Should I insure My Waterford Crystal Collection? Or Am I Already Covered by Home Owners Insurance?
Most standard Insurance policies covers personal property, with limits for the theft and loss of particular classes of items
(e.g., $200 for money, banknotes, luxury items, bullion, including Waterford Crystal, coins, medals, jewelry, etc.).
There are two types of policies for personal property:
cash value policy and replacement cost policy. Cash value policy will pay the cost to
replace your belongings, minus deprecation. Replacement cost policy will reimburse the assured for the full,
current cost of replacing belongings.
Your policy’s limits, or the maximum amount of money your insurance company will pay after
a covered loss. If your Waterford Crystal Collection is worth more money than the limit on your policy,
you may want to consider purchasing additional coverage. The old Waterford Crystal is increasing in value, significantly!
Whether your policy offers replacement cost coverage or actual cash value to replace your
Waterford Crystal Collection. Replacement cost coverage may help pay enough for you to purchase new
Waterford Crystal of the same kind. Actual cash value may help reimburse you for the amount of money you might reasonably
expect to receive if you sold the item at its current age and condition.
Its very important to check your Insurance Policy limits to see if you’re
Waterford Crystal Collection is covered and to make adjustments accordingly. Better be safe than sorry!
What you need to do first is to make a list of your Waterford Crystal collection, take some photographs
and have it appraised by a professional who will determine its ‘current market value’
You can then submit this official appraisal to your Insurance Company for extra coverage
in case of loss, theft or damage.
If you somehow lose your precious Waterford, at least get the true
value back from it.
James Connolly is a Waterford Crystal Master Appraiser who can help determine its true value. Make contact with James
for help with your Waterford Crystal Appraisals at firstname.lastname@example.org