Antique Insurance in Massachusetts

What is Antique Insurance?

Many antiques and other collectibles have high values that make them costly to replace in the event of damage or loss. Antique insurance may help Massachusetts residents and businesses that own these items make sure they’re able to replace high-value pieces that are lost or damaged in covered incidents.

Antique insurance is a unique form of property insurance that’s specifically designed to protect high-value antiques and collectibles. Since this is a unique form of insurance, it’s important to consult an agent who specializes in antique policies when selecting coverage for a collection of antiques.

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Who in Massachusetts Needs Collectors Insurance?

Generally speaking, anyone in Massachusetts who has high-value antiques or collectibles can benefit from having collectors insurance. This includes both individuals and businesses who have collections of these items.

Some examples of people and businesses who might want a collectors policy include:

  • Collectors who have curated substantial collections of antiques, artwork or other items
  • Wealthy individuals who have even one expensive antique or piece of artwork
  • Bed and breakfasts that have antique furniture in their rooms
  • Artists who have traded for others’ artwork and amassed a sizeable collection

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Does Homeowners Insurance Protect Antiques?

Some homeowners insurance policies might offer limited protection for antiques and other high-value collectibles, but not all policies do offer such protection and those that do frequently have low limits for these items. In many cases, a homeowners policy might not even cover the full value of a single precious antique -- much less a collection of items.

This is one of the reasons why individuals who have antiques or other collectible items generally should procure collectors insurance. An insurance agent who specializes in this type of insurance can help collectors check their homeowners protection for antiques and purchase an additional policy if one is necessary.

What Sorts of Incidents Does Collectors Insurance Protect Against?

The exact protections that any one collectors policy protects against are dictated by that policy’s terms and conditions. Depending on a policy’s terms, it might cover incidents like the following:

  • A wine collection is severely damaged by a heatwave
  • A cookie jar collection is damaged when a shelving unit collapses
  • An antique furniture set is ruined when a pipe bursts
  • A collection of autographed sports cards is destroyed in a house fire
  • A piece of fine art is stolen during a burglary

An insurance agent who’s familiar with this type of policy can help explain what a particular policy will protect against.

How Are Antiques and Collectibles Valued?

Antiques and other collectibles can have several different values depending on what the purpose of the valuation is. A few common values that might be assigned include:

  • Retail value, which is how much a collection would sell for in a retail store
  • Wholesale value, which is how much a collection would sell for on the wholesale market
  • Fair market value, which is a value that’s agreed upon between a seller and buyer
  • Estate value or tax value, which is the average amount paid for similar items in an auction setting
  • Auction value, which is the amount a collection would sell for in an auction where neither the buyer or seller is forced into the sale
  • Insurance value, which is the highest value a collection is given if the collection has to be replaced

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How Can Antique Owners in Massachusetts Get Antique Insurance?

For help insuring antiques or other collectibles, contact the independent insurance agents at Roger Butler Insurance. Our Massachusetts agents have the expertise to help you find an antique insurance policy that will protect your selection well, and we have the freedom to show you policies from multiple insurance companies in the state.

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Roger Butler Insurance
5 Court Street
Westfield, MA 01085
Phone: 413-562-2304
Fax: 413-568-6708

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
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