How to protect your family heirlooms for future generations
When it comes to your family heirlooms, you can’t help but be passionate about them. You probably also want to ensure that they are safe from damage or theft, especially if you know that they will one day be handed down to future generations.
But when it comes to protecting the irreplaceable mementos of our lives, how can you ensure their safety and security? This guide will show you how to protect your family heirlooms and collectibles, keeping them safe and sound to continue a legacy into the future.
1. Keep a record
To begin with, make sure you have detailed records of the items: their descriptions, costs, and appraisal values. This will not only help you insure them properly, but will provide a comprehensive account in case of theft or loss, which will come in handy when it comes time to make a claim. In addition, this information may be useful in case you are ever audited by the IRS for tax purposes. These records are often requested during an audit; therefore, the more information you have on hand about each item, the better off you’ll be. Be sure to include details such as where and how you acquired each piece of property, including receipts if possible, as well as details about any restoration work that has been done.
2. Store them safely
When it comes to keeping a family heirloom protected, the first rule of thumb is to store it safely. Putting a piece that is worth thousands of dollars in an enclosed space, or even on a shelf where it could be damaged, is asking for trouble. The best thing to do is buy a large, airtight and stable box or chest, take photos of everything, and then store each item separately. You may even want to categorize them by a number or code that matches your written records. The next step? Put that box away in storage where no one can get to it easily. For highly valuable items, store them somewhere secure, like a bank safety deposit box.
3. Get a collectible insurance policy
Collectible insurance policies are used to protect antique and collectible items, and depending on how valuable your collection is, getting one could be a wise decision. For example, if you inherited a hand-carved grandfather clock from an uncle who purchased it from an upscale store in New York City, getting insured wouldn’t just be smart—it might save you thousands down the road. Fortunately, getting a collectible insurance policy doesn’t have to break your bank; most insurance providers offer affordable rates, depending on what kind of coverage you need. So when it comes to protecting your hard-earned treasures, consider adding a collectible insurance policy to your arsenal.
4. Plan to pass them on
There are many ways to plan to pass on heirlooms, but if you’re looking to leave them to others—especially pieces with high-value or a lot of meaning within the family—putting your plans in writing is a good idea. While it may not matter to you at that point, it can mean the difference between keeping your wishes intact and an all-out family feud.
Additionally, you may want to discuss your plans with your insurance provider—they can oftentimes provide customized coverage that protects the item through—or even after—the transition.
Whatever you’re looking to leave behind, what types of coverage you need or the questions you may have, we at Penny Insurance are always here to help you along the way. If you would like to schedule a consultation or get a quote, please contact us and let us know.