Using Personal Property Insurance to Insure Collectibles
Finding the right personal property coverage and learning how to insure collectibles, will help give you some peace of mind. You can use these tips to help you review your coverage and decide if you need to consider looking into specific coverage for these items.
Homeowners Insurance Coverage
Understanding the various coverage options can help narrow down what you are looking for or if you need additional coverage for those extra special collectibles. It’s likely that your homeowners insurance covers quite a bit of your home and belongings, but you may have a few special items in your home that are important to you and want to cover them properly.
How to Fully Insure Collectibles, Artwork and Antiques
You get insurance to have peace of mind knowing you are protected no matter what. With homeowners insurance, you have standard coverage that helps provide protection for your home and belongings inside your home. If you’d like to customize protection for those higher value items, you can look into adding scheduled coverage to your policy. For example, this type of optional coverage can help protect your large collection of fine art, sports memorabilia and antiques .
Document Your Collection
Taking inventory of your higher value items is crucial if you want to be sure that your insurance is covering them. With higher value items, you may have to keep receipts, pictures, appraisals and other documentation necessary to prove ownership and value for each item. Be sure to keep the documents in a safe and easily accessible location so you know exactly where to get them when you need them.
Get an Appraisal
For higher value items such as jewelry, antiques or artwork, you should get a professional appraisal and have an itemized list or receipt showing the appropriate value of each item. Jewelry stores generally have professional appraisers who can assess your jewelry, but for a larger collection of items like antiques or art you can find someone qualified near you through the International Society of Appraisers. These professionals can help evaluate your higher value items and the appraisal can help with the process of insuring them.
Periodically Review Your Coverage
With any type of coverage, it’s important to periodically review your policy and make sure you have everything covered. You’ll likely acquire new items over time, and you should make sure to add them to your policy sooner rather than later.
Protect your most valued items today! If you’re not sure if you have the necessary coverage or need to review your current policy, reach out to your local Farm Bureau agent to get started.