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.

 

 

 

 

 

 

Events of Interest in Southern California: Appraiser Qualifications Board Meeting in San Diego

The Appraiser Qualifications Board (AQB) has a public meeting scheduled in San Diego, California on Sept. 13 from 9:00 AM – 12:00 N at the Westin San Diego.

The AQB is part of the Appraisal Foundation, authorized by Congress as the source of appraisal standards and appraiser qualifications.  Both personal property and real property appraisers adhere to the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice and the biyearly updates.  For personal property appraisers, compliance is voluntary but usually required by their professional appraisal societies.

According to the Appraisal Foundation website:

The AQB establishes the minimum education, experience and examination requirements for real property appraisers to obtain a state license or certification. In addition, the AQB performs a number of ancillary duties related to real property and personal property appraiser qualifications.

As part of their work, they established Personal Property Appraiser Minimum Qualification Criteria to be used by major clients of personal property appraisers.  Compliance is voluntary.

For more information including the AQB meeting agenda and registration form, visit the Appraisal Foundation website and click on Events / Meeting Registration.

Sesquicentennial Renews Interest in Civil War Collectibles

Civil War Sesquicentenial

The 150th Anniversary of the American Civil War takes place this year and continues until 2015.  There are many state and local activities scheduled to commemorate this historical event.

Appraisers need to be aware of special events such as this, and how they will affect the values for related items.   This multi-year anniversary of such an important historical event is expected to have an increase on values for Civil War artifacts and collectibles, at least temporarily.  Buyers and appraisers should also be aware that civil war artifacts are frequently faked.

More information on the planned events is available at the following websites:

Civil War Trust  http://www.civilwar.org/150th-anniversary/

Smithsonian Institution http://www.civilwar150.si.edu/

The National Archives http://www.archives.gov/exhibits/civil-war/

The National Civil War Museum

 

Top 10: Ten of the biggest auction sales of historic U.S. Civil War memorabilia

(source: Wikicollecting)