Insuring Your Antiques, Collectibles, and Other Hard Assets

If you invest in hard assets such as antiques, collectibles, gems, and precious metals, you should protect them against loss and damage due to theft, fire, or other events. Their value as investments depends to a great extent upon their condition, and keeping them safe is vital. The best way to protect your investment is to purchase property insurance that will pay you a certain amount of money in the event your hard assets are damaged, destroyed, lost, or stolen.

Tip: Insurance policies won't cover losses due to market downturns. For instance, if you purchase a piece of artwork, and 10 years later it's worth less than you paid for it, insurance will not cover this loss in value.

Review your insurance coverage and policy limits

Hard assets you keep in your home are generally covered under your homeowners or renters insurance policies. However, homeowners policies often set specific dollar limits for certain categories of personal property. In some categories, limits are set only for theft, not for damage or destruction. This is because items such as jewelry and coins are often targeted by thieves, but are less frequently damaged or destroyed.

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