Many collectors may not know if they have adequate insurance coverage on their prized possessions, according to a survey conducted by an insurance company. Chubb Group of Insurance Companies conducted the survey at an Antiques Roadshow event held in Cleveland in June. More than 1,200 people were polled.

When asked what they would do if they discovered their antique or collectible was worth thousands of dollars, 78 percent said they would make sure the item was properly insured, 4 percent said they would not insure the item and 18 percent were not sure what they would do.

"While we were delighted to reaffirm that most people consider insurance important in protecting their valuable assets, I'm afraid that they may not know if they have adequate coverage," said Mary Ann Avnet, a vice president of Chubb & Son and marketing manager for Chubb Personal Insurance.

"Last year's survey of Roadshow attendees in six cities showed that many people do not know the limitations of their coverage. They are not aware that their insurance policy may pay to replace an antique with a new version of the same item. For example, if an antique rocking chair worth thousands of dollars is lost or damaged, it may be replaced with a new replica antique rocker worth a fraction of the cost of the antique. Furthermore, if they lose a piece of jewelry or accidentally break a rare glass vase, they may find that their policy does not cover mysterious disappearance or accidental breakage claims."

Avnet advises owners of valuable possessions to ask their insurance agents to explain the full scope of their coverage. "Just calling your agent and asking if the item is covered under the policy is not going far enough," she said. "You need to ask whether there are limitations and on what basis a claim will be paid."

http://www.Chubb.com/personal

http://www.pbs.org/antiques