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May 2011 Print Version Americans
own valuable antiques, which are often inadequately insured under a
standard homeowners policy. Homeowners policies may
contain restrictive limits and coverage for these valuable items,
and the valuation may only be provided on an actual cash value
basis. Even if the personal property replacement cost endorsement is
added to a homeowners policy, the endorsement explicitly lists
antiques, fine arts, paintings, and memorabilia as ineligible
properties. Coverage is also restricted to a limited number of
perils. For example, the homeowners policy does not provide any
personal property coverage for breakage or accidental scratching. If
you possess extensive and valuable antiques or fine arts, the
following tips may prove helpful. •
Properly inventory and document your antiques and other
collectibles. Videotaping should also be utilized; be sure to
videotape the item from every angle. •
Arrange an appointment with your insurance agent to review your
antique and fine arts coverage. Bring as much information about your
portfolio as possible, including photos and any
appraisals. •
Consider utilizing the services of an experienced appraiser who
specializes in antiques. Some antique and fine art dealers perform
free general value assessments online for lesser-value pieces if
acceptable photos and descriptions are provided. For extremely
valuable items, most appraisers want to personally inspect the
piece, which normally involves a fee. All appraisals should be
prepared in accordance with the codes and requirements of the
American Society of Appraisers and the American Appraisers
Association. High-quality appraisals normally include a description
and comment on the antique, an auction value of the item, and a
replacement value. •
For valuation assistance on less valuable or more common items,
consider visiting eBay and other Internet auction sites to help
establish various items' market value. An examination of the item's
closing price, not its initial asking price, is more representative
of its true value. •
Ask your agent about procuring a personal inland marine policy or
endorsement that can be added to your homeowners policy. This
policy/endorsement allows you to schedule your items on an agreed
valued basis established by the appraisal and gives you much broader
coverage than the homeowners policy provides. Note that this special
coverage may also have a breakage exclusion, which may be eliminated
for an extra premium. •
Take steps to safeguard your collection, with adequate security
precautions and appropriate storage. Information used with
permission from International Risk Management Institute, Inc.,
Copyright 2011.
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