How to Insure Your Fabulous Art Collection

"A lot happens with 'The maid did it' or 'The butler did it,'" she says. To avoid such situations, be specific about what items should not be touched and what items have specific cleaning instructions.

For wine collectors, temperature is key.

Make sure to have a backup generator in case a power outage shuts down your wine coolers.

If you insure, pick the right policy.

Itemized coverage makes sense if you have a few paintings, but wine collectors are better off with a blanket policy, since the collection is constantly changing. It's also important to make sure that new items are covered at the time of purchase, in case of any damage on the way home from the gallery or shop.

If you've got art at home in the U.S. as well as the vacation home in Tuscany, make sure the policy covers your works abroad. In addition to AIG and Fireman's Fund, AXA(AXA Quote), Chubb (CB Quote) and several other companies offer policies for valuables.

If you're already insured, update appraisals.

Since art values have escalated, you may need to escalate your coverage in case of damage or theft.

One can't "overstate the importance of getting updated art appraisals," says Zigerlig.