Insurance Advice for Antiques Collectors
Whether you decide to take out a policy designed specifically with antique collections in mind or you simply include your current collection under the umbrella of your current Legal and General contents insurance policy, any experienced collector knows the importance of protecting his or her investments. There are many different approaches to take and different routes available all with the same aim in mind. |
It is worth taking the time to consider the collection that you have and to decide what kind of insurance will be best suited to the items that you own. If your collection is worth considerably more as a whole, and its value may decrease significantly should even a single part of that whole be damaged or stolen, it is essential that this is taken into account so that you can be reimbursed accordingly in the event of an accident or burglary.
Alternatively, if the bulk of your collection is of no great value but you have one or two pieces that are worth a good deal more, then it may be in your best interests to include the smaller items in the amount you estimate as the value of the contents of your property. You can then add one or two more valuable items as named goods on your policy, with the replacement value of your choice attached.
If you have antiques that you inherited or that you acquired many years ago it is likely that their value will have shifted. If you are not an expert in the particular field associated with these objects it is advisable to visit an antiques centre or to call in a professional to do a home visit in order to obtain an accurate assessment of their value. Just like everything else, certain antiques come in and out of fashion and may be in more or less demand at a particular time. Being aware of their current market value will help you to make the most sensible decision regarding their insurance.
Remember that the amount you choose to list a certain item for is, ultimately, up to you. The higher the estimate you give the more you will have to pay out on your policy each month, but for certain antiques collectors the extra reassurance is well worth the expense.