Tips for Insuring Antiques
When it comes to furniture in a home, some select one or two antiques as accent pieces, while others develop a full collection. These items may adorn every room, be kept in storage, or get transported to and from shows. But, in all of these instances, one factor is essential: Having sufficient insurance coverage.
As with other specialty items, antiques do get some coverage with a standard homeowners insurance policy. However, the $1,000 maximum for a full collection often isn’t enough, and to have protection for your china, furniture, coins, heirlooms, and classic comic books, it’s recommended that you add an endorsement to your existing policy. For higher-dollar collections, such as those in the hundreds of thousands and greater, taking out a specialty policy might be a better option.
What should you know?
An endorsement, often with a low monthly amount added to your existing policy, typically covers anywhere from $5,000 to $10,000 and considers a greater range of scenarios, including fire, theft, breakage, and water damage.
As is the case when you insure any valuables, you must get an appraisal to determine how much your carrier needs to cover.
Here, your insurance carrier must approve the appraiser, who then produces a document with information about each piece. This typically lists its condition, age, and current market and replacement values. Any appraisal, too, needs to be supported by a bill of sale or statement of replacement value.
Once you have the policy, you won’t need to pay a deductible every time you file a claim. Instead, you should receive full compensation for the appraised amount.
As well, because values change for antiques, experts recommend getting an appraisal for your policy every one to three years.
About Specialty Coverage
Specialty coverage, or a separate policy specifically for your antiques, works in much the same way. However, there are a few differences.
One, expect to pay a higher premium – sometimes, up to a couple thousand per year in insurance. Second, the policy provides coverage in a greater range of accidents and uses, such as during travel and if you take your pieces to antique shows.
For all, to ensure you continue having enough coverage, it’s best to contact your insurance carrier every time you add a new piece to your collection. When this is done in enough time, your carrier may automatically extend coverage to the new item.
If you’re looking to add scheduled personal property or an endorsement for antiques, find out more from Ion Insurance. Give us a call today at 203.729.5261.