Insuring Your Collection

If you are a new collector, you may not be aware of the true value of your collection. Your collection may not be very valuable, or it may be worth much more than you ever might have imagined. First, you need to determine the value of your collection. Appraisal services, local or national clubs specialising in particular types of antiques, and the eBay Antiques Board are a few sources that can help you determine the value of your collection.

Once you know how much your antiques are worth, you should make sure that you have enough insurance to cover accidents and theft. Standard homeowner's policies cover the contents in your place of residence but to varying degrees. For example, there will typically be limitations on the loss you can claim. Most homeowner's policies limit the amount you can claim as a whole and by merchandise category. Additionally, there are restrictions on the source of the damage. For example, if your house burns down, you could be covered. However, if your basement floods, you might not be covered. It is important to check your policy and ask your agent about the specifics. You may have to purchase special policies to cover especially valuable or irreplaceable items.

Save any receipts for your antiques, along with a photograph of each item. Keep the receipts in an inventory file along with a detailed description of each item and how you acquired it (if you don't have a receipt, include from whom and when you purchased the antique). Keep track of any repairs or enhancements that you make to the antique. Don't throw away any part of the original item. If you make repairs or improvements to an expensive item, you will likely need to provide proof to your insurance company that your new, improved antique is still the same one that you purchased previously.

Insurance can be expensive. Sometimes, the policy for a valuable collection will exceed the amount that the collector actually spent for the collection. Therefore, some collectors choose to insure only their most valuable items. Be careful not to confuse the value of the item with the amount of the insurance premium. For example, a $100,000 gemstone may have a higher insurance premium than a $100,000 hutch, simply because the chance the hutch will be lost or stolen is a lot lower than the gem.

Definition of an "Antique"
How to Learn About Antiques
A Brief History of Antiques
Why People Collect Antiques
Major Categories in Antiques
Factors Influencing Value
Tips for Finding and Buying
Tips for Listing and Selling
Displaying Your Collection
Caring for Your Collection
Insuring Your Collection
Books
Glossary