If you own items you think would catch the eye of appraisers on Antiques Roadshow, make sure you have the proper insurance to protect them.

Insurance for items such as furs, jewelry, antiques, collectibles, wine, and fine art is not just a good idea; it's a necessity. That's because a standard home insurance policy, which covers your personal property, has limits on how much it will pay for certain items.

If you want to make sure your valuables are covered, you’ll probably have to take out a separate rider for more valuable items. If you don't take out the rider, you might not be fully covered for damage to your special belongings.

In general, if you have any one item or a collection of items that is worth more than $2,500, you should tell your insurance agent. The threshold of value will differ from insurer to insurer and from policy to policy.

“Talk with your insurance company or agent to make sure you understand what's covered and what the limits are,” advises insurance specialist David Colmans, executive director of the Georgia Insurance Information Service. “Keep an inventory of your belongings. Include what the item is, when you bought it, and how much you paid for it. If there are serial numbers, write those down too. This list should be kept in a fireproof box at home or at a bank.”

Know what you're buying

It might make sense to take out a blanket coverage rider for collections of valuable items. Categories for blanket coverage vary, but generally include jewelry, fine art, silverware, cameras, musical instruments, furs, wine, stamps, coins, and collectibles. Provided no one piece of your collection is worth more than $2,500, blanket coverage might be the way to go.

If you want to insure something valued at more than $50,000, you'll need an appraiser to document its value. Listing valuables separately will effectively settle the loss before it occurs. If the insurance company has documentation proving your antique armoire was worth $55,000 and the armoire burns in a fire, your dollar figure is already set and you'll avoid having to haggle with claims adjusters.

If you want to separately list items that fall below the $50,000 threshold, then it's simply a matter of describing them and estimating their worth. Some insurers might require a receipt or appraisal for items worth less than $50,000.

Regardless of how you decide to insure your treasures, make sure you know about any cases in which the policy will not pay out (called exclusions). In general, policies and riders for fine valuables provide broad coverage, including losses resulting from just about any peril you can think of, except nuclear explosion, war, or intentional acts of destruction.

The American Numismatic Association offers this advice for coin collectors, who wonder how they should insure their valuable coins: “Note that most homeowner insurance policies specifically exclude coins and other numismatic items from coverage. A rider can be obtained for an additional premium, or a separate policy can be obtained.”  The ANA also urges its members to “Maintain records about your collection and store a copy separately from the coins.” 

Travelers Insurance advises its customers to review their coverage for valuable items regularly: “If you bought additional insurance coverage for your valuable items, keep an eye on their value and adjust your coverage amount appropriately. Otherwise, some items that have decreased in value may be over insured.”

Most standard home insurance policies will not pay to replace what some insurance companies call "items of antiquity." In some cases, that means anything more than 25 years old, but the definition can vary depending on your home insurer. That's a reason to take out a special rider on any antiques you own.

“Find out if you're paying for replacement or actual cash value coverage,” Colmans adds. “For example, if a five-year old television is destroyed and you have replacement coverage, the insurance company will replace the set. But, if you have actual cash value coverage, the company will depreciate the item, and you may only get pennies on the dollar.”