Costs

Insuring space can become expensive, which often deters artists from obtaining the proper coverage for their spaces.  While you may not be able to afford the crème de la crème of insurance packages, you should try to obtain at least a basic coverage that will replace your belongings in the event of catastrophe or theft.  This is especially crucial if you have expensive artwork and/or equipment in your space. 

Shop around when looking for insurance.  Many companies have a variety of options at a variety of prices.  Some non-profit or professional organizations also provide reduced insurance coverage to their membership.  The Chicago Artists’ Coalition and Fractured Atlas are arts organizations that provide insurance.  In addition, many small business organizations offer group rates to their members.  On-line services such as Direct Quote, Insweb and Select Quote provide information on several insurance packages from a variety of providers upon completing a questionnaire. 

For space, coverage can range in price from a few dollars a month to a few thousand per year.  Some basic renter’s insurance policies can be as low as $20 per month, while art studio insurance policies that provide coverage for artwork off-site and in transit can be around $100 per month. Certain types of policies offer a standardized coverage package for a set price as long as your space and/use falls within their guidelines.  This is typically true for specialty coverage.  

Your premium’s price depends on so many factors that the best way to find what it will cost you to insure your particular space is to start your search and comparison process. You can begin your search with the artist friendly policies discussed in the resource section of this chapter.