Property Insurance in Michigan

By definition, property is anything that you own. When defining property in the realm of insurance however, it can be anything that you own that’s of significant value. The expensive things you have in your possession are investments, and as with any other investment, it’s important that you purchase the appropriate insurance to protect it from potential perils. Property insurance in Michigan from will cover anything you feel needs to be protected, and this includes fine art. Find out what you need to know about property insurance for art so you can keep your beloved pieces protected at all times.

What you Need to Know about Property Insurance in Michigan for Art

  1. Insure Your Art as Soon as It’s in Your Possession – In the same way that you wouldn’t wait a day to buy insurance for your home or as you wouldn’t drive your car around town if you didn’t have coverage for it, so too should you buy insurance for your art as soon as you buy it. There are a large number of unique perils that surround your art – make sure you keep it protected as soon as it’s in your possession.
  2. You Might be Able to Include it in Your Homeowners Insurance – Did you know you can buy a rider to go along with your homeowners insurance that will cover the fine art in your possession? While it might seem a little more affordable than buying a separate policy, it might not offer you as extensive coverage as you would prefer. Discuss how much your insurance provider would be willing to give in case of loss or damage to your art. If you would prefer coverage that’s a little more extensive, buy a separate insurance to cover your valuables.
  3. Appraise Your Art Often – Because the value of art might change throughout the years, it’s ideal that you have a professional appraise your art pieces regularly. This is particularly important for those with art pieces that were created by prominent artists. The change of value could require a change of coverage. The last thing you want is to have an art piece in your possession that your insurance won’t be able to pay for in case of loss or damage. Adjust the coverage in your policy as necessary to ensure that your property insurance in Michigan fits the value of your art.