Secure Your Inherited Antiques: Essential Insurance Tips

Inheriting valuable antiques and artwork can be both a blessing and a concern, especially regarding insurance coverage. If you recently inherited a collection valued at over €60,000 from a family member, it’s crucial to understand how your home insurance policy applies to these items.

Many standard home insurance policies feature a “contents cover limit,” which specifies the maximum amount the insurer will pay for all personal belongings. This limit can often leave high-value items inadequately protected. Geraldine Kelly, head of personal lines at Gallagher, emphasizes the importance of reviewing your insurance policy carefully.

Assessing Your Current Coverage

The first step is to check the contents cover limit in your home insurance policy. If this limit is significantly lower than the value of your inherited collection, you may need to take additional steps to ensure adequate coverage.

Some policies may offer limited coverage for valuable items, such as antiques or art, which typically require separate or additional policies. This tailored insurance can provide peace of mind, ensuring that your cherished items are fully protected against risks like theft, damage, or loss.

Options for Enhanced Coverage

To secure full insurance for your inherited antiques, consider the following options:

1. **Increase Your Contents Cover Limit**: Contact your insurer to find out if you can raise the limit on your existing policy. This option is usually straightforward and can provide broader coverage for all contents.

2. **Scheduled Personal Property Coverage**: You may opt for scheduled personal property coverage, which allows you to list specific items and their values. This approach ensures that high-value items receive appropriate coverage tailored to their worth.

3. **Standalone Fine Arts Insurance**: For particularly valuable pieces, consider specialized insurance products designed for fine art and antiques. These policies often offer comprehensive coverage and cater specifically to the unique risks associated with these types of items.

4. **Professional Appraisal**: It may be beneficial to have your collection appraised by a qualified professional. This not only helps in determining the correct coverage amount but can also be a requirement for certain types of insurance policies.

In conclusion, ensuring that your inherited antiques and artwork are adequately insured requires a proactive approach. By reviewing your current policy and considering specialized coverage options, you can protect your valuable inheritance and enjoy it with confidence.