Protecting A Person’s Inheritance With A Bespoke High Value Home Insurance Policy

by

Denise Judge

If you have just recently inherited paintings or valuable antiques, it is a good idea to organise an expert valuation, to be sure that they are fully covered with regard to their actual market cost. If they are very valuable you’ll additionally need to look at a professional high value home insurance plan, as a normal contents insurance policy is unlikely to offer adequate insurance protection.

It’s not uncommon to be under insured for possessions inherited through your family and relatives

It’s not unusual for policy holders to be under insured for these types of collectibles, due to the fact that most people have no idea of their true worth. A close companion of mine recently found out that several pieces of art, inherited from her grandmother and proudly displayed in her dining area, were worth large amounts of money and had been totally under insured for many years.

Several years earlier, her grandmother had decided to pass on a few of her collectibles and paintings to her loved ones. My close friend was pleased to be presented with three particular paintings that she had always adored and was obviously touched by her grandmas generosity. She gave no thought to what they were really worth, but knew that their sentimental value made them very precious. She immediately prepared to have them covered by her standard house contents insurance policy, in the event that anything might happen to them, for example a fire or if they were stolen. When the insurance provider asked her what she thought they were worth, she believed about 200 a painting. Despite the fact that she assumed that they were considered antiques, she hadn’t considered that it would be worth getting them professionally valued, or covered under an expert high value home insurance or fine art insurance plan.

It’s vital that inherited paintings and antiques are appropriately valued

One evening at a dinner party, being hosted at her house, a work colleague was amazed to observe these paintings, by a very well identified artist, displayed on her dining room wall. He said that this artist was really well known, back in the period when her grandmother was younger and after he’d died, how everybody was now interested in his work.

My companion eventually researched the artist and was astonished to uncover what she really had displayed on her walls! It turned out the paintings were really worth substantially way more than what she had covered them for and needed to be insured by a specialist high value home insurance or fine art insurance plan.

Pick a professional high value home insurance plan or fine art insurance policy

When you inherit something through your family or friends, try to obtain some basic details or history relating to the item. You then need to arrange for a specialist valuation, to make certain that you simply do not get caught in the trap of under insurance. If you’re fortunate enough to have inherited some thing of enormous worth, you need to ensure that it is fully insured under an expert high value home insurance or fine art insurance policy.

Denise Judge has over 18 years experience in insurance. She is the MD of an independent Insurance Brokers, based in Islington, North London. She has previously worked as an underwriter, a claims adviser, a property surveyor and a loss adjuster.Ellis David Ltd specialise in all types of Commercial Insurances,

High Value Home Insurance

and

Fine Art Insurance

.

Article Source:

ArticleRich.com