When an antique is damaged or stolen, it’s not always possible to restore or replace the item. But if your collection is insured, you can have peace of mind knowing that you can recoup the estimated value if any item is harmed. Typically, a standard homeowners insurance policy can be used to cover these belongings—including antique jewelry, furniture, and art. However, to get the most out of your coverage, you’ll want to take these five following steps.

5 Insurance Tips for Antique Collectors

1. Appraise Items

Hire an accredited appraiser—such as one belonging to the American Society of Appraisers—to determine the market value of your antiques. Backed with extensive training and credentials, these professionals will give you a good idea of how much your items are worth and how much they should be insured for.

2. Document Thoroughly

Photograph all items from all angles and in good lighting to create an accurate representation of their quality. If you need to file an insurance claim in the future, these photos will allow you to point out specific areas of damage that qualify for coverage.   

3. Revisit Valuations

The price of antiques can fluctuate—especially if they are highly collectible. As such, you should check in on your collection at least once a year to find out if any pieces have increased in value. If it has, you may need to increase the coverage limit of your insurance policy to accurately reflect the item’s worth.

4. Know Your Coverage Terms

Review your insurance policy with a trusted agent to ensure you know every risk that you’re protected against. For example, a standard homeowners insurance policy may cover antiques that are damaged by fire, but not by flooding.  If you’re concerned about risks that aren’t covered, ask your insurance agent if you can purchase riders to get the necessary protection.  

5. Don’t Wait to File Claims

If an antique is damaged or stolen, don’t wait to file a claim with your insurance provider. Waiting too long may make it difficult to prove the circumstances behind the claim, and in turn, impact your ability to collect compensation.

Safeguarding your antique collection is easy when you’re a client of Pella Mutual Insurance Company in Marion, WI. Providing property insurance solutions for over 140 years, this agency is recognized for creating dependable policies that accurately reflect the value of your belongings and cover the risks you face. Whether you’re looking to increase the limits on your homeowner’s policy or insure individual items separately, these caring experts will also strive to provide affordable solutions that fit your budget. To learn more about these services, visit this Northeast Wisconsin insurance agency online. For a quote, call (715) 754-5039.