Antique Insurance from Massachusetts Professionals

Are Antiques and Collectibles Covered by Homeowners Insurance?

Whether antiques and other collectibles are covered by homeowners insurance depends on the specific terms, conditions and exclusions of a policy. 

Some homeowners' policies provide limited coverage for antiques, but the limits of any afforded coverage usually are lost. Additionally, other homeowners' policies may offer virtually no coverage for belongings that are as valuable as antiques.

When evaluating a homeowners policy’s coverage for antiques, collectors should consider both the values of individual pieces and of their entire collection. A knowledgeable insurance agent can help collectors check coverage in light of their antiques’ valuations.

Because homeowners policies often provide limited coverage for antiques at best, many collections will be better protected with actual collectors insurance.

What Kinds of Incidents Are Covered by Collectors Insurance?

What incidents are covered by collectors insurance likewise depends on the specific terms of a policy. In some cases, a policy might cover incidents such as the following:

• Antique furniture is ruined when a frozen pipe bursts and leaks water
• Autographed sports cards are consumed in a house fire
• High-end cooked jar collection is damaged when shelving collapses
• Wine collection is damaged when electricity goes out during a heatwave

An experienced insurance agent can provide other scenarios for which a particular policy would likely provide protection.

How Do Insurers Value Antiques and Collectibles?

How antiques and collectibles are valued depends on what they’re being valued for. There are a few different valuations that may be relevant when purchasing insurance:

• Insurance Value is generally the highest amount of compensation offered for a collection if there’s a valid claim
• Auction Value is normally how much the collection would be expected to sell for if there’s no forced sale
• Estate Value/Tax Value is normally the average amount paid for like collectibles at auctions
• Fair Market Value is normally the price that’s agreed upon between a buyer and a seller
• Wholesale Value is normally what retailers pay when purchasing pieces from a distributor or wholesaler
• Retail Value is normally the price that retailers charge for similar pieces or collections

An insurance agent can help think through the various valuations and determine what collectors coverage limits should be set at. Some policies allow collectors to determine how much protection they want.

How Can Massachusetts Collectors Get Antique Insurance Coverage?

Collectors' coverage might be purchased as its own policy, or it may be added to a homeowners policy as an optional feature. Which of these options is better is situationally dependent.

If you’d like help insuring antiques or collectibles, contact the independent insurance agents at The Feingold Companies. Our Massachusetts agents are well-versed in antique insurance, and we can help you find an endorsement or a policy that will protect your collection well.