Chubb Survey Reveals ‘Roadshow’ Attendees Are Underinsured

Results of a survey conducted by Chubb Group of Insurance Companies reveals that many private collections of fine arts or antiques may be underinsured.

When Chubb’s “Antiques Roadshow,” a popular PBS television series, rolls into town thousands of people turn out anxious to find out how much their personal treasures are worth. But of the collectors hauling their valuables to the Indiana Convention Center and RCA Dome for the Indianapolis stop of the Roadshow, 43 percent said that beyond homeowners or renters insurance, they do not carry additional insurance to protect their collections.

Chubb, underwriter of the Roadshow, conducted the survey of 222 show attendees and found that an additional 29 percent were not sure of the type of coverage they had on their valuables, and hence, on what basis a claim would be paid.

In addition, the survey also revealed that show attendees considered items of sentimental value the most valuable things they could pass down to the next generation. Respondents selected the flag from the 1911 Indianapolis 500 to be Indianapolis’ most prized treasure. The Declaration of Independence was an overwhelming pick as the nation’s greatest national treasure.

Real estate was second to items of sentimental value (23 percent vs. 39 percent) as the attendees’ most valuable heirloom or possession they could pass along to younger family members. The next most popular choices were jewelry and cash and/or securities (both 14 percent), and artwork (10 percent).

The Statue of Liberty was the second choice as the top national treasure (12 percent vs. 68 percent for the Declaration of Independence), followed by the White House (9 percent).

In other findings:

• 34 percent said that if one of their treasures were to break, they were not sure if their insurance would provide coverage to fully replace the item, and 21 percent said their insurance would not cover fully replacing it.
• 82 percent were aware that a typical homeowners or renters insurance policy only provides up to a total of $1,000 to $2,500 for jewelry, silver, art, antiques and other valuables.
• 13 percent don’t take any special precautions to protect their valuables, such as keeping them away from the elements, keeping them away from children and/or pets, locking them in a closet or cabinet at home, or storing them in a bank vault.
• 53 percent of the attendees inherited the items they brought to the show; 14 percent bought one or both of their items from a dealer, antique store or estate sale; and 10 percent received one or both items as a gift.

Chubb’s “Antiques Roadshow” is produced by WGBH and features a series of local events at which top appraisers determine the value of America’s “hidden treasures” and tell the stories behind those treasures. It concluded its sixth cross-country tour, which began in Tucson and concluded in Indianapolis. Other cities visited by the tour included Miami, San Diego, New York, and New Orleans.

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