Do you currently have antiques in your home and are concerned about what would happen if they became damaged during a fire or natural disaster? That's where home insurance plays a crucial part in making sure you're covered. Here is what you should know about insuring antiques with your insurance policy.
Declare the Item's True Value
It's devastating to lose an item that has an emotional value to you since you'll never be able to get the exact same item back again. One thing to keep in mind is that declaring the true value of the item to your homeowner's insurance agency gives you proper compensation for the antique item if it does become damaged. While it's not quite the same as getting the item back again, you'll at least have the value of what it is worth.
If you do not declare the item's true value, then you may only be compensated in the form of a replacement. For example, if you have an antique rocking chair valued at $2,000 that was destroyed, you would be compensated with a new rocking chair that may be worth $200. You may end up paying more for a policy by declaring the true value of these antique items, but it will give you some peace of mind.
Use Restoration Coverage
Sometimes the item was not completely destroyed, just heavily damaged. If so, you might be able to have the item professionally restored by your insurance company. Make sure that you are covered for restoration costs for antique items if they are damaged. For instance, water damage can cause wood swelling, and smoke damage causes a layer of soot to deteriorate the surface of an item. If you can't restore these items, make sure your policy covers the cost to restore the item.
Get Items Appraised
The only way you can really know what an item is worth is if you have it professionally appraised. You can then take the valuations and submit them to your insurance company. Then you know that they are aware of how much those antique items are appraised for, and it should be no surprise if you need to make a claim to cover the loss of one of them.
Most insurance companies have a form for declarations, which allow you to list valuable things in your home that you want to be covered. Not declaring items can potentially cause you to not have those valuable items covered if there are explicit exclusions in your policy.