An heirloom inherited from a loved one comes with sentimental value that can never be replaced. With that said, taking out a policy on the item will give you peace of mind and guarantee that at least some of its monetary worth can be recouped in the event of damage or theft. Homeowners' insurance typically covers a certain amount for personal possessions, but the coverage may not be adequate for the cost of the keepsake. To better understand this subject, below is a guide on how to insure a family heirloom.

Find Out the Value

The first step is to determine the actual monetary value of the heirloom. Particularly high-dollar items, like original pieces of artwork, expensive jewelry, and rare historical pieces, need to be assessed by a professional, certified appraiser. The appraiser will examine the heirloom's condition, its rarity, and the demand for it in the current auction market. They will then assign it a dollar amount and provide you with documentation confirming the findings of their assessment.

Consult Your Homeowners' Insurance Policy

Next, check your current homeowners' insurance policy. All policies offer coverage for personal belongings, but only up to a specific dollar amount. For the lower-priced items that make up most of the possessions in an average household, this may be sufficient coverage. However, even one valuable object, like an heirloom, can easily exceed standard coverage limits. Look for the policy's terms in regard to the highest value covered for any one single item, as well as any exclusions the insurer might omit from coverage.

Explore Insurance Options

To ensure proper coverage for an heirloom, you have two main options. One is to purchase an umbrella insurance policy, which extends coverage amounts on an existing homeowners' policy. The other option is to buy a separate policy that only covers the cost of the heirloom. Often, this can be bundled with existing policy coverage. These are both viable solutions that provide high levels of protection for a relatively low premium per month.

When you need to insure a treasured heirloom, let Patton Insurance Group find the best policy for your needs and budget. Since 2010, they have been serving the Southwest Ohio, Southern Montgomery County, and Northern Warren County areas. In addition to homeowners' insurance, they offer a wide range of policies, including auto, business, renters, and umbrella coverage. Call (937) 886-9966 or visit their website to request a quote from a trusted insurance agent.