Not only can they be worth a lot financially, they can also carry great sentimental and even historical value. Protecting them against risks such as theft and accidental damage is important – but will a regular home insurance policy provide the cover you need? Here we look at your options and how to ensure your antiques are suitably protected.

Before you search for home insurance…

In order to ensure your antiques will be suitably protected there is an important step to take before you look at your home insurance options – you must get an up-to-date valuation.

Many people assume that since the onset of the global economic crisis, the value of antique furniture has slumped. In many cases this is true – but for pieces of particularly high quality or historical interest, values have actually increased. However, a large number of antique collectors may not realise how much their treasured items are worth – and it’s vital to know their valuations ahead of time as it will usually be necessary to specify them on a home insurance policy.

Shop around for a reputable antiques expert/appraiser. Ideally look for qualifications, such as whether or not the expert has an accreditation from a respected group such as The British Antique Dealers’ Association (BADA), The Association of Art and Antique Dealers (LAPADA), The Royal Institution of Chartered Surveyors (RICS) or The International Art and Antiques Trade Association (CINOA).

When requesting a valuation, outline that it is for insurance/replacement purposes to ensure you receive the correct documentation which should include a circa/date, identification and a present day market valuation.

What home insurance options are available for antiques?

If you already have home insurance you should consult your existing provider about the antiques you own and the levels of cover it offers. Look for home insurance that will cover antiques against accidental damage – such as if it were knocked over by a child or pet; and consider whether you need personal possessions cover in case you want to take your antique out of the home, such as to participate in an antique fair.

Generally, home contents insurance policies have a limit (known as the sum insured) on how much you can make a claim for. In addition, most policies also carry individual item limits – a cap on the amount you can claim for damages or loss of one item. Typically, this is in the region of £1,500.

For many owners, this limit is too low for their antiques. So if you have an antique that’s worth more than the individual item limit, consult your insurance provider – it may still offer cover if the item is specified individually on your policy.

However, if you have an antique of particularly high value, or a collection of antiques, then you may need a specialist home insurance policy.

What specialist home insurance options are available?

Several insurance companies, including the likes of Regal and Hiscox Insurance, offer high value home insurance.

High value home insurance generally works the same as a regular home insurance policy, but there are usually extended limits available on both buildings and contents insurance. Contents insurance limits may be as high as £1million with specified item limits potentially as high as £150,000 depending on the insurance company – this is usually sufficient to cover most items.

As these companies are used to dealing with antiques collectors they may also incorporate specialist policy options such as worldwide all-risks cover; restoration and depreciation in value following partial loss should your antiques lose their value if damaged; and valuations may only be necessary if your antiques’ value surpasses an outlined limit.

What happens if you need to make a claim?

To ensure that the claims process runs smoothly, make sure you store all documentation/paperwork relating to your antiques in a safe place, including valuations, receipts and photographs.

Should a claim be necessary, call your home insurance provider as soon as possible. You will normally be asked to fill out a claims form, and the insurer may send out a loss adjustor to analyse your claim. Don’t be tempted to arrange for any restoration for your antiques until approved by the home insurance company as this could negate your claim – most insurers will want to recommend their own restoration company once your application has been approved.