Property Insurance in Michigan

It’s not just the structure of your dwelling that is an investment – everything inside of it is worth something. This is particularly true about expensive items and valuables. If you’re the kind of person who likes to buy fine art and décor to keep inside your home, you should consider buying property insurance in Michigan for these expensive items. Coverage for art might at be a little different from other policies and it might not be all that familiar to many individuals. If you want to understand fine art insurance better, these pointers should help shed some light.

What You Need to Ask When Buying Property Insurance in Michigan for Art

  1. Will Your Insurance Provider Grant a Guaranteed Value? – Many of the possessions you have in your home are insured based on their actual cash value. This means you will only be able to get the current worth of your items if and when they are subject to damage or loss. For example, a TV that was bought 5 years ago would only cost a fraction of its original price now, thanks to depreciation. That might not be enough to buy a TV replacement in present day which could be 3 times the worth of your older model. For art pieces, you should ask your insurance provider if they are amendable to settle on a guaranteed value – that is, no matter what the year or the state of the art piece you’re buying property insurance in Michigan for, you will get an agreed amount listed in your policy.
  2. Will New Items Be Automatically Covered? – Many art enthusiasts buy their art abroad where there is a wider selection. A big concern for overseas art buyers is that their purchases might see damage or destruction between the time of purchase and possession, which leads to the question – will an insurance provider allow immediate coverage of newly bought items? If so, how long will the coverage last? Discuss this with your insurance provider from here so you get a better understanding of whether or not you should purchase art while overseas.
  3. Will Works in Progress be Insured? – If you commissioned an artist to create something for you, will your insurance provider offer coverage for the unfinished piece? If that piece becomes damaged or destroyed before it sees completion, will your insurance provider grant you coverage for what portion of the project was completed?

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