Insuring your Antiques and Collectibles

Insuring your Antiques and Collectibles

Chance are very good that if you collect Antiques, Collectibles and Fine Arts, over time they will have appreciated in value and may no longer be fully covered by your Home Owners insurance, or if not recently inventoried and appraised you may not receive their full value in the event of fire or loss. Homeowners insurance typically covers your home structure, garages and outbuildings, personal belongings,  accidental injury or damage to others and living expenses. Most personal belongings can be covered for specific perils or all perils, but often only be covered up to a set replacement value. If you have an inventory of your antique or collectibles and their value does fall under the limit of your standard home owners policy you generally won’t have much to worry about.

If any item in your Collections does exceed the set coverage in your Homeowners insurance you a a potential problem. To have proper protection for high value items, Fine Arts, Collectibles, and Antiques, you might need to place these items on a separate policy and include receipts and appraisals for their full market value. Don’t make the mistake many have when it comes to taking inventory of your belongings and put it off.  If you have everything documented and appraisal reprts with images of each item it’s much easier  to have your claim processed quickly and without loosing out on full recovery of their value. Always make sure you have a copy of your inventory, photo’s and appraisals stored off premises , such as a safety deposit box or even digitally on a portable thumbdrive in your car’s glove box or even online in a digital photo gallery. Another option is to video your collection, all of these options will help speed your claim along with the least amount of inconvenience and worry.

Mike Wilcox

Wilcox & Hall Appraisers