Insurance For Art

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Why should I insure my art?

What are my options for insuring my art?

Insuring your art with contents insurance

Insuring your art with specialist art insurance

How does contents insurance differ from specialised art insurance?

When should I get fine art insurance?

Safeguard your prized possessions (and sanity)

Long story short

Contents insurance can cover your precious art pieces

It’s a safety net for your everyday possessions, including art. It’s great for homeowners, renters, and budding collectors wanting versatile (and generally cheaper) coverage.

Fine art insurance is for high-value collections

This specialised coverage targets rare and high-value pieces. It’s the typical go-to for seasoned collectors and art entities, like museums and art galleries, needing more comprehensive cover.

Contents insurance policies usually have set limits for unspecified art

Contents insurance could cover your precious art pieces up to a certain dollar figure. But if you think your art’s worth more, you’ll need to specify or list them individually.

Why should I insure my art?

Let’s be real – art isn’t just something nice to look at. It’s an investment that’s worth protecting. From accidental damage to theft or even natural disasters, there are countless ways it can be damaged.  

Insuring your art helps gives you a safety net to bounce back without taking a massive financial hit. Without it, you’re on your own if disaster strikes your collection. While some damages can be repaired, replacements or restorations often come with steep price tags. Plus, if you’re working with high-value pieces, it’s tricky trying to rely on standard cover to fully cover your risks.   

What are my options for insuring my art?

Choosing the insurance that ticks the boxes for your art pieces can make all the difference, and understanding your options is key. There are two common avenues for insuring art: standard contents insurance and more specialised fine art insurance.     

Insuring your art with contents insurance

Contents insurance can protect you financially if your belongings are damaged or lost due to unfortunate unexpected things like fire, theft, or vandalism. Depending on the provider, you might also be protected against things like accidental damage caused by guests or mishaps during a party (because who hasn’t had a mate knock over a wine glass at exactly the wrong moment?) 

A contents insurance policy is a great starting point, especially for budding collections or pieces of small to moderate value. If you already have contents insurance (or a combined home and contents policy), you can enjoy peace of mind without breaking the bank. Here are some of the defined events typically covered by contents insurance:  

• fire
• lightning
• theft or attempted theft
• malicious damage, vandalism, riot, or civil commotion
• breakage of glass, ceramic, and sanitary fixtures
• storms and rainwater
• escape of liquid
• impact at the home
• explosion
• earthquake or tsunami. 

For the full rundown on what’s covered, exclusions, and all the nitty-gritty details of contents insurance, it makes sense to check out the product disclosure statement (PDS). And while comparing, the target market determination (TMD) is also worth a squiz to see if the policy’s a good fit. 

Unspecified or unlisted contents insurance policy

Some contents insurance policies provide ‘unspecified’ or ‘unlisted’ coverage for things like paintings, pictures, works of art, sculptures, or art objects. Here’s the catch – many standard contents insurance policies set limits on how much they’ll pay out for individual items. For instance, some could cover up to $5,000 for any item or set, with a limit of $12,000 in total. 

If you think that your art pieces are worth higher than the set policy limits, then you might want to consider specified or listed cover.  And keep in mind, some insurers don’t cover art at all unless pieces are individually specified.   

Specified or listed contents insurance policy

For artworks whose values exceed the policy limits – say a stunning Indigenous dot painting or that rare sculpture picked up at auction – you would likely need to ‘list’ or ‘specify’ them in your policy. Specified contents covers art items you have listed on the policy for a nominated sum insured. These are typically stated on your Insurance Certificate. 

You might need to get them professionally appraised so you can declare their value to your insurer. (In fact, when listing high-value items in the policy, some insurers might require valuation docs.) It’s an extra step, but one that ensures your beloved art can be covered for a higher amount than the policy limits if something happens. 

Note, however, that specified items could bump up your premium. And depending on the insurer and policy, the coverage only typically applies at the insured address. It’s a good idea to check the product disclosure statement (PDS) for details like these. 

Helpful tip

Documenting your collection could save you a whole heap of headaches if you ever need to make a claim. It’s a good idea to create a detailed inventory of the artworks for insurance, including descriptions, purchase receipts, photographs, and appraisals. This not only simplifies the claims process but also helps ensure you’re adequately covered if something goes wrong. 

Adrian Bennett

General Manager for General Insurance

Insuring your art with specialist art insurance

Fine art insurance might give comprehensive protection for anyone (or any entity) with high-value, unique, or rare artworks. We’re talking about seasoned collectors, art dealers, auction houses, exhibitors, museums, and galleries. 

Again, it’s worth giving the policy or the PDS a decent read to know exactly what’s protected (and where specialist insurers draw the line).   

Just a heads up: iSelect doesn’t compare fine art insurance policies, so all this info here are broad strokes on what cover could look like with specialised art insurance policies. If you need to know more, then it’s a good idea to reach out to a specialist provider. 

But if you’re after standard contents insurance, you can check out your options using our comparison tool. 

How does contents insurance differ from specialised art insurance?

The main difference boils down to specialisation. Contents insurance paints with a broad brush, covering your everyday belongings (including art). Fine art insurance is laser-focused on art, crafted specifically for passionate collectors and entities in the art world. The latter frames tailored policies and offers specialised protection for those high-value, collectible pieces. 

Contents insurance

Fine art insurance

When should I get fine art insurance?

If your collection’s value is significant or you regularly loan pieces to galleries or exhibitions, fine art insurance is worth exploring. Similarly, if transporting artwork or owning rare and irreplaceable pieces is part of your reality, a specialised policy could be a smart move.  

For many art-loving Aussies, however, extending an existing contents insurance policy is a great middle ground. It offers solid coverage without the need for niche solutions, making it a logical choice for everyday homeowners or budding collectors.  

Safeguard your prized possessions (and sanity)

The key to protecting your art is finding a balance between adequate coverage and affordability. Some people will find contents insurance to be cost-effective and versatile, while seasoned collectors with rare pieces might lean toward fine art insurance for that extra peace of mind. 

While we can’t help you with fine art insurance, we can give you a hand with comparing contents insurance. You can explore policies with us in just a few clicks – faster than you can hang your own version of Matisse from the paint and sip class!