Replacement Cost for Priceless Items

How Do I Get the Replacement Cost for Priceless Items, such as Luxury Items, Famous Artistry, or Antiques for Insurance Claims?

An artwork collection, antiques, or specialty antique fixture attached to the home or business can be of immense value for the owner- both aesthetically and financially. In case of any loss or damage, replacing precious items could be expensive if one does not have a current market valuation for insurance purposes.

Getting a valuation right for insurance purposes can be quite a challenge for owners.

Owners and Insurance companies need to figure out the current replacement cost there items damages as a result of the loss.

  1. An Expert Appraisal Value by an Appraiser that specializes in that specific era or that specific type on a particular item.


Policies typically pay for the replacement cost if the item is damaged, or sum up to an agreed policy limit for personal property if it is lost or stolen.

The type of appraised valuation depends on the size of the collection and other factors such as age, manufacturer, or individual creator, fragility, whether there is the professional management of the collection, and the policy limit available to them for personal property. However, if the item that is considered not “Modern” or an “Antique” fixture to the home or business, then it would in most cases, come out of the Coverage A (Structure) policy limit of the insurance policy. Making sure that values don’t fall too far out of step with the market, requires the diligence of an appraiser or conservator that is also an expert appraising specialty item.

If you have a contemporary collection where prices tend to be more volatile and fluctuate, you must revisit your valuations every three to five years.

Insurers will accept reappraisals that are performed by third parties, such as an auctioneer, a specialist art dealer, appraiser, or any recognized expert.

If the item is in a fire or is no longer available in a home due to theft, then the homeowner would need to prove the item was present at the time of the loss or verify with documentation or photographs that the item existed in the home or of course business as well.

In general, these situations on behalf of the owner and the insurance company can be quite cumbersome in terms of time and money, but this diligence is important.

When you need to file an insurance claim, the more information you have about the damaged items- a description of each, the date and place of purchase, etc., the faster the claim can be settled. So it’s a good practice to take photographs or videos of rooms and their contents. Keep a record of the date and retailer, antique dealer, or auction house that you purchased each item from. Your list should include the brand names, artist, designer, certification of authenticity, or documentation of the age of the item.

Keep this list of items updated, and remember to add new ones that you purchase.

Your home inventory must be stored somewhere safe, not in your house unless you have a fireproof safe, in a bank locker, with a trusted family or a neighbor with security or a place to safely secure these items, so that it isn’t lost during a covered loss like theft or a fire loss.

Evaluate your possessions at the present market appraised value.

The total would be the amount of insurance you would need to replace the contents or the appraised value of the item that is not replaceable if everything was destroyed or stole.

Learn how much insurance you have for the contents coverage of your homeowner’s insurance policy.

Companies usually provide coverage for 50 percent of the amount of insurance on the dwelling. Then compare the personal property limit with the total value of the items on your list of personal possessions. If you feel you’re underinsured, discuss this problem with your insurance agent or insurance company representative.

Replacement cost insurance becomes easy to understand once you have expert advice when purchasing your policy from an experienced insurance agent that knows how to work with high net worth individuals, especially those who have the luxury and very expensive custom homes.


Experienced Public Adjusters has or will find an expert to appraise the value of your loss for you and help you inventory the items lost. Then they will help you fight to recover the replacement cost value or appraised value of an item that is not replaceable.


Call one of our Experienced Public Adjusters today!