How to Insure Antiques

Over the years, almost without realizing it, you can manage to compile a sizeable collection of antique furniture or silver. These chairs and place settings have become a part of your life, and the thought of losing them to theft or a disaster makes you wonder how you can protect your investment. You need to decide whether your homeowners insurance is enough or whether you need a special policy for those special pieces.

Difficulty:

Moderate

Instructions

Things You'll Need

• Current appraisal
• Photo documentation
• Sales receipts

1. Have all your antiques appraised, not just those with higher price tags. If something happens to the less valuable antiques, you'll have no proof of their worth and won't be able to collect on the insurance coverage you have.

2. Keep an inventory of your antiques, and include a copy of the most recent appraisal, a description of the items, their measurements and photographs. Store a complete copy of this information in a safe place, preferably not your house.

3. Check an appraiser's credentials before you use his services to find out if he has experience evaluating items similar to yours. Discuss costs beforehand to prevent any unpleasant surprises when you get the bill.

4. Protect your treasured antiques with a separate policy or a rider on your homeowners policy. Remember that the typical homeowners policy is designed to meet the needs of the average consumer, not someone who owns an original Tiffany lamp or pair of Chippendale chairs.

5. Buy worldwide all risk coverage. If you take your precious items on tour, they will be covered no matter where you go.

6. Notify your insurer as soon as possible after you buy a new piece so that it can be added to your policy. Most policies will extend coverage to new pieces but only for a specified period of time (a few weeks to a few months).