Insurance for collectibles and works of art is often affordable. You might be wondering if replacement cost coverage would apply to antiques and collectibles if lost. The fact is that the replacement cost will not apply to antiques and collections because the unique nature of the items means that they cannot be replaced by the exact item, it was unique or inherent to their nature. However, it can be replaced by a similar item, type, quality and use, available on today's market.
Sometimes, collections and collectibles are worth more than a simple dollar amount. However, if those special items have value, it's important to document their condition, record the contents, and provide appropriate protection through collectibles insurance. Without a detailed review by an expert, you may overestimate or underestimate the value of your collectibles and, therefore, not know how to properly secure them. Generally, the process for claiming collectibles insurance is the same as the process for filing a home insurance claim, but it may vary from company to company.
Collectibles insurance is relatively inexpensive, but the annual premium may depend on the type of collectibles you insure. A home inventory is a way to help make decisions about home insurance coverage or renters insurance & to accelerate the process of insurance claims in the event of theft, damage, or loss. Review your insurance policy and talk to your insurance provider to identify limitations and exclusions. If you already have an insurance policy for condominiums, homes or renters, talk to your agent to add collectibles insurance to your coverage.
To insure a collection, insurance companies will ask you to start by providing some proof that you own the collection, to specifically identify what it contains with a detailed inventory, and to show some type of third-party valuation, such as a sales invoice or an appraisal. However, insurers that specialize in collectibles insurance may not have a coverage time limit for items that are automatically added to your policy. Collectibles insurance offers benefits that most standard home insurance policies and scheduled property endorsements can't match. If the valuation of your Persian carpet exceeds the limit of your home insurance policy, you'll need to purchase a separate policy to insure its full value.
Because you're insuring a collector's item whose value will, in theory, increase over time, most insurers don't reduce the payment of the agreed value based on depreciation. Your home insurance policy is a way to protect your valuable property in the event of an insurable loss. Collectibles insurance policies generally offer more extensive coverage than the personal property coverage of home insurance. You can pay more for collectibles insurance if you have filed a collectibles or home insurance claim, or have filed for bankruptcy, in the past five years.
Insuring works of art through Progressive usually costs between 1.5% and 2% of the individual piece you're insuring.
