Antiques and Collectibles Insurance
Find the best protection for your valuable antiques and collectibles.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
It’s hard to imagine anything happening to your treasured belongings, whether you collect antiques, coins, art, figurines, dolls, collector cars, or fine wine. Antiques and collectibles insurance provides coverage for those hard-to-replace belongings in your home. If you have a valuable collection of any kind, it's probably time to consider getting this essential coverage.
An independent insurance agent can help you get all the coverage you need for your valuables. They'll make sure you get high enough coverage limits to properly protect your entire collection. But for starters, here's a breakdown of antiques and collectibles insurance and where to find it.
When Do You Need Collectibles Insurance?
If you have questions about antiques and collectibles insurance and why it can be necessary to protect your items, it might be helpful to check out some example scenarios in which having collectibles insurance would be necessary to recover losses. Here are just a few to consider:
- A heat wave or other event damages your wine collection
- Your figurine collection is broken when a shelf collapses
- Broken water pipes destroy your collection of antique furniture
- A house fire destroys your collection of autographed sports memorabilia
- You lose your collection of fine art in a burglary
These are just a few examples of worst-case scenarios that could cause your prized possessions to get destroyed. Because these items have high-dollar values and mean so much to you and your family, protecting your investment in antiques and collectibles with specific insurance can provide peace of mind.
Does Homeowners Insurance Cover Antiques and Collectibles?
A common misconception is that homeowners insurance provides coverage for all high-value items in the home, including antiques, collectibles, and family heirlooms. But while some policies may cover your antiques, the amount of coverage is typically very limited and may not be enough to cover the replacement of your expensive possessions after a loss.
Homeowners policies typically cover up to a set limit for many specific categories of items. For example, your policy may cover a loss of up to $2,500 for your art, collectibles, and antiques. If you determine you need additional, specific coverage for antiques and collectibles, there are typically two ways to go about this:
- Work with your independent insurance agent to add a jewelry or other valuables endorsement or rider to your existing homeowners insurance for any items of value that otherwise won't be covered for their full value by your policy.
- Buy a separate insurance floater for each of your most treasured items or collections.
Consult with your independent insurance agent about the best approach for you based on the value of the items you need to cover. They can help provide you with a cost comparison of a rider vs. a separate insurance floater.
Why You Need to Determine the Value of Your Antiques and Collectibles Before Getting Coverage
Surprisingly, many collectors are unsure how many antiques they have or whether they have great value. In your search for the best antiques and collectibles insurance, you’ll want to identify each item in your collection. Be sure to include any item you'd want to replace if it got destroyed or stolen.
How much insurance you’ll need depends on the size of your collection and what the collection includes. Many times, getting the appropriate coverage for your antiques and collectibles requires an appraisal of your collection.
The appraised value of a collection can sometimes be two to three times more than the fair market value. An appraisal is beneficial to help ensure that you have a written valuation of your collection and documentation in the event that you need to file a claim. An independent insurance agent can help you carefully compare coverage options to select a plan that best suits you.
How to Know How Much Your Antiques and Collectibles Are Really Worth
Many folks collect special valuable items for years, never realizing that those items are actually appreciating or increasing in value over time. If you create a list of your antiques and collectibles, an appraiser can more easily determine their worth so you can get the insurance protection you need.
Possessions have different types of values for different purposes, including:
- Retail value: The price the item currently sells for in an antique shop.
- Wholesale value: The price a dealer pays for the piece, which is often up to 50% less than its retail value.
- Fair market value: The selling price agreed upon by the seller and buyer.
- Insurance value: The highest monetary value given to the item if it needs to be replaced.
- Tax or estate value: The average price paid for the same, or similar, piece at an auction.
- Auction value: The price the item would cost if neither the seller nor buyer were in a position of forced sale, also known as the “open market price.”
Knowing the value of your collectibles is just as critical whether you have plans to sell them or make sure they're properly covered.
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Our independent agents shop around to find you the best coverage.
