Identity Theft, Flood Insurance, and Antique Coverage – Part Three

The Insurance Dogger does not have a great deal of respect for delicate items!!!

Not funny, Insurance Dogger! Not funny!

In this final installment of our 3 part mini-series, we are going to review a little bit of information about coverage for antiques and high-value items you may have in your home.

This is a topic that I covered briefly in my post reviewing homeowner’s insurance (HOI) in general.  As discussed there, while most HOI policies provide replacement level coverage for dwelling and contents, there are very specific limitations in place regarding antique, unique, and high value items.  Replacement coverage is defined as “like kind and quality” but does not specify replacing unique items with exact or approximate matches – for example, an antique grandfather clock will typically be replaced with a newer version of the same unless specifically scheduled.

Policies and guidelines will differ from company to company, but in general, HOI policies do not provide adequate coverage for your specialty items:

Antiques:  Typically this is an item that is at least 50 years old, is out of production, and generally can be considered challenging to replace.  It can be just about anything – Griswold Cast Iron Skillets , Seth Thomas Mantel Clocks, or antique jewelry are just a few examples – and will need to be specifically scheduled on the policy to receive the appropriate level of coverage.  An appraisal will almost always be required.

Unique Items & Artwork:   Another broad category of items, this would include collectibles (like Hummel figurines), collections (like baseball cards), and a vast array of artwork – paintings, pottery, statues & sculptures, and more.  This coverage typically applies to higher value or difficult to replace items, will need to be specifically schedule, and will require an appraisal.

High Value Items:  This is basically a catch-all for items that don’t fall into one of the first two categories, and most commonly is non-antique jewelry.  Coverage can be placed in two ways: in a blanket format (one total limit for all pieces) for mid-level values (individual pieces typically less than $2500-$3000), or on a scheduled basis (each piece individually listed) for high value items (greater than $3000 each).  For high value scheduled items, an appraisal will be required.

These scheduled items will be covered on a policy form called “Inland Marine.”  I won’t bore you with the history of why it’s called that, but it will provide you with the more detailed and specific coverage you are seeking for your high value and unique/irreplaceable items.  For the amount of coverage purchased, especially since most Inland Marine policies or endorsements carry $0 deductibles, you will pay a relatively minor amount of premium.  I hope that you found this series to be enlightening and informative, and if you have questions, you can always feel free to email me at scott@poleskyagency.com or find me on Facebook.