Insuring Antiques and Fine Art

You might be surprised by the value you’ve collected over the years.

Coverage Considerations

Even the most comprehensive homeowners insurance policy has limitations on protecting your valuables in the event of damage, theft, or loss. Your homeowners, condominium owner, or renters policy has a specific coverage limit for your personal property, so you need to ensure that the value of your collection combined with all your other personal possessions does not exceed this limit. The big concern is that if you have a significant fire that destroys everything, you must have enough coverage to replace everything. Therefore, you need to assess if the personal property limit is sufficient.

Another consideration is that most policies have specified theft limits for jewelry, silverware, and other items. Depending on your policy, theft limits often range from $1,000 to $5,000 less your policy deductible. Therefore, if you have items of substantial value in these categories, you must assess if you have the correct type of protection.

Beyond having enough protection, you also need to understand what causes of loss are covered by your homeowners policy. Some policies only cover specified situations such as fire, lightning, windstorms, hailstorms, burst pipes, theft, etc., while others offer broader coverage for all conditions other than those expressly excluded. Also, most home policies exclude breakage for fragile items such as glassware and porcelain, so if you have items for which you want breakage coverage, you need to be sure that you’ve purchased this protection.

The physical location of your valuables can affect coverage. Suppose you have valuables in multiple locations, such as a second home or office and your primary residence. In that case, you’ll need to consider how your policy protects your personal property when it is not in your primary residence. Some policies exclude coverage when in transit and may not provide coverage if, for example, you lend items for an exhibition. So be sure you are adequately protected if your antique or fine art items are away from home.

Coverage Options

There are several options for expanded coverage to have proper insurance protection for your antiques, fine art, and other valuables.

Individual items & smaller collections – A special floater endorsement on your home policy, commonly called “scheduling, is a simple ways to obtain protection. This method provides broader coverage for additional causes of loss and does not require a deductible for listed items.

High value & extensive collections – A separate policy may be necessary for more extensive collections or precious items.

If breakage coverage for fragile items is a concern, be sure to specifically request whether you schedule an item on your home insurance or purchase a separate policy because insurance companies vary in how they provide this coverage. Some carriers automatically include breakage coverage with the special protection, while others only offer breakage protection if you specifically request it.

Because protecting antiques and fine arts can involve many nuances, the key to getting the right coverage is choosing a knowledgeable insurance professional who takes the time to understand your unique needs. By working with an insurer who understands antiques and fine arts, you can create a plan that protects your valuables for the broadest range of situations and ensures that you have sufficient coverage to protect your investment.

Contact us to review coverage options and obtain a quote.