The Best Collectibles Insurance Companies of 2023
- Best overall: American Collectors Insurance
- Best for artwork: Progressive
- Best for antiques: BHI Insurance Associates
- Best for sports memorabilia: Collectibles Insurance Services
- Best for Persian rugs: Arroyo Insurance Services
Best Collectibles Insurance Company Overall: American Collectors Insurance
We chose American Collectors Insurance as the best overall company for collectibles insurance thanks to its coverage options and reputation of being originally founded by collectors. The carrier offers agreed value coverage, inflation guard protection, automatic coverage for new collection additions, and special enhancements such as for valuable items you regularly use.
Coverage highlights:
- Inflation guard protection
- Automatic coverage for new collection pieces
- Enhancements for items you use regularly
- A carrier founded by passionate collectors
American Collectors Insurance company is known to be a highly accessible carrier that offers online claims reporting. Customers report fast claims handling. The insurance company was founded in 1976 and offers coverage in all 50 states.
Best Collectibles Insurance Company for Artwork: Progressive
Progressive earns our spot as the best collectibles insurance company for artwork thanks to its flexible coverage options. Customers of Progressive can either protect their artwork with an existing home insurance policy or by adding separate coverage for select special pieces. Mysterious disappearance coverage is included.
Coverage highlights:
- Outstanding financial strength
- Includes coverage against many different disasters
- Allows customers to add many types of artwork to their home insurance
- Offers coverage for mysterious disappearance
Progressive is known for its excellent financial strength and customer service. The carrier was originally founded in 1937 and has a ton of positive customer feedback.
Best Collectibles Insurance Company for Antiques: BHI Insurance Associates
Our top spot for the best collectibles insurance company for antiques specifically goes to BHI Insurance Associates. This carrier claimed our spot thanks to its quality and extensive antiques coverage options. BHI can assist you with getting your collection appraised, and afterward, its team of brokers will help you choose the best policy option.
Coverage highlights:
- Antiques riders or extra home insurance coverage for antiques available
- Assists you in appraisals and filing claims
- Extensive, specific coverage
- Fast customer service and claims processing
BHI Insurance Associates works with a group of 48 carriers to help find you the best antiques coverage possible. The carrier was originally founded in 1974. It also offers many other types of insurance aside from antiques coverage, including jewelry insurance and umbrella insurance.
Best Collectibles Insurance Company for Sports Memorabilia: Collectibles Insurance Services
Collectibles Insurance Services earned our pick as the best collectibles insurance company for sports memorabilia thanks to its comprehensive loss coverage and coverage for lower-valued items with no appraisal. Memorabilia valued at below $25,000 does not require an appraisal to be covered. Collectibles Insurance Services also offers inflation protection coverage and $0 deductible policies.
Coverage highlights:
- $0 deductible policies available
- Items valued at less than $25,000 do not require an appraisal
- Inflation protection coverage offered
- Comprehensive loss coverage
Collectibles Insurance Services was originally founded in 1966. The carrier was founded by a team of passionate collectors. It has an excellent financial strength rating and highly accessible customer service.
Best Collectibles Insurance Company for Persian Rugs: Arroyo Insurance Services
Our top pick for the best collectibles insurance company for Persian rugs goes to Arroyo Insurance Services. Customers can insure their Persian rugs up to the current market value, a perk that isn't offered by all collectibles insurers. The carrier even offers coverage if you loan your rug out.
Coverage highlights:
- Insure your Persian rugs up to the current market value
- Coverage applies to loaned items
- Coverage available for many different types of collectibles
- 24/7 customer service
Arroyo Insurance Services was officially founded in 1986. It offers highly accessible customer service with 24/7 availability. The carrier partners with some of the top names in the industry, such as Travelers.
Why Work with an Independent Insurance Agent?
Independent insurance agents are experts in finding you the right kind of antiques and collectibles insurance and any other type of coverage you need. They can shop and compare policies from tons of different insurance companies for you, then present you with only the best quotes together in one place. Also, they're available down the road to help you file claims if you ever need to.
https://www.investopedia.com/best-collectibles-insurance-5101072