Do you need to have extra insurance coverage for high-value properties?

Traditional homeowners insurance coverage has limits

Your spring cleaning ritual is great time to take inventory. One question you should ask yourself is “am I properly insured if something catastrophic happens?” Specifically, many people may not realize that traditional homeowners insurance coverage typically have coverage limits that may not be sufficient to adequately protect high-valued property such as fine art, jewelry, or luxury items. There may be several reasons why:

• Coverage limits (typically coverage falls between 50% to 70% of a dwelling’s value)
• Specialized risks
• Policy Exclusions
• Risk Assessment
• Loss Valuation Methods
• Appraisal Requirements

You might be asking yourself “why do you need an appraiser for my fine art, jewelry and antiques?”

Insurance companies often require an appraisal before issuing a coverage policy for high-value items. An appraisal from Antiquestor Personal Property Appraisals can provide information to insurance professionals that assists them in determining an appropriate coverage amount to ensure that the item is adequately protected against loss, theft, or damage.

Antiquestor Personal Property Appraisals has specialized knowledge and expertise in assessing the value of fine art, antiques, and jewelry, among other items. Factors such as an artist’s reputation, rarity of the piece, quality of materials, provenance (history of ownership), and market trends are considered, ensuring that the valuation is accurate.

Overall, appraisers play a crucial role in providing reliable, objective assessments of the value of these high-dollar items, which are essential for various purposes including insurance, estate planning, or buying and selling. Engaging Antiquestor Personal Property Appraisals may provide peace of mind that these valuable and often irreplaceable possessions could be adequately protected. And that is a key reason to reach out.

Fine Art damaged in flood illustrating the need for extra insurance coverage.