I own antiques and fine art. What kind of coverage would adequately protect them?
Most basic homeowner’s insurance policies will not adequately cover valuable antiques or fine art. If they are worth a few thousand dollars, you can usually cover them with a rider on your existing homeowner’s insurance policy. However, for higher-value objects that can be worth up to millions of dollars, you will most likely require a specialty policy. Some insurance companies such as Chubb and AXA Art Insurance Co. specialize in collectibles, antiques and high-value art. You will need to get an appraisal from a qualified professional appraiser. Once the appraisals are done, you will typically need to provide the insurer with a schedule, or list of items to be insured, and their appraised values. Many specialty insurance policies will vary from company to company, so be sure to get a thorough understanding of any minimum premiums, maximum values and the like before deciding on the best insurance policy for you.
