Insuring art and antiques is often quite different than the process involved for most household belongings, but certainly no less important. Use these quick tips to obtain the right coverage for the best possible price when speaking with your insurance agent:
1. Obtain an Up-to-Date Appraisal: Antiques and artwork appraisals should be done by a qualified expert and be up to date when obtaining an insurance quote. Issues such as condition, desirability, rarity and other factors may dramatically influence the estimated value of an item.
2. Insure It Separately: Most homeowner policies have limitations on the dollar value assigned to art, antiques, jewelry, collections and other high-value items. It’s easy and affordable to obtain a separate addendum or rider for nearly any item of value, including art and antiques.
3. Document and Record: If available, keep all receipts and other documentation related to the item or artwork, including certificates of authenticity, former sales records, catalog or auction descriptions, etc. Take photographs every few years to demonstrate the item’s condition. Store the records in a secure location.
4. Periodically Review the Policy: Make a practice of reviewing the policy every few years. Not only is it a good idea to increase coverage in keeping with recent appraisals, but a review helps to remind owners to remove or re-assign coverage for items that may be gifted or sold.