Baby boomers grew up in a rich era, with precious possessions for decades from classic cars to antique furniture and collectibles. But times have changed, and what once seemed like precious assets are now becoming impossible or expensive insurance.
As insurers tighten their risk standards and divide coverage for specific categories, many baby boomers are learning the difficult ways in which their precious properties may no longer be protected. This shift puts many retirees at unexpected financial risks as well as regards selling, storage or just hope for the best decision.
Here are 10 items that were once the solution for baby boomers that have become uninsurable or not worth the high price at all.
1. Classic cars and retro vehicles
Having classic cars was once a hallmark of American success, and many trendy generations proudly invested in the “50s, 60s and 70s” vintage vehicles. But ensuring they are becoming increasingly difficult.
Many insurers now restrict or refuse to cover classic cars without strict usage restrictions, such as driving only to a car display or keeping the vehicle in climate-controlled storage space. Others require expensive assessments and professional policies with high premiums.
For cars over a certain age or less than mint, it is almost impossible to find any coverage, especially if the parts are no longer available or repairs exceed the value of the car.
2. Antique furniture
Baby boomers often inherit or collect antique furniture, believing that it will grow value over time. However, the growing transfer of flavors and demand has led insurers to see these items as high risk and low refund liability.
It is difficult to assess fires involving antique furniture, water damage or accidents involving antique furniture. The replacement cost is subjective and the maintenance cost is expensive. Many companies now exclude antique items from standard homeowners’ policies or require expensive riders to cover them.
With the decline in the traditional antique market, many insurance companies simply won’t cover them, especially when they are fragile or difficult to assess.
3. China and Crystal
Chinese cabinets once symbolized the status of a fashionable family, filled with gorgeous tableware and exquisite crystals. Today, most younger generations have little interest in these works and their resale value tends to decline.
Because these items are very fragile and often damaged in actions or accidents, many insurers no longer cover them under standard policies. Sometimes professional insurance can be used, but the premium usually exceeds the value of the project itself.
The baby boomers who invested in high-end China decades ago may now find them both insurable and nearly impossible to sell.
4. Collection of stamps and coins
Stamps and coin collections were once a popular hobby for the baby boomers, and over the decades many have accumulated considerable collections. However, the market for these collectibles has cooled a lot.
Insurance companies are alert to stamps and coin collection due to their high portability and theft risk. Standard policies rarely cover their full value, and professional policies often come with restrictive terms, high deductibles and expensive assessments.
With fraud, forgery and changing market value increasing, many insurers are now simply rejecting the coverage of these once-passed assets.
5. Original artwork
Baby boomers who invest in original paintings or sculptures also face insurance barriers. Although high-value art can still be insured through professional carriers, coverage becomes more expensive and difficult to obtain.
Many insurers now require professional assessments, detailed source records and advanced security measures such as internal alarms and humidity control systems. Even then, premiums can be too high.
If debris are damaged by fire, flood or even accidental knocks, repair costs often exceed insurance expenses, causing significant losses to the owner.
6. Jewelry and watches
Baby boomers who collect fine jewelry or luxury watches are now facing increasing challenges to ensure full insurance for these items. Standard homeowners’ policies typically limit jewelry coverage for several thousand dollars, much less than the value of many heirlooms or designer works. Professional policies are available, but interest rates have soared in recent years due to soaring theft rates and difficulty in verifying ownership.
Insurance companies are also increasingly refusing to cover coverage on vintage watches or jewelry pieces with limited liquidity in the market or uncertainty in evaluating history.
7. Retro guns and weapons
Collecting guns was once a common hobby for the baby boomers, especially for historical guns or military souvenirs. However, make sure these items have become legal minefields.
Many insurers refuse to cover guns directly, while others severely limit the coverage of antiques or collectible weapons due to regulatory restrictions and theft risks.
Even if insurance is technically possible, the process often requires detailed documentation, locking storage, and sometimes complying with other local laws, making the coverage of many collectors too high or impractical.
8. Musical instruments
Baby boomers who invest in high-end instruments such as old-school guitars, violins or pianos have also encountered difficulties in finding insurance.
Musical instruments are susceptible to damage from humidity, temperature changes and accidental abuse. As a result, many insurers have tightened their coverage, especially for tools that travel frequently or store in non-climate-controlled environments. Specialized instrument insurance can be used, but the premium is steep and claims often involve complex disputes about depreciation and replacement costs.
9. Persian carpets and fine textiles
Persian rugs were once a status symbol in many trendy families, some of which were worth tens of thousands of dollars. Nowadays, it’s becoming increasingly difficult to ensure them.
These carpets are susceptible to stains, water damage and moths – with ordinary risks, insurers no longer want to cover under homeowners’ policies. Some companies even completely exclude textile coverage from policy. Those seeking protection often have to buy specialized insurance, which can cost more than the cost of the resale value of the carpet itself.
10. Recreational vehicles and vintage campers
Baby boomers who embrace the RV lifestyle or invest in old-fashioned campers find it more complex than ever to ensure these vehicles are.
Nowadays, many insurers avoid covering older RVs or campers, especially models without modern safety features or models that are difficult to repair due to the outdated parts. Professional coverage is available, but usually has high deductibles, limited liability and strict rules of use. For retirees who want to cash in on the RV adventures, these insurance challenges can be a major obstacle and leave them financially in the event of an accident or theft.
Why More Prosperity Items Become Uninsured and What to Do
The shrinking of insurance purchased by once torrents of baby boomers highlights the hard fact that many precious properties lose their financial security as markets change and risks develop.
From vintage cars to fines China, insurance companies are increasingly reluctant to cover these high-maintenance low-demand items, and many retirees suffer financial losses in the event of damage, theft or natural disasters. For baby boomers holding these valuables, it is crucial to take positive steps:
- Get professional evaluations to understand current value
- Research professional insurance companies while carefully comparing costs
- Consider selling or donating items before losing further value, or being unable to cover them
- Discuss your situation with a financial advisor to understand long-term risks
Although some precious items have deep emotional value, emotional attachment in retirement is crucial with realistic financial planning.
Have you tried to secure any collections or valuables lately? Are you shocked by the cost or rejection of coverage?
Read more:
13 projects that look like investment but are just trash
Stop hoarding 10 items and let them go
Riley Schnepf is an Arizona native with over nine years of writing experience. From personal finance to travel to digital marketing to popular culture, she wrote everything in the sun. When she is not writing, she will spend time outside, reading or embracing two corgis.
