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You may not have a Picasso collecting dust in your attic, but if you collect fine art, antiques, jewelry, have a coin or stamp collection, or other valuables, chances are they are not fully covered under your Homeowners’ Policy.

Most Homeowner Insurance policies have specified dollar limits for coverage on jewelry, fine art, silverware, collectibles, and even electronic devices. In the event of a fire or other loss or damage, this limit would in all likelihood not be sufficient to replace these high-value items. Purchasing additional coverage is recommended for all your fine art and collectibles and is fairly straightforward to obtain. It involves submitting a detailed inventory of items, including photographs and copies of receipts or appraisals, to your broker. Premiums vary from one broker to the next, but on average, as little as $115 a year will cover $20,000 worth of valuables.

In the event of a loss, the burden of proof that you owned the collecting, and confirming its value, rests with you. For each piece, you should record:

• The date you purchased it
• The name of the seller and the seller’s location
• A description of the item (shape, color, markings, and any other unique features)
• Dimensions
• Purchase price and current appraised value
• Photographs

Keep your itemized list and photos in a safe place, separate from your collection. It’s also recommended that you provide a copy to your broker. If your artwork gets damaged, at least you will have a record.

In the case of property that has increased in value, such as fine art and antiques, have it appraised by an accredited Personal Property Appraiser.  They will provide a written Appraisal Report explaining the basis for their valuation. It is recommended that an appraisal be updated every five years as items increase in value.

Purchasing a Scheduled Articles policy offers several benefits:

• The value and description of the item or collection is established with the insurance company before a loss can occur.
• Coverage is expanded to include things like the loss of a stone from a setting, breakage of fragile items, etc.
• In most cases, scheduled articles are not subject to a deductible, as is the case on a Homeowners’ Policy.
• There is usually automatic coverage for newly purchased items as long as you inform the insurance company of the purchase within a set time period. Coverage limits may apply until notification is made.