I have a Victorian mourning brooch (circa 1880) made of jet and gold. I dropped it, and the jet cracked. I filed a claim. The insurance company offered to “replace” it with a modern reproduction or pay me the value of the scrap gold and a generic onyx stone. They didn’t understand that the value lay in the age and the craftsmanship, not the materials.
Key Takeaways
- “Replacement Cost” Fails Antiques: You cannot buy a “new” 1880 brooch. If your policy says “Replacement Cost,” the insurer might try to price it based on modern materials, which is a fraction of the antique value.
- Agreed Value is Mandatory: For antiques, you must have an Agreed Value policy. You agree it is worth $5,000. If it breaks, they pay $5,000 (or the cost to restore it properly).
- Restoration Specialists: You need the right to choose your restorer. A general jeweler will ruin an antique with laser welding or modern polish. You need a specialist.
- Devaluation: Even if restored, a glued/repaired antique is worth less. Ensure your policy covers “Diminished Value” after repair.
The “Why” (The Trap)
The trap is “Functional Replacement.”
The adjuster sees: “Black stone brooch.”
The market sees: “Rare Whitby Jet Victorian artifact.”
Standard insurance software (Xactimate) prices materials. It does not price history.
Unless you have an appraisal that explicitly states “Antique: value derived from provenance and age,” you will get the material value.
The Investigation (My Analysis of Restoration)
I looked for insurers who respect history.
Chubb (Masterpiece)
- The Gold Standard: They understand antiques. They pay for top-tier restoration. If the piece cannot be restored to original condition, they pay the full Agreed Value and take the pieces.
Jewelers Mutual
- The Verdict: Good, but you must provide a detailed antique appraisal. They allow you to work with specialty restorers.
Standard Homeowners
- The Fail: They will likely suggest a local jeweler who will glue it with epoxy and ruin it.
[IMAGE: Close-up photo of a cracked Victorian brooch showing the intricate carving split in half]
Comparison Table
| Feature | Standard Policy | Antique/Agreed Value Policy |
| Valuation | Material Cost | Collector Value |
| Repair Shop | Network Jeweler | Your Choice (Specialist) |
| Value Drop Payout | No | Yes |
| Replacement | Modern Replica | Cash for Antique |
Step-by-Step Action Plan
- Get a Specialist Appraisal: Find an appraiser who specializes in Estate/Antique jewelry. The appraisal must say “Circa 1880” and “Antique Market Value.”
- Do Not Clean It: If you damage it, put the pieces in a bag. Do not try to glue it. Do not clean the patina.
- Find a Restorer First: Before calling insurance, get a quote from a museum-quality restorer. Submit that quote with the claim.
- Demand Diminished Value: Ask the appraiser to write: “Post-repair value will be 50% of original.” Claim that difference.
FAQ
Is the patina covered?
If a jeweler polishes off 100 years of patina, that is “Workmanship Damage” (often excluded). Be careful who you hire.
Can I insure a collection?
Yes, you can schedule a “Blanket” amount for a collection, but listing individual high-value items is safer.
What if it’s irreplaceable?
That’s why you want Agreed Value. You get the cash to buy something else, since you can’t replace the object.