Is antique furniture included in property insurance?
A property insurance product such as a homeowners insurance policy will have limited coverage for your antique furniture. That means that the insurance will cover the property up to the prescribed per item limit.
The problem with this kind of coverage is that the per item limit will be much too small to cover the actual value of the antique furniture, which will usually run to the thousands or even millions of dollars. The most that some homeowners insurance will pay would be $1,000 to $3,000 - obviously far too small compared to what your antique is worth.
Simply put, a homeowners insurance policy is not enough for something as valuable as antique furniture.
If you have a considerable collection of antique furniture, it will make more sense to get insurance that will specifically cover your antique furniture. It will be really helpful to have adequate coverage for something catastrophic such as a fire. If a fire occurs and damages not just your home but all that's in it, including your collection of antique furniture, even if the loss is devastating to you, at least you can get a sufficient amount to protect your investment.
Thus, you will need to have a property insurance coverage that will cover specific pieces of your antique collection. There are property floaters you can add to your homeowners insurance policy and there are also antique insurance policies. These basically provide cover for your antiques for a number of risks.
What happens is that you will need to have your antiques appraised by a professional, who will give you the current value of the antiques. The insurance company may also send their representative to make their own appraisal. What is important is that the necessary documents are presented to the insurance company. This will be the basis of the coverage, not just for the premiums but also for how much they will be paying you when you need to make a claim.
It is important to constantly update your valuations or appraisals to ensure that your antiques are covered for their current value. Antiques tend to appreciate in value over time and you will want to make sure that these increases in value are also covered by the policy. It is also important to update your policy each time you add to your antique collection.
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