One area a Tablemaster may not think too much about is the insuring of their valuable sterling silver flatware & holloware (including china and crystal). Typically, this is covered by one's homeowners or renter's insurance policy. One might think that is the end of the discussion. For most individuals, that is probably the case.
However, if one has remotely any sizable collection, there are additional considerations to merely being covered by a "typical" homeowners policy. For starters, there is no typical homeowners policy. Years ago, many policies followed what might be termed, "an ISO" or Insurance Services Office form. This form was adopted by many of the major insurance carriers. It enabled many of the carrier to have a fairly uniform or somewhat standardized form. This was useful to the consumer as it allowed them to compare policies between carriers and prices.
This practice was stopped when the ISO was sued by consumers organizations for "collusionary" practices. As a result, every carrier now potentially uses very different forms and pricing. Thus, one homeowners policy form might have a silverware sublimit of $2,500 and another $5,000. A sublimit is a stop gap limit a carrier places on certain types of personal property under the personal property limit of insurance. If a sublimit of $2,500 is not adequate, you may ask your agent for a higher sublimit for silverware, china & crystal. Most policies will have a per item sublimit as well. You may need to schedule coverage for one or more of your best pieces under an Inland Marine policy (sometimes this form is broader in scope than the homeowners policy) to obtain adequate coverage. Talk to your insurance agent specifically about covering your individual pieces with valuations above the per item limitations.
Make sure that your policy is on Special Form which will cover you for all causes of loss except those that are specifically excluded. It is a lot easier to prove to your carrier that a loss is covered on Special Form than having your policy on a on a named perils basis which only covers those causes of loss specifically listed.
Another area to keep in mind is that all policies have exclusions. The typical exclusions on a homeowners policy will be germaine to the region in which the homeowner lives. If you live in Texas, you will probably have a wind exclusion unless you buy additional coverage. If you live in California, you will have an earthquake exclusion unless you buy additional coverage. You may even have a policy with a THEFT exclusion on it. Flood is almost always universally excluded. You need to talk to your agent about the exclusions on your policy.
Make sure that your policy covers your silverware, china & crystal on a replacement cost basis and not actual cash value. Once you purchase your flatware or holloware, you will need to keep your receipts in a fire resistant box or have your agent store them digitally. The insurance carrier is only going to "put you in the same position" before the loss. They won't do that if you can't prove to them what you had before the loss occurred. Pictures are a good idea as well. Talk to your insurance agent about how your policy will make you whole in case of loss.
Determining whether a loss is covered under any insurance policy is subject to many factors including but not limited to: the deductible, cause of loss, coverage forms & limits, any applicable sublimits, and exclusions. The time to talk to your agent about your coverage is before you have a loss. Your agent can help you determine the correct amount and type of coverage to carry. Unlike a video game, there is no "reset coverage" button to push after a loss has occurred. This post is not intended to be specific advice, but rather an overview to start a discussion with your insurance professional.
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