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Oklahoma Home InsuranceIn April, world-famous artist Thomas Kinkade, whose work could be seen in over 10 million homes according to the New York Daily News, died at age 54. Whenever an artist dies, the value of his or her work – which will now never be repeated – increases. If a home insurance policy has limits that do not accurately reflect the value of the art in a home and are never adjusted for the art’s potential increases, then that value could be completely lost during an insurable incident.

What is Art?

Outside of your insurance policy, the concept of what is and isn’t art is subjective. But for the purposes of insurance, any original, one-of-a-kind work in your home, from paintings to sculptures, could be considered art. Whether it is valuable or not is a question best left to an experienced appraiser. An appraiser will not only let you know how much your various pieces are worth, but can also give you an official appraisal that you can then turn in to an insurance company or agent in order to justify increased limits and or special policy endorsements for coverage.

It's important to get your art appraised on a regular basis. Ask your appraiser what a reasonable amount of time between appraisals would be based on the propensity for your pieces to grow in value. In special circumstances, such as the death of the artist, securing a new quote soon after the event is the best way to ensure you are continuously protected.

Considering Other Valuables

Art isn’t the only hard-to-value asset that you should get appraised by a specialist. Other valuables that you should consider getting appraised would include jewelry, antiques, autographed items, collectibles and miscellaneous property that can have increasing value instead of one that depreciates like normal property.

When you invest in art you may be doing so because of a piece’s aesthetic appeal, but art and other collectibles are also assets that can make an important investment for your family both financially and emotionally. Protecting the financial portion of that investment is vital. Give us a call today to find out how we can help you secure property insurance for your home, collectibles, car and other property at rates you can afford.
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