The rarity and workmanship of antiques, coupled with their historical and monetary value, leaves them vulnerable to damage and theft, which is why it`s so important to protect them with suitable insurance. However, is it enough to simply include them on a standard home insurance policy or will you require a specialist deal? Here we look at insurance for antiques including the claims process
How to find the right cover for your antiques
The first step towards covering your antiques is to get them valued so you know exactly what they are worth.
Look for a qualified appraiser - ideally an antiques expert should have an accreditation from an established group such as The British Antique Dealers` Association (BADA), The Association of Art and Antique Dealers (LAPADA), The Royal Institution of Chartered Surveyors (RICS) or The International Art and Antiques Trade Association (CINOA). Ask the expert to provide you with a valuation of the antique for insurance/replacement purposes - this will affect the documentation you receive and should include identification of the item as well as a circa/date and a present day market valuation.
Chances are you already have home insurance in place - so take a look at the contents cover limit for all of the items in your home and restrictions that are placed on individual items. Even if you have "unlimited" contents insurance, there may still be restrictions on how much you can claim for any one item - typically this is in the region of £1,500.
If you have an item that`s worth more than that limit, you may need to insure it separately on the policy. Some conventional home insurance providers allow you to specify items of high value, although premiums are likely to increase as a result.
However, if you have several items that surpass the individual item limit, such as antiques furniture or a collection of paintings, or if you have one item that far outweighs the specified item limit, then you may need to consider high value home insurance. There are several of these specialist insurers in the UK including the likes of Hiscox and Regal Insurance.
The advantage of a high value home insurance company is that they offer extended limits on contents cover - potentially as high as £1million. There are also higher specified item limits, which could be as high as £150,000 depending on the insurance company.
How do home insurance claims for antiques work?
Ideally, keep an inventory of your antiques along with paperwork, documentation and photographs to ensure a claim runs smoothly. If an antique is damaged or stolen you should inform your insurance provider as soon as possible.
Typically you will be asked to fill out a claims form and you should follow the insurer`s instructions as to what action to take next. However, don`t be tempted to arrange for restoration of the antique yourself - your home insurance provider may first wish to send out a loss adjustor to assess the damage and then arrange for any necessary repairs with one of its own recommended restorers. Proceeding with restoration work without approval could negate a claim.
Is there anything else to look out for?
Regardless of whether you are choosing a conventional home insurer or a high value home insurance policy, check the levels of cover available and read the terms and conditions for policy exclusions.
For example, check to see if your antiques are covered against accidental damage; and whether they are protected if you take them out of the home to an exhibition or antiques fair. You can compare home insurance online to find a suitable deal.