Art Collecting - New Purchase, Part 5

When you purchase a piece of artwork, there are several things you need to consider to protect your purchase. This is part 5 of a several part series of considerations and tips when you purchase art.

Insurance coverage:
  1. One of the first places to check about types of insurance is the gallery where you are purchasing the art.
  2. Check with your homeowners insurance policy.  They usually cover art, but you may have to list it separately.
  3. Make sure to keep your insurance policy updated with the current value of your artwork.  Do this every year or whenever the value of the artwork changes.
  4. Check to see what type of damage is your artwork is covered.  Also, is it completely covered?

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