Antique Collectors Need Adequate Insurance Coverage

There are all sorts of antique enthusiasts throughout the nation, from collectors of antique automobiles, to furniture, to artwork, to jewelry, to stamps...and just about anything in between. Anyone with a valuable collection of antiques must make sure they obtain adequate insurance coverage to protect their collection in case of damage or theft.

Will the basic homeowners insurance policy provide any coverage for antiques? According to Loretta Worters, vice president of the Insurance Information Institute, the homeowners policy will have a limit on coverage for valuable items. "A large collection of antique art, antique furniture, and heirloom and estate jewelry will need a special rider or separate insurance," Worters said. "The precious antiques a homeowner has spent years amassing could be subject to fire, theft and a host of other perils, so it's important to have your valuable possessions appraised and properly insured."

Antique collectors may want to find an insurer that specializes in providing coverage for expensive collections of art and antiques. Oftentimes these specialty insurance companies will also provide advice on the care of your collection.

Premiums will vary greatly, depending on the value of the antique collection and where it is stored.

Purchasing broad insurance protection is just one step toward assuring that your antique collection is secure. Check out some of these additional tips:

1. Get an independent appraisal. Most insurers will require an independent appraisal of your antique collection from a qualified appraiser. There are several appraisal groups that offer this type of service, inclduingthe American Society of Appraisers (www.appraisers.org), the Appraisers Association of America (www.appraisersassoc.org) and the International Society of Appraisers (www.isa-appraisers.org).
2. Inventory all your antiques. Your inventory should include a thorough written description of each item, a copy of the bill of sale, quality digital photos (not from your cell phone) and/or a video of the items.
3. Protect your collection. Simply storing your antiques in a case or a safe may not be adequate. Certain climate conditions (high humidity, for example) will impact some items, such as wood furniture and artwork. Conduct some research to find ways to keep your collection from depreciating.
4. Keep your insurance company up-to-date. Your insurer/agent should be apprised each time a piece is added to your collection.

What is the objective of your antique collection? Do you display your pieces at shows? Do they simply add luster to your home environment? Are they an investment? Do you buy-and-sell the antiques on eBay? Your insurance policy should be fine-tuned to provide the protection needed for the various uses of your antique collection.