There are many risks associated with the home and its contents. Especially for valuable antiques and vintage items that you may have to remove from time to time either for personal use, such as wearing jewellery, or when an item from your collection needs to be taken out of the house for purposes such as restoration, cleaning or valuation. Many insurance policies set low sum insured limits for items taken away from the home and indeed some will offer either very restricted cover or no cover at all. Clearly this is not suitable if valuables are to be insured correctly. Getting it right is important and making sure you know when you are insured and when you are not!
It is best that your valuables are covered against as many eventualities as possible but please note that most insurers will exclude any damage caused whilst a piece is actually being restored. For example, in the case of a painting being framed and damaged in the process, this would normally be the responsibility of those who caused the damage.
How do you assertain the correct value to insure?
The best way is to evaluate on a room-by-room basis the total value at risk and to have all your valuables, antiques, paintings, jewellery etc. properly valued by an independent valuer.
You may feel that a professional valuation of all your property is best and if required there are lots of companies who can arrange this for you. You will almost certainly be surprised once you have the total and quite probably find that you are significantly underinsured.
What are your responsibilities?
You must act at all times you must act as if you are not insured. So you must take great care of your possessions and keep them as secure as possible to mitigate any possible loss, insurers do not like it if they feel that you have been careless and haven't protected the insured items adequetly.