxury goods such as handbags and a litany of other categories. Most standard policies will not provide this degree of specific coverage.

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Understanding the Different Levels of Value: It’s Worth What Where and When?

Artifactual History Appraisal

When applicable, sales and/or import tax, commissions and/or premiums are included in this amount.” ( Appraising Art: The Definitive Guide to Appraising the Fine and Decorative Arts , 2013, Appraisers Association of America, page 438.) The next level is Fair Market Value.