9. I HAVE SPECIFICALLY INSURED ANTIQUE ITEMS LISTED ON MY HOMEOWNERS POLICY. IF I HAVE A TOTAL LOSS, WOULD THE INSURANCE COMPANY PAY ME THEIR INSURED VALUE?
Your insurance company would first confirm the
value of the items with one or more independent antique
dealers. You should then be paid a dollar value based on the
dealer(s) estimate of the worth of the antique items. If you
disagree with the settlement offered by your insurer, then you
can follow the dispute resolution process outlined in your
policy. There is a simpler way. Get appraisals and have your
agent establish the stated values in the policy. You should
also keep your appraisals up-to-date.
Source: Massachusetts Department of Insurance
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05/20/2012 03:36:40 AM
