Most household contents lose value over time and insurers can refer to depreciation guides to calculate the present value of these belongings. Similar guides do not exist for artworks, which often increase in value. Appraisers provide the service of evaluating unique property.
The "insurance value" of your artwork is an estimate of the cost to acquire a suitable replacement.
You may choose to insure your artwork under your homeowners policy. Speak with your broker to find out:
If there is a compensation limit for individual items.
How broad your coverage is. A homeowners policy may not cover accidental damage, the biggest risk for artwork.
You may wish to consider specialty coverage such as:
Adding a rider to your homeowners policy.
Insuring high-value items under a special policy designed to cover art related risks.