One or two pieces of antique furniture will make little difference to a homeowner's insurance policy, but a large collection of antique art, antique furniture, and heirloom and estate jewelry will need to be noted with special insurance. The precious antiques the homeowner has spent years amassing could not only be lost, but with inadequate insurance, the homeowner's financial investment could be gone in a puff of smoke. Antique insurance will protect the homeowner's investment.
Homeowner's Insurance Policies
While most homeowner's insurance policies do cover personal property, they also have limits to the value of goods they will insure. Homeowners who have collections of valuable goods should read the insurance policy carefully to ensure their antiques are covered. The security of antique insurance will give the collector and homeowner peace of mind.
Most basic homeowner insurance policies will cover $2 k to $3K, but these amounts can vary widely from one insurance company to another.
Insurance Rider for Antiques
If the insurance company has a limit on the value of property they will insure, it is usually possible and certainly advisable to speak to the insurance broker with reference to getting a separate rider on the antiques and other valuables in the home. This is the all-important antique insurance.
Expect to pay more for the insurance rider, but it's worth the expense and in most cases, it's not overly expensive. Consider how much is invested in the antiques in the home to understand how important it is to pay a little more for that protection.
Specialty Insurance Companies
Some antique insurance bought through specialty insurance companies have this coverage built into the policy. These companies are geared to those homeowners who have as much, or almost as much value in the goods inside their homes as the home itself.
There are many insurance companies specializing in policies for homeowners with valuable antiques. Most major cities will have at least one. It's advisable to get insurance quotes from several insurance companies, especially if the rate seems too high.
Antique Appraisers
If the antiques and other valuables in the home are roughly valued in the tens of thousands of dollars, the homeowner will need to hire an antique appraiser to validate the value of the items and offer documentation for the insurance company.
This documentation will ensure the homeowner gets the full value of the goods if they are destroyed by fire or other losses covered in the policy.
It is also important to keep all invoices and receipts when purchasing antique items. This and the appraisal is added security when it comes to making a claim. It's also a good idea to take photos of the antique items in the home – one copy for the insurance broker's file and the other in a safety deposit box.
Read the Fine Print in the Insurance Policy
Always read the fine print in the insurance policy and ask the broker for clarification on things not easily understood. Most insurance policies will cover goods against any loss. But a standard insurance policy may deliberately exclude antiques. And this is why a special rider is so important. Antique lovers need insurance that will cover the full value of their collections, and they should keep their insurance brokers up to date on any new "old" additions to the home.
Lorraine Syratt - Lorraine Syratt is a freelance writer, gardener and part-time antique dealer. Please see her full profile for more information.
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