Many insurance providers insure art, but the type of art insurance you'll need will depend on the art's value and the kind of coverage you're looking for. Unless you own fine art, your home and contents insurance may be able to provide the protection you need.
What is art insurance?
Art insurance is a type of insurance that provides financial protection in the event that a piece of art or an art collection that you own is damaged, lost or stolen. In most cases, there are two different ways that you can insure art.
What are my art insurance options?
Contents insurance. Getting contents insurance is a clever way to cover your precious artworks from theft and accidental damage.
Home and contents insurance. If you have home and contents insurance, your art may already be covered. Home and contents insurance looks after all of the belongings in your home, as well as the building and property itself. It provides cover for theft, weather events, accidental damage and more. However, most policies usually have a specific limit for how much they'll cover you for individual items. So if you have valuable art — of say, more than $12,000 — you may need to call your insurer and let them know you'd like to increase your cover amount for those items. Most insurers will let you do this, depending on how expensive the art is. In exchange, you'll pay a slightly higher premium.
Specialist art insurance. If you have an expensive art collection or fine art, you may want to opt for an insurer that specialises in high-value artworks. This type of coverage is suitable for art dealers, collectors, artists and galleries and can cover you for loss or damage, burglary and theft, including while in transit. These types of companies generally specialise in fine art and so know what kind of protection it needs.
Finder survey: What extra features would influence Australians in choosing a home & contents insurance policy?
Response
Temporary accommodation cover
46.59%
High-value items cover
34.29%
None of the above
30.65%
Removal of debris
28.68%
Flood cover
26.25%
Preventative programs
15.33%
Asbestos removal
10.62%
Other
2.12%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023
Cover your art with contents insurance
Art can be covered under home contents as long as it's under a certain value. If you have fine art or unique collections, you might want to look into a specialist policy.
Which home insurance companies cover art?
The table below outlines which home insurance companies on Finder cover art, as well as their specific limits. If you need higher limits for your art, most provide additional cover — you'll just need to pay slightly more for your premiums.
Company
Limits
Up to $5,000 for any item or set, with a limit of $12,000 in total, unless noted separately as specified contents on your Insurance Certificate.
You select your sums insured. Where a specific value has not been selected for contents or jewellery, the most it will pay for a single item, pair or set is the lesser of the replacement cost, $15,000 or the lump sum value you select.
Up to $5,000 for any item or set, with a limit of $12,000 in total, unless noted separately as specified contents on your Insurance Certificate.
$1,000 per item/collection, with a maximum of $5,000 per group for each event.
Up to $20,000.
Up to $20,000.
$1,000 per item, $5,000 in total.
Amount not specified.
How much is art insurance?
This depends entirely on how valuable your art or art collection is. Your premiums are based on your art's value, the risk of damage, as well as other factors such as how well protected it is, for example, how easily it could be stolen.
If you don't go with a specialist provider and instead opt for a home and contents insurance policy, you're likely to pay around $200 a month, with your contents valued at $100,000 and building replacement valued $1,000,000. Keep in mind that this covers your entire home and its belongings and can vary a lot depending on the value of your home and its contents.
What does art insurance cover?
If you buy art insurance from a specialist provider, you can usually have the policy tailored to your needs. You can generally get cover for:
Fire
Natural disasters
Theft
Accidental damage
Damage done at home and during transit
Loaning your art, e.g. for display at exhibitions
Restoration
Replacement
Lost value, e.g. if a repair reduces the market value of the artwork
Expenses incurred due to defective title
Pros and cons
Weigh up the advantages and disadvantages of getting art insurance below:
Pros
Peace of mind knowing that your artwork is financially protected.
It can cover your art while at home and in transit.
A home and contents insurance policy may not be enough to cover the value of your art.
Cons
You may already be covered by home and contents insurance.
No cover for cleaning, repairing, restoring or reframing the art.
No cover for wear and tear, gradual deterioration, rust or corrosion.
No cover for deliberate or intentional acts by anyone covered under the policy.
No cover for theft or other misappropriation by anyone covered under the policy.
Bottom line
If you've bought art, you need to consider protecting your investment. Depending on its value, a home insurance policy may be the best way to do this. Otherwise, look for specialist cover.
Why you can trust Finder's home insurance experts
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching home insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
Frequently asked questions
Home insurance can cover paintings when damaged in a main insured event like theft and fires. The insurer may cover you for repairs or the actual value of the painting. You just want to make sure that you're insured for the right amount.
A home and contents insurance policy may be able to cover a private collection. It's likely that you will need to apply for additional cover. Speak to your insurer to see what it can do. You may need to look at specialist cover depending on the value of your private collection.
In most cases, no. This is the type of cover you're likely to only find with fine art insurance specialists.
A fine arts floater policy generally covers one valuable piece of art you own. It can sometimes be added to your home insurance policy when your standard coverage isn't enough.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 741 Finder guides across topics including:
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You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching home insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.