If you have questions about antiques and collectibles insurance and why it can be necessary to protect your items, it might be helpful to you to consider some scenarios that would make collectible insurance valuable to have. Here are just a few to consider:
- A heat wave or other event damages your wine collection
- Your figurine collection is broken when a shelf collapses
- Broken water pipes destroy your collection of antique furniture
- A home fire destroys your collection of autographed sports memorabilia
- You lose your collection of fine art in a burglary
These are examples of worst-case scenarios that could cause your prized possessions to be destroyed. Because these items have high dollar values and mean so much to you and your family, protecting your investment in antiques and collectibles with specific insurance can provide peace of mind.
Does Homeowners Insurance Cover Antiques and Collectibles?
A common misconception is that homeowners insurance provides coverage for all high value items in the home, including antiques, collectibles and family heirlooms.
While some policies may cover your antiques, the amount of coverage is typically very limited and may not enough to cover replacement of your expensive possessions after a loss.
Homeowners policies typically cover up to a set limit for many specific categories of items. For example, your policy may cover a loss of up to $2,500 for your art, collectibles and antiques.
If you determine that you need additional, specific coverage for antiques and collectibles, there are typically two methods:
- Work with First Underwriteters to add an “endorsement” (also called a rider) to your existing homeowners insurance policy for any items of value that otherwise won’t be covered for their full value by your home policy.
- Buy a separate “insurance floater” for each of your most treasured items or collections.
Consult with our team about the best approach for you, based on the value of the items you need to cover and a cost comparison of a rider vs. a separate insurance floater.
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What Is My Collection Worth?
The price the item currently sells for in an antique shop.
The price the dealer pays for the piece, which is often up to 50% less than its retail value.
The selling price agreed upon by the seller and buyer.
The highest monetary value given to the item if it needs to be replaced.
The average price paid for the same, or similar, piece at an auction.
The price the item would cost if neither the seller nor buyer was in a position of forced sale; this is also known as the “open market price.”