Antiques and other collectibles frequently have high valuations, which make them costly to replace in the event of loss or damage. Antique insurance may help Massachusetts collectors that own these valuable items replace their pieces if there’s a covered loss.
Antique insurance is specialized property insurance that’s specifically for antiques and collectibles. Because the insurance is so unique, collectors should work closely with an insurance agent who knows this insurance well when shopping for coverage.
Massachusetts residents and businesses may want collectors insurance if they have high-value antiques or other collectibles. This may include:
Any other individuals or businesses that have antiques, artwork, books or other collectibles might benefit from having a collectors policy.
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 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:
An experienced insurance agent can provide other scenarios for which a particular policy would likely provide protection.
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:
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.
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.