Covering Your Antiques for a Lifetime

For those homeowners who or renters who have an antiques collection, this lifetime passion deserves the best protection possible.

With a New Year at hand, it is important for antique collectors to go over their insurance coverage and see if there are any holes in their policies. Getting quality homeowners’ insurance quotes from InsuranceQuotesus.com is a great place to start.

As a spokesperson for the Insurance Information Institute (I.I.I.) points out, if you have homeowners’ insurance policy, there is protection for personal property, however there are also limitations to the value of goods insured under that policy. A sizeable collection of antique art, antique furniture, and heirloom and estate jewelry will require a special rider or separate insurance. The important antiques a homeowner has acquired over time may be subject to theft, fire and other perils, making it important to have one’s valuable possessions appraised and properly insured. ,

For individuals who have an antiques collection, they may want to think about acquiring home insurance from an insurance company that focuses in high-net-worth customers and/or an insurer with experience in art and antiques. These companies typically provide risk managers for their policyholders, to advise them on how the best cover their art or antiques allowing the collection to keep its value.

Antique collectors should remember that the cost of coverage will differ dependent on the kind of art, where it will be displayed or kept, whether owners intend to lend it out, along with the item’s geographic locale.

For antique owners, here are some tips in protecting and properly insuring your collection:

First, it is important to get your antiques appraised. Find out from your insurance agent what kind of appraisal they will allow. In many cases, insurers will demand some form of independent appraisal to determine the value of your collection, and the decision regarding what form of appraisal/appraiser is permitted rests with them.

Secondly, conduct a full inventory and be sure to document all the items in the collection. Take high quality digital photos or videos and have a full description of them, with as much information as possible, including the cost for the item, along with any appraisal details. Keep your inventory updated and notify the insurance company whenever you add new items to the collection.

Also be sure to understand all the language in your policy so that there are no financial surprises if you need to file a claim. Understand what perils are covered such as theft, fire, water damage, damage while traveling and so on.

It is also advisable to have security in place, along with storing antiques in the proper climate conditions and lighting.

Finally, review your policy on a regular basis to make sure there are no changes on your end or that of the insurer.