Do I Need More Coverage if I Own Antiques?

There are a number of instances where you may want to take out more coverage on your homeowners insurance, like when housebreaking an untrained pet in the home. Most standard policies will come with $30,000 of contents insurance protection. What this means is that your provider will handle up to $30,000 of damaged goods when you make a claim. However, you can choose higher limits if you have a lot of items and expensive valuables. When you are looking into insuring antiques and collectibles, it is a good idea to consider more coverage for your special items.

If you are just starting out or if you own second hand items, then you will probably be happy with the general $30,000 limits in place on most homeowner insurance policies. However, as you acquire more items, then this may not be enough. The first thing you need to do when determining the right level of coverage is to make a list of all the items you own and their estimate costs. Keep in mind that you need to decide if you want to insure under replacement or actual value cost which will impact your claim and your premium immensely.

When you are totaling up your costs you may be surprised at how quickly things add up. Make sure you include all items in the house. You may wish to go room to room and make a list or you may wish to go by specific items such as furniture, outdoor items, electronics, clothing and homewares. Other categories to consider include toys, jewelry, antiques and paintings, all of which are usually included on most insurance policies.

Contents Insurance Limits

In most instances, there will be limits in place with each category. For example, you may only be able to claim for $7,500 of electronics, $5,000 of clothing, $3,000 of jewelry and $5,000 of furniture. If you have antiques or collectables that cost more than this in one specific category, then it is important to take out more coverage for this item.

For example, let's say you own a $10,000 painting as well as about $5,000 in other artwork. There may be a limit of $7,000 in place which will not cover your one specific antique painting. Adding extra coverage on your painting will ensure that if it is damaged, your claim will handle the costs.

Jewelry is another area where you may consider more coverage. After all, if you own any diamonds, wedding rings, special watches and antique necklaces from your grandparents, then these should be insured for more. The true value cost of these items could equal several thousands of dollars and most insurance policies will have a pretty low limit on jewelry.

Another important thing to consider is actual value and replacement costs which will make a big difference if you ever need to claim. Replacement costs will provide you with a sum to replace your goods, according to the current market trends. Actual value, on the other hand, takes depreciation into place. So, if you need to replace a TV that is 5 years old, you may only be offered a fraction of the cost that it would be to get a brand new television.

The easy answer when it comes to insuring antiques is that you should take out more coverage. That way you know that you are completely covered. Take the time to compare the difference between actual value and replacement costs and do an inventory check of your items. As you acquire new items make sure you add these to your insurance policy by reviewing your amount and limits at least once a year.

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