Every year, My Insurance agent- Andy McCauley reviews my policies. I asked him to share with my Wancket Studio clientele the proper way of insuring your art and portraits properly. I hope you never need to replace them due to fire or flood, etc. I have had over the years a few instances of these where clients have had to fight with getting their portraits replaced. One client tried to ask her insurance company and they responded to her, "They are not Monets". Which she responded back, "Your right, these are much more valuable." Anyhow- I understand that when you invest in one of my portraits and frames, you are counting on it to be there for future generations so here are a few things to note about insuring art.
Everyone’ protects their home with a standard homeowner’s insurance policy and a standard policy typically provides coverage for your personal property. What you may not know is that your standard homeowner’s policy may not protect the most important items inside your home - such as a portrait from Wancket Studio.
A standard homeowner’s policy can set a dollar limit on how much it will pay for certain categories of valuables like jewelry or a piece of art or sculpture. For instance, there may be a $1,500 sub-limit on what your insurance will pay you for jewelry after a theft – even though your overall personal property limit is much higher.
How can you better protect the items you value most? Additional coverage, called scheduled personal property, can help supply greater protection for some of your most valued possessions.
Scheduled personal property coverage is an optional add-on to your homeowner’s insurance policy that provides coverage for a greater number of risks and may increase the coverage limits on specific, high valued items such as these. Further, scheduled personal property coverage has no deductible. Here are some belongings you will want to consider for scheduled personal property coverage:
Jewelry and furs
Art and antiques (Wancket Studio portraits)
Stamp and coin collections
As scheduling your valuables comes with additional benefits such as broader protection and no deductible, it is necessary to provide your insurance company with a recent receipt or a professional appraisal in order to obtain coverage.
If you are the proud owner of a portrait from Wancket Studios, make sure your portrait(s) are scheduled so that they may be properly protected and you can enjoy for years to come!
If you have any question, I know Andy would be happy to answer these for you. And I know he understands not only the financial investment but also the emotional value of portraits as he has several "Wanckets" in his own home.