Collecting art can quickly get to be something of an addictive habit. As your eye develops, and your experience increases, collecting art can also start to become something of an investment. Like all ‘addictions’, pursuing the next pieces for your collection can start to require a significant amount of money. It is therefore only prudent to make sure that the whole business does not end up even costlier by finding out your collection is not covered by your household contents insurance, should something go wrong. Established insurers like Legal & General most often provide contents insurance that is adequate to protect the average amateur collection, but you must not take this fact for granted. Just as with perusing a possible addition to your collection, attention to detail is everything when it comes to contents insurance.

As collections of art develop, many people find that the amount of money spent on individual items increases. More expensive pieces will often require specialist insurance, as the single item cover limit in many contents insurance policies will be breached – but this is of course quite easy to check out.

A more complicated issue is often the valuation of pieces, and indeed your collection. Many standard contents insurance policies operate on a ‘new for old’ basis, but when it comes to rare or unique art, this kind of provision can be found wanting. As your expertise and experience as a collector develops, you may often find that you pick up pieces that in a short space of time will have a higher market value.

Independent assessment of the value of your art can therefore be essential if you are to adequately protect your collection. Insurers will generally provide any level of cover, for the right price, but you don’t want to end up spending a fortune on premium payments due to an inflated valuation.

For more modest collections covered by standard contents insurance, make sure that you are covered for accidental damage as well as theft. Lastly, if you are ever moving home, ensure that your collection is covered during transport.