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Q: I have inherited some valuable paintings but I don’t think my home insurance policy will include them. What should I do to ensure they are covered properly?
A: It depends on the value of the inherited pieces, both individually and in total. It may be that your current policy will accommodate them, but if not there are varying types of home insurance, each designed for different risk profiles, and choosing one with wider cover will not necessarily cost more when insuring art and antiques. Many ‘standard’ household policies are not designed to insure such pieces above a relatively low limit, and will therefore charge a relatively higher premium to cover them, or will not be able to insure them at all. With the right insurer, however, art and antiques can be cheaper to insure, pound for pound, than general contents such as televisions and fitted carpets, because they are, in fact, seen as a lower risk.
The right type of policy will also offer wider cover and be more flexible in terms of how they are underwritten. Single article limits can be as high as £30,000, meaning that you do not need to specify items below this amount for them to be fully covered. The policy wording will include features such as depreciation in value following restoration; cover while at a restorer or framer; and cover for loss in value when one of a set or pair is lost or damaged resulting in a lesser value for the residual parts. You can also choose the basis for the replacement value, ranging from the highest, the full retail replacement cost, the lower market or auction value, or even the cost for restoration or copy only. Choosing how you want a loss to be settled gives you more control over the premium.