Most homeowners insurance will offer possessions coverage. However, limits and exclusions will exist on most policies. This is especially true when it comes to specialty items like antiques. Still, these items probably have a lot of importance to you, even if they might not have a lot of monetary value. The good news is that you can adapt your coverage to apply to these items. Consider the steps you might need to take.

The Value and Insurance Risks Associated With Antiques

In some cases, antiques have higher values than new items, though this is not always the case. What is true is that it is often difficult to replace these items if something damages or destroys them. Therefore, you’ll want your homeowners policy to cover the damage. However, because of the extra cost and replacement risks of antiques, you might need to adjust your policy to extend coverage to them.

Standard Possessions Coverage for Antiques

On one hand, your standard possessions policy might insure certain antique items. However, that’s not a set rule. Many policies will limit who, what, when, where, why and how they will pay.

• Your policy will have to cover the hazard that damaged an item for that item to receive coverage. Most policies cover damage from fire, theft, vandalism, severe weather and other unexpected losses. Accidental or intentional damage to possessions won’t have coverage, however.

• Many policies pay for damaged items based on their actual cash value. This is the value of a used item, rather than of a new one. Therefore, you might not be able to claim the full cost of a damaged antique.

• Some policies place sub limits on certain items. For instance though you might have $100,000 in total coverage, certain items like glassware or China might have a limit of $1,000.

• Insurers often won’t be able to cover antiques of excessive value and might exclude such items.

Still, though your standard policy might not fully cover an antique, you can often adapt the policy. The solutions to get extended coverage might mean:

• Buying a policy endorsement that extends coverage to antiques and collectibles. You can choose an appropriate value for the policy limits to cover these items.

• To insure single items, you can buy a special floater to direct tailored coverage to that antique. You’ll have guaranteed protection for a special item.

When you buy possessions insurance, first choose a coverage limit based on the combined value of possessions you would want to replace in case of a damaging loss. Usually, an antique piece is something you would want to insure. Therefore, you’ll need to consider these values when choosing your policy limits. Once you set a standard limit, ask your agent to help you find the best solution to apply to a particular antique.