Do I Need to Purchase Additional Coverage for My Antiques on My Home Insurance Policy?

Most home insurance policies don't provide automatic coverage for expensive or irreplaceable items, such as art, antiques, jewelry, and other valuable possessions. To protect these items, you may need to purchase additional insurance clauses. It's important to understand what your insurance company requires as justification before a loss occurs. Other insurers that offer protection for high-end works of art and other valuable collections include AXA Art Insurance Co.Creating a home inventory is essential for cataloging everything in the house.

This should include an image and description of each valuable item, along with the original value, date of purchase, place of purchase, and receipt (if possible). Homeowners insurance and renters insurance both offer coverage for valuables, but the limits vary. Bankrate's insurance editorial team can help you understand what valuable items are and how to work with your insurer to ensure your policy covers them. Additionally, many jewelry and electronics companies offer buyer protection plans that provide coverage in addition to what standard home or renters insurance already includes.Your insurance plan may require you to notify your insurer if you purchase an expensive collector's item and want to quickly add it to your plan.

While a standard home insurance policy will cover some valuable items, it will have coverage limitations or may contain specific stipulations about what high-value items can be covered. Most homeowners insurance products will offer coverage for personal property, but there will be limits on the value of the assets insured under that property. Having a home insurance policy is a key step in protecting your finances, but you may have certain valuable items in your home that need additional protection.If you have questions about insurance for antiques and collectibles and why it might be necessary to protect your items, it might be useful to consider some situations in which it would be worth having collectibles insurance. A good way to insure jewelry or other valuables is to get a quote from a specialized insurance company that covers fine jewelry and other valuables, or to purchase a scheduled endorsement for personal property.

Under a collectibles insurance plan, the insurance company usually provides coverage at an agreed value, which will often vary from the immediate cash value of your collector's item. Antiques and collectibles insurance provides coverage for hard-to-replace items in your home. If you don't meet the insurance plan's requirements, you may not be eligible to file an insurance claim.