Insuring your valuables

Insuring your valuables (Seguros Ginestar Costa Blanca).

If you own items that could catch the eye of appraisers on Antiques Road show, make sure you have the proper insurance to protect them.

Additional insurance coverage for antiques and items such as furs, jewelry, collectibles, wine and fine art is a good idea. A standard policy, which covers your personal property, has limits on how much it will pay for certain items. In order to protect more expensive valuables, you’ll probably have to buy additional coverage in the form of a rider. Your standard home insurance policy defines the maximum amount of money you would receive for specific items as for example electronic apparatus such as smart phones, laptops and tablets. These limits vary by insurance company. You have to make sure you understand what's covered and what the limits are and keep an inventory of your belongings. Include what the item is, when you bought it and how much you paid for it. If there are serial numbers, write those down, too.

For particularly valuable items, or for collections or antiques whose value can be questioned, consider hiring an appraiser. If you decide that your standard home insurance policy isn't enough, you'll need to look at blanket coverage and item specific riders. Individual riders can be purchased for an item like a wedding ring, expensive painting, etc. Blanket coverage can be purchased to cover an entire category of items that generally include jewelry, fine art, silverware, cameras, musical instruments, furs, wine, stamps, coins and collectibles. Regardless of how you decide to insure your treasures, make sure you know when a policy will not pay out (look for "exclusions"). In general, you're covered for most losses resulting from just about any peril — except nuclear explosion, war or intentional acts of destruction. No matter what the insured item, you may want to review its value regularly. Some items may increase in value over time and you may want more coverage. Others could decrease and you could find yourself over insured.

Most standard home insurance policies will not pay to replace what some insurance companies call "items of antiquity." In some cases, that means anything more than 25 years old, but the definition can vary depending on your home insurer. That's a reason to take out a special rider on any antiques you own.
Be sure to tell your agent about any particularly valuable items you want to insure. Keep documentation of your valuables' worth in a separate location: a safety deposit box, your lawyer's office, or at the house of a relative. Make sure you understand the limits and exclusions of your policy or rider.