Collectibles and antiques are amassed for various reasons. Some people love finding that rare treasure of a time period long past. Others enjoy passing down family heirlooms from one generation to the next, like Great Aunt Ethel’s beautiful china set. Some collectors are in it for the investment where they find a trinket no one wants, buy it at a low price, clean it up, and sell it for a profit. Whether you hunt for rare stamps or enjoy a Sunday afternoon in your Model A, ensuring your treasures are covered with the right coverage is a start to enjoying them for years to come. You cannot necessarily rely on your regular homeowner’s policy to protect your antique art, furniture, cars, or heirloom jewelry adequately. If you live in Calgary, Medicine Hat, or Brooks, a TSG Insurance agent will be happy to sit down with you and discuss your needs. We provide insurance services and financial planning to keep your life, home, and antiques protected.
What You Need to Know to Protect Your Collectibles
As you consider what type and how much insurance you need, consider these tips:
- Find the right antique appraiser. To ascertain the value of your items, it is imperative to find an appropriately qualified appraiser. Ask your insurer what type of appraisal they require. Most of the time, an independent evaluation is expected.
- Take a complete inventory and document everything. Even if your insurer does not require an itemized list, it is a good idea to do it anyway. Be sure to take high-quality digital pictures or videos. Write down a full description of each of your possessions. Be sure to include the price you paid and any appraisal information. Also, keep your inventory up-to-date.
- Understand all the terms of your insurance policy. A policy is not helpful if it will not restore or replace a damaged antique. Assess what is covered, such as fire, theft, accidental breakage, water damage, and damage while traveling.
- Safeguard your collections with additional steps. Depending on the type of antiques you own, you may need to take extra If you own a collectible car, you should consider upgrading your garage and home security systems. Other items may require climate control to maintain its integrity and to meet the requirement of your insurance company.
- Make your insurer aware of new additions. When you acquire a new piece, make sure you let your insurance company know. They may cover the items for a specific period of time, so be sure you get the specifics from your insurer.
- Review your policies each year. Your inventory is likely to change over the course of the year as you buy and sell pieces. By reviewing your policies annually, you will determine when you are over- or underinsured.
Contact a TSG Insurance Agent about Your Collectible Insurance Needs
Get the assistance you deserve when you meet with a TSG Insurance broker in-person. We can answer your questions, look for the best options, and tailor a policy for your needs. For over 30 years, TSG has served customers in the Alberta area to protect their antiques and collectibles.
Contact us online, and we will respond as quickly as possible. Also, please feel free to call us toll-free at 800-830-9423 to book an appointment at one of our convenient locations in Calgary, Brooks, Medicine Hat, Edmonton, or Bassano.