Insurance 101: Protecting Your Antiques

No matter how carefully you display and maintain your antiques, sometimes bad things happen. A fire in your kitchen destroys that collectible bowl you had on display. A flood destroys your vintage lace. Thieves break in and smash your beautifully restored Victorian door. These items aren’t items you can easily replace, but did you know that a great insurance policy could help protect you, at least financially?

Whether you own your own home or rent from a landlord, if you’re serious about protecting your antiques, your current insurance policy may need an upgrade. The typical insurance policy does not cover items over a certain value unless you add additional coverage to account for these possessions. Luckily, you can do so fairly easily and for not much additional cost.

Here are some FAQs about making sure your antiques are financially protected:

How much does it cost to ensure my antiques are covered?

That depends on two things: the value of your antiques you’re covering and the insurance company you use. If you want lower rates, you can also look into adding a security system, fire alarms, and other safety devices to your home or apartment, which will help protect your possessions and, thus, keep your policy rates low.

Will I receive the full value for my antiques in the case of a theft, fire, or other disaster?

It depends if your policy specifies that you’ll receive purchase price or replacement value. Antiques change in value extremely quickly in some cases. If your policy says that you’ll receive purchase price, save your receipt, because that’s the price you’ll be reimbursed. However, if your policy says that you’ll receive replacement value, you’ll be reimbursed the amount it will take to buy a new item. In most cases, you’ll pay more for your insurance policy if you want replacement value reimbursement, especially for antiques.

Do I have to work with my landlord to buy insurance?

If you rent instead of own your own home, your landlord has to purchase an insurance policy – but their policy only protects the building itself, not the possessions inside. You don’t have to know anything about your landlord’s policy at all to protect your antiques and other possessions. Simple look for “renter insurance” instead of “homeowner insurance.” Insurance for renter’s does not include coverage on the property itself, so it is usually a lot less expensive.

What do I have to do after buying the policy?

Some insurance companies require you to document your antiques if you add them to the policy, but even if this is not mandated, it is a good idea. Take pictures of each piece, and make copies of anything that verifies price, such as receipts and certificates of authenticity. Send copies to your insurance company if they request them; if not, make sure you have copies away from your home, such as at a friend’s house or in a safe deposit box.

This is a guest post from Allison. Allison works with RentersInsurance.org, where you can learn more about purchasing renters insurance.