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Home insurance policies for collectors

Home insurance policies for collectors

Collecting is a passion, with collectibles being anything from coins and toys to antiques and fine wines. Whatever you collect, it’s important to know its value and ensure you have the right level of collectors’ insurance as part of your home insurance. 

Chris King
From the Home team
minute read
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Posted 16 JULY 2020

How much is your collection worth?

Your collection may hold nothing more than sentimental value, or it could be worth a small fortune, so it’s important to accurately estimate its value before buying an insurance policy.

Overestimating could mean paying a higher premium than necessary, while underestimating could leave you out of pocket if you need to make a claim.

Depending on the collection, you may want to consider a valuation from an expert, such as:

  • a specialist dealer
  • an expert authority – for example, the Royal Mint offers an online coin valuation service
  • a local or national auction house

It may also be worth getting at least two valuations to see how they compare.

The value of your collection may go up or down over time, so try and get a re-valuation every year or so and remember, if the value changes you should update your insurance policy if you need to.

Will my collection be covered under my home insurance?

It’s possible that you could insure your collection under your general home insurance policy. Many standard contents insurance policies will cover jewellery, coins and antiques as well as other items.

Make sure you read the terms and conditions to find out exactly what’s covered and what’s not. As well as an overall value limit, most policies will ask you to add an item to the policy individually if it exceeds a certain value – this can be around £1,500 but it could be lower.

A collection is likely to be considered as high risk. This means you should either individually list each item, or you may need to sum up how much the collection is worth and tell your provider about the total value.

Will my collection need specialist cover?

Most general insurance providers will cater for collections of high value, so it’s worth shopping around in the first instance.

But if you’re not successful in your search for a provider, there are a number of specialist insurance providers who may be able to provide a more tailored policy to suit different collectibles. They’ll usually have specific experience in underwriting for that particular type of collection or very high-value items, and may also be able to offer valuation advice.

Protect your collection

Whatever the value of your collection, it will undoubtedly be very precious to you, so you’ll want to make sure you have the right collectors’ insurance to protect it.

According to the Association of British Insurers (ABI), around 7.5 million UK households have no contents insurance at all. Yet contents cover could cost as little as £5.75** per month. Considering that even a humble coin could end up being worth thousands, it’s a small price to pay for the peace of mind that your collection, and the rest of your possessions, are covered.

Compare home and contents insurance deals with us today and see if you can save.

**50% of people could achieve a quote of £5.75 per month for their contents insurance based on the monthly cost when paying for the policy in one annual payment, excluding any interest charged on instalment payments. Based on Compare the Market data in May 2020.

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