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Homeowners Insurance

Antiques & Heirlooms May Require Extra Personal Property Coverage

It’s true: If you have rare, unique, and/or high-priced belongings – such as antiques and family heirlooms – you’ll want to get extra personal property coverage to make sure you’ll be properly reimbursed in the event of a covered loss.


But wait! It’s not just antiques and heirlooms. Many different kinds of high-value items will require more than the coverage typically included in your standard home insurancecondo insurance, or renters insurance policy.


The types of high-value belongings we’re suggesting you pay special attention to include:

Are Your Priceless Treasures Adequately Insured?

Do you currently have enough insurance for your valuables? Or will you need:


  • Additional, specific types of coverage
  • Higher payout limits for the coverage you already have
  • To increase or lower deductible amounts


To begin to answer these questions, you’ll need to know the limits of your current coverage and the value of your belongings.


1. Understand Your Current Coverage


If anything in your homeowners policy is unclear to you, contact one of our insurance agents, who can clear up any insurance issue or question you may have. Your goal at this point is to identify whether the limits in your current policy will cover your most prized possessions should they be damaged, destroyed or stolen.


2. Understand the Value of Your Belongings


This means creating and regularly updating a home inventory. For rare and valuable items, you’ll want to include receipts, appraisals, and any certificates of authenticity with your inventory – and their value may need to be reassessed every 3-5 years.


Factors influencing the value of an antique or family heirloom include its condition, rarity, and market demand. Be sure to use a certified appraiser. You can search for appraisers online via the International Society of Appraisers (ISA) or Appraisers Association of America (AAA) websites.  


Your Personal Property Coverage Options


When you need additional coverage for high-value belongings, you have options. The insurance professionals at The Windward Insurance Agency can walk you through those best suited to your needs, including: 


  • Scheduled personal property – If you have, say, a handful of items of significant worth, you may want to make sure those items are fully covered – especially if they’re worth far more than your current personal property coverage limit. Your agent will use a scheduled personal property endorsement to do this. No special deductible applies to this extra personal property coverage.


  • Coverage C – Speaking of your current personal property coverage limit, you can find it in the Coverage C section of your policy. If you haven’t already selected the highest limits for your personal property coverage, you should be able to increase the Coverage C limit.


Also, ask us if it’s better for you to choose replacement cost or actual cash value for your belongings. Replacement cost generally offers the higher payout – but with antiques and family heirlooms, this is not necessarily the case. If the item appreciates (rather than depreciates) over time, actual cash value may be the better choice.   


  • Umbrella coverage – This is also known as extra liability protection. Why is this important? The more you’re worth, the more liability protection you need. This way, if you’re sued under certain circumstances, your legal fees and judgment could be covered, ensuring your assets are safe and you won’t have to dip into savings or sell a valued piece of art to pay the bills.


Sentimental Value Cannot Be Insured


It’s important to note feelings run high when it comes to antiques and heirlooms – especially when these items have been passed down in families for generations. However, despite how precious an object may be to you, a family heirloom valued at $100 can only be insured for $100.


Protect Your Antiques & Heirlooms


Safeguarding your belongings, including rare, high-value items, requires you to be proactive. Contacting our agency should be the first thing you do when you have something new to insure. Our insurance professionals can even advise you whether an appraisal for a certain item is needed. Then, you’ll want to revisit your insurance needs, as the value of antiques, heirlooms and other items can fluctuate over time.


The Windward Insurance Agency is a full-service, Florida-based agency with friendly industry professionals committed to helping you find the perfect insurance solution for your needs. To get started, get a quote online now or call us at (866) 231-2433

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