Insurance Coverage for Antiques and Furniture
It's likely that some of your possessions qualify as antiques. Most homeowners (including condo and tenant) policies do not define this term, so we have to rely on a reasonable person's understanding; in other words a dictionary definition. Let's look at a definition found in the American Heritage Dictionary.
- Of or belonging to ancient times,
- Belonging to, made in, or typical of an earlier period and
- Old-fashioned - An object having special value because of its age, especially a work of art or handicraft that is more than 100 years old.
Regardless of the definition, basic property insurance policies are generally designed to handle common-place property. Special property coverage is either excluded or severely limited. To protect such property, it is important to either modify a policy by adding additional coverage or to purchase a special, separate policy.
Before arranging for coverage, it is important to establish the value of the property.
- In many instances an inexpensive source such as a price guide or list may be available to determine value.
- Other methods include having the value determined by a professional appraiser or using current receipts or sales bills.
- Provenance is also important. Provenance is just a fancy term for documents that prove an item's history, particularly when there are facts that affect value such as documenting an early year of manufacture, relationship to some historical event, or even previous ownership by a famous person.
- Once a current value is determined, adequate insurance should then be purchased.
Properly describing and setting policy limits to protect uncommon and high-priced items eliminates problems at the time of loss. It reduces the chance of coverage being denied and more clearly defines what is covered and for how much. If you wonder whether you have the right coverage as well as the right amount of coverage, contact a Towne Insurance professional to discuss your situation. Perhaps you'll both develop a greater appreciation for arts and antiques.
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