Insurance Coverage for Valuable Possessions

Your home / condo owners or renters insurance policy should be reviewed once a year to make sure your coverage is right for your current needs.  One of the most common mistakes people make is to assume their valuable possessions are covered under their standard property policy.  This is not true in most cases.

Some of the items that need extra protection include jewelry, furs, cameras, silverware, antiques, musical instruments, collections, fine art and manuscripts or books.  Some policies don’t cover breakage, so if you have a collection of art glass or porcelain you may need special coverage as well.

Additional protection can be obtained by purchasing scheduled personal property coverage or a floater / rider.   Rates are generally a small percentage of the total value of the items you are insuring.  To determine the value, you’ll need to provide a receipt or hire an independent appraiser qualified to appraise the type of items you have.

Everyone’s policy is different, so check with your insurer to determine your needs.   If you purchase new items you’ll need to add them to your policy as well.  Review your policy regularly.

Resources:

Insurance Coverage: Know Your Choices from A Homeowners Insurance Guide to Natural Disasters

What is Covered by Standard Homeowners Insurance? from the Insurance Information Institute

International Society of Appraisers

 

About the Author: Kathi Jablonsky, ISA CAPP is a certified appraiser of personal property designated in Antiques and Residential Contents with the International Society of Appraisers. She is based in Southern California and serves the San Diego and Palm Desert regions.

 

 

 

 

 

 

Death, Debt, Divorce, Disaster – The 4 D’s

We don’t like to think about it, but there are several situations where our art, antiques and collectibles will be affected in a major way.   Life’s events have a way of separating us from our possessions.

The Canadian Chapter of the International Society of Appraisers recently posted a good article on the subject titled “Not Till Death, Debt, Divorce Do We Part” by Julia McLaren.   It discusses the first three D’s and how proper planning and use of professional appraisers can assist during these times.

I would like add a fourth “D” to the list ….. disaster.  Our beloved objects can be damaged or in the worst case scenario, destroyed.  I discussed this subject in an earlier post titled  “Protecting Your Valuables from a Disaster”.

Protection of your collection and planning for the future is essential.  By having an inventory and professional appraisal, you can make informed decisions regarding insurance, donation, division or liquidation.  At the end of every episode of the TV show “Strange Inheritance” they remind us “you can’t take it with you”.

How to Ship Antiques Safely

antiquedresserA dresser owned by a queen. A teapot once used by your great, great grandmother. When we ship antiques, we’re not just moving around things; we’re shipping history from here to there.

We care that antiques remain preserved. We want them to continue to convey the past in a way that enriches the present. A broken object seldom does that in the same way. As such, every antiques shipment is all about the extra steps. What follows are some tips to help ensure that your objects and their histories arrive intact.

Ahead of Time: Preparing to Ship Antiques 

While packing and shipping a Christmas present or care package yourself is fine, doing the same for an antique or priceless family heirloom is not. This job is best left to the professionals. A knowledgeable antiques shipping company can assess the needs of your item and properly handle it from start to finish.

After taking the first step to hire a reputable packing and shipping company, you should take a look at the different insurance policies the company offers. It’s the claim you never want to file, but part of shipping antiques is also about insuring. You want a solid and well-documented appraisal of the objects before they go. Some companies even offer specialized staff to simplify this process. This tends to mean that your shipper has lots of experience with antique-specific tasks.

 Shipping: Containers and Packing for Antiques

There are some steps that you want to see your shipper make when packing up your piece. The following shortlist can help you identify best practices.

Prepping the Object: Packing antiques is often about securing fragile and moving parts. If your shipper can safely remove any doors, handles, glass panels or other delicate parts, they should. Each item should then be packed separately and clearly labeled.

Shell Materials: Depending on what you are shipping, double wall cardboard boxes may be the best material of choice. Your shipper should insulate your antique with bubble wrap and foamcore pieces within one container and then place that shell within a second layer of cushion and a second box. Other kinds of objects will do better in plastic hard-shell structures, or they’ll require a custom-built wooden crate. Be certain that the shipper you choose can provide these important custom packaging options.

Adhesives: Securing components against independent motion? Antiques shipping experts say “no” when it comes to adhesive tape. The company should use string and ropes instead. Better yet, hold down parts that could be damaged with shrink wrap.

Finally, before your packed antiques go out the door, double check that every crate and box is accurately and very legibly labeled. Be sure that your packing carries the proper precautions: Fragile. Do not load or stack. This side up.

With these steps complete, your antiques are in good shape to arrive intact, and the process will become just another part of their ongoing story – a new chapter with many more to come.

antique stove
-James O’Brien’s work can be found at Mashable, OPEN Forum, Forbes.com, TheAtlantic.com, and elsewhere. He writes about media, finance, business, travel, and tech.

 This article was prepared for Antique and Personal Property Appraisals on behalf of Craters and Freighters.

 

Are Your Prized Possessions Protected?

Insurer USAA posted an article titled “Are Your Prized Possessions Protected?” explaining the basics of homeowners insurance coverage and when valuable personal property insurance might be needed.   Antiques, fine art, silver, jewelry and several additional items can be covered under a specialized policy.   Included in the article is a list of steps to follow to get the most protection:

  • Check your current coverage. Before getting an additional policy, review your homeowners or renters policy and fully understand what the policy covers and what it doesn’t.
  • Update the appraisals. Keep appraisals current (at least every five years), and notify your insurance company if the value changes. Appraisals should be done by a certified professional appraiser with expertise and credentials in the type of item you are insuring.
  • Keep all documentation. Proof of ownership is required when you report a loss, so the more paperwork you have — receipts, appraisals, financing statements, and repair or cleaning bills — the easier it will be if you have to make a claim.
  • Details matter. Provide your insurance company with a full description of each item. For example, if you are insuring a diamond ring, you want to list the cut, clarity, carat, color, number and measurements of the diamonds, and the type of gold — the more detail the better.
  • Do your part. Keep your valuable possessions properly cleaned, maintained and safely stored to avoid damage, loss and theft.

 

An important part of special coverage is to have your valuable items appraised by a qualified appraiser, and updated every 5 years.

Source: USAA website

Protecting Your Valuables From A Disaster

 

Fire season is upon us in California and it’s time to be prepared.  As a personal property appraiser, I’d like to offer the following tips on protecting your valuable possessions prior to a disaster:

  • Photograph and inventory the contents of your home.  You can do it yourself or hire a professional home inventory company.
  • Check with your insurer to see what your policy covers, whether you have an Actual Cash Value or Replacement Value policy and what might need to be appraised.  Many items are not covered on standard insurance policies, such as breakage and earthquake damage.  You may need to purchase an extra policy for valuable articles.
  • Antiques, collections, art and other high value personal property should be appraised for replacement value.
  • Select an independent appraiser from a major appraisal society such as the International Society of Appraisers, who has been designated and tested.
  • Keep one copy of the appraisal in a separate location from the home, e.g. safety deposit box, insurance company, relative, on-line storage.
  • Have the appraisal updated approximately every five (5) years.
  • It’s much better to have your items documented in advance, than to try to deal with a loss claim after the fact.

Helpful Articles:

Will Your Homeowners Insurance Cover You If Disaster Hits? , Sandra Block, USA Today

Antique Insurance Coverage: What Antique Collectors Need to Know to SafeGuard Their Treasures, Insurance Information Institute

Is Your Home Fire Safe?, Insurance Information Network of California