Antiques Insurance in the UK: Some Information for Buyers
Insuring antiques or paintings in the UK need not be complicated but many home contents insurance insurers make it so, because they do not understand the inherent risks involved and the cover that is required for antiques insurance.Insurance for antiques is an obvious example because standard home contents insurance will treat these items as high risk items whereas the opposite is true. A large piece of antique furniture, such as a dresser or dining table, is unlikely to be targeted by thieves when there are more easily portable items to be had. Subsequently, the major risks are fire, water damage or accidental damage.
High value contents insurance policies for homes recognise this and will generally charge a lower rate than for general contents. The same is also true for insurance of fine art and paintings, and sometimes for the insurance of collections depending on the type.
As they are considered to be lower theft risks by the specialist home insurance companies, the need for a NACOSS approved alarm is set at a much higher level although you will receive a premium discount if you have one.
High value home contents insurance policies also have a significantly higher single article limit for these items, typically £15,000. Antiques above this value should be itemised and supported with a valuation or purchase receipt not more than five years old.
A very valuable benefit of antiques insurance within a high value house insurance policy is that the insurance company will not only pay for the restoration of the damaged antique but also the depreciation in value, up to the current market value or £15,0000 whichever is the lower, following the loss.
It is also possible with some high value home insurance companies to include insurance, at no extra cost, for "defective title", for your antiques, as well as automatic cover for new acquisitions, subject to some very generous limits and conditions. This takes the worry out of buying a piece at an auction, for example, without insurance in place for your antique when the hammer is sounded.
To learn more about how UK antiques insurance within a specialist high value home contents policy can benefit you please call Geoff Moss on 01242 699113
