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Antiques & Home Insurance
You may already have home insurance to protect your property - but is it sufficient to cover the most valuable items in your home such as your antiques?
Many property owners don't know how much their antiques are worth. While their value may not seem like a pressing issue if you have no plans to sell, failing to get an accurate valuation could leave you seriously out of pocket should an insured event occur.
The importance of antique valuations
When you take out home insurance you will need to provide a rebuild value of your home for the buildings insurance aspect; and a value of the contents of your home for the contents insurance section of the policy. Most contents insurance policies have an upper limit on the collective amount you can insure your items for; and many also carry single item limits - typically in the region of £1,500. As the value of some antiques may exceed the specified item limit it is particularly important to ensure they are valued appropriately.
You should shop around for reputable antiques experts and appraisers. Look into their qualifications and check to see whether they have accreditations such as from The British Antique Dealers' Association (BADA), The Royal Institution of Chartered Surveyors (RICS), The Association of Art and Antique Dealers (LAPADA) or The International Art and Antiques Trade Association (CINOA). If you do attempt to gain a valuation you should make it clear that it is for insurance/replacement purposes to ensure you receive the correct documentation. Typically, a suitable valuation should include a circa/date, an identification of the item and a present day market valuation.
With most items you keep within a home it's easy to tot up their value based on old receipts - however, with antiques it is usually necessary to gain an independent valuation. www.Antiques.co.uk has its own valuation section with a team of specialists that have worked for leading auction houses such as Sotheby's and Christie's and as they don't buy or sell items you can rest assured that they are totally unbiased. To make the process even simpler, it is all carried out online - you simply upload photos, we assign an expert and you will receive a valuation usually within 48hrs.
Once your antiques have been valued what is the next step?
Once you have had your antiques valued the next step is to consult your existing home insurance provider and update your policy. If the items you own exceed the single item limit on the policy then you may need to list the items separately.
If you don't already have cover, or your existing cover is not sufficient, then shop around for a policy that more accurately meets your needs. In particular, look for:
- Extended accidental damage cover: To protect your antiques against accidental mishaps. Typically, accidental damage cover on home insurance policies only protects electrical items - so make sure your cover extends to include antiques. Also be aware of exclusions - circumstances in which you are not covered. For example, are you covered against accidental damage caused by a child or pet?
- Personal possessions cover: Check to see if your antiques are covered if you plan to take them out of the home, such as to participate in an antiques' fair.
- To find suitable cover, your first stop should be a comparison website - the leading websites can compare home insurance from dozens of providers. However, if you own a particularly extensive or high value collection of antiques then you may need a specialist high value home insurance policy.
What is high value home insurance?
High value home insurance, offered in the UK by the likes of Regal and Hiscox Insurance, works in the same manner as conventional home insurance but offers much higher limits on the items you can insure.
For example, the overall limits on your contents insurance - which will typically be around £50,000 with a conventional insurer - may extend to around £1million with a high value home insurer. Similarly, the single item limits - which are usually restricted to around £1,500 - may be as high as £150,000 with some specialist insurers.
There may also be specialist features offered designed for antique collectors. These may include worldwide all-risks cover, so you can take your antiques almost anywhere in the world; and restoration following a partial loss should your antique be damaged.
The key is to shop around among these insurers and consider which policy most accurately suits your needs. There's no point paying for cover you don't require so gain accurate valuations of your antiques and then find a policy that closely matches this assessment while offering the cover features you expect.
How to save money on home insurance
Should you have an extensive collection of antiques you may expect to pay more for home insurance. However, there are ways to bring premiums down:
- Agree to a higher excess: The excess is your contribution to a claim. Increasing the excess can lower premiums but only set it at a level you can comfortably afford.
- Avoid fires: Most home insurance companies offer discounts if you fit suitable smoke alarms and fire extinguishers in your home to reduce the risk of fire.
- Boost security: Invest in alarms, security lighting and time-switch lights to help protect your antiques and potentially earn a discount from your insurer.
- Pay annually: Paying premiums upfront can avoid monthly interest charges.
