Whether you inherited an original Andy Warhol screen print or you picked up a vintage Elgin pocket watch at a local antique store, your prized possessions may not be adequately insured under your existing homeowner’s policy.
According to the Insurance Information Institute, most companies provide coverage for 50% to 70% of the amount of insurance you have on the structure of your home. So if you have $100,000 worth of insurance on the structure of your home, you would have between $50,000 to $70,000 worth of coverage for your belongings.
Expensive items, such as art and antiques, are covered under standard policies, but usually only up to a dollar limit that may be far less than the true value of the item. To insure these possessions to their full value, you should purchase a special personal property endorsement or floater. Not only will you have the security of knowing your treasured objects are covered, there is no deductible with this type of coverage.
Here are some tips for making sure your artwork and antiques are covered from loss:
- Notify your insurance agent as soon as you purchase a piece of art or an antique. Sometimes, people make purchases while traveling, so you want to make sure that your new possession is covered while in transit.
- Have your item appraised by a reputable appraiser. You can find an appraiser for almost any item. The key is finding one who’s accredited and meets professional and ethical standards. The American Society of Appraisers has a database that you can search by location and area of expertise.
- Have your art and antiques appraised every 3-5 years or when ownership is changed. Art and antique prices tend to fluctuate.
- As with all expensive purchases, make sure to add the item to your home inventory list. Photos, a copy of the bill of sale, and an appraisal are all useful records to keep.
At AssuredPartners NL, we know that the value of your personal assets may go beyond the limits of typical personal liability insurance and we specialize in this coverage. Let one of our knowledgeable insurance agents design coverage to meet your unique needs.