Do You Need Coverage for Antique and Vintage Collections?

Antiques and vintage collections are fast becoming popular. Aside from being great home interior pieces, these timeless pieces are also great investments. Unlike other assets, antique pieces get pricier as they age.

Almost every household will have a special collection of antiques or heirlooms. Probably you have a collection of intricate jewelries or perfectly carved furniture items, as if they were done with high quality wood router. Considering their price or market value, it’s difficult to imagine if anything bad happens to these priceless belongings. Unfortunately, not all home insurance cover loss or damage of these hard-to-replace valuables. So, if you have a collection of priceless belongings it is best to check with your insurance agent whether your policy covers loss of antique items.

One of the misconceptions is that regular homeowners insurance covers all high value items such as collectibles, vintage, antiques, and family heirlooms. In most of these policies, the coverage is very limited and is often not even enough to cover the actual price of the lost item. For instance, some policies may put a cap of $3,000 for antiques, collectibles and art. If you’re a serial vintage collector, then this meager coverage is definitely not enough to cover your collection’s actual value.

If you think you need additional, specific coverage for these belongings, you can either work with your insurer so that you can add a rider to your current homeowner insurance policy for items that are valued over the standard coverage of your home policy OR you can also take out a different insurance floater for every vintage collection you have in your home.  Talk with your agent to see which approach will benefit you most.

Some people aren’t sure whether they really need to take out a collectible insurance. Here let’s take a look at some scenarios where a collectible insurance could save you:

  • Your vintage furniture pieces gets destroyed by fire
  • Fine art pieces get stolen
  • Autographed memorabilia get drenched in flood water
  • Delicate figurine pieces breaks after an earthquake
  • Catastrophe damages your wine collection

These are just a few unwarranted scenarios where you could lose your prized belongings. Since these possessions are valued in the thousands or may have special connections with your family, it is just wise to protect them by taking out the right insurance policies. An insurance will give you peace of mind while knowing that your treasured possessions are protected from sudden loss.

A lot of vintage and antique collectors are unsure about the worth of their collections. And this is the reason why many do not bother to take out specific insurance. It would be helpful to have your vintage items, collectibles and antiques appraised every now and them. An antiques appraiser can help you determine the worth of your items so you can get the right insurance protection you need.