|Insurance for expensive antiques|
A plethora of popular programmes from Bargain Hunt to the Antiques Road Show have helped to keep the British love of fine things and beautiful antiques in the public eye, and much has been said about investing in valuable antiques in the current climate.
A reminder of a bygone era, beautiful workmanship and talent, as well as style, class and an investment; antiques really are a sound investment.
We have all heard of the stories, of the lucky man searching through great Aunty Eileen’s attic and discovering a lost master or hidden gem, and we see plenty of it on the aforementioned programmes. Of course, there are plenty more occasions where the couple hoping their cherished silver ware will be the answer to their financial problems; but have the unfortunate moment of realisation when the items are valued at significantly less, but for real investment pieces, good insurance is absolutely crucial.
Most standard house insurance policies will cover individual items of value; commonly items valued at over £1,500 will need to be named individually on the policy, and items of even greater worth may even need their own policy. Specific antiques is available from most insurers, although this is more likely to be relevant if your house contains many pieces of great value. Bear in mind that policies which pay out on a ‘new for old’ basis will struggle with the loss of vintage items, so aside from sentimental value, it pays to have a good understanding of what the items are worth
What this means to you is that you will need to ensure you are always apprised of the current market, and have a realistic idea of the true value of any antiques or other valuables you have insured. Insurance companies usually pay out current market value,
although of course you must retain proof of purchase of ownership. Truly special pieces will need to be valued by a reputable dealer or valuer; and fairly regularly to ensure your piece is valued at it’s correct worth.
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