Insuring your collection

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If you are a new collector, you may not be aware of the true value of your pottery collection. Your collection may not be very valuable, or it may be worth much more than you ever might have imagined. First, you need to determine the value of your collection. Appraisal services and local or national clubs specialising in particular types of pottery that can help you determine the value of your collection.

Once you know how much your pottery collection is worth, you should make sure that you have enough insurance to cover accidents and theft. Standard home contents policies cover the contents in your place of residence but to varying degrees. For example, there will typically be limitations on the loss you can claim. Most policies limit the amount you can claim as a whole and by merchandise category. Additionally, there are restrictions on the source of the damage. For example, if your house burns down, you could be covered. However, if it floods, you might not be covered. It is important to check your policy and ask your insurer about the specifics. You may have to purchase special policies to cover especially valuable or irreplaceable items.

Save any receipts for your pottery, along with a photograph of each item. Keep the receipts in an inventory file along with a detailed description of each item and how you acquired it (if you don't have a receipt, include from whom and when you purchased the antique). Keep track of any repairs or enhancements that you make to your pieces. Don't throw away any part of the original item. If you make repairs or improvements to an expensive item, you will likely need to provide proof to your insurance company that your new, improved item is still the same one that you purchased previously.

Insurance can be expensive. Sometimes, the policy for a valuable collection will exceed the amount that the collector actually spent for the collection. Therefore, some collectors choose to insure only their most valuable items.

Talk with your insurance agent about whether your items would be covered for replacement value under your current insurance policy, and whether you need to purchase any additional coverage. Be sure that they are covered against theft as well as damage.