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
3
minute read
posted

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.

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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 £5.83** 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 £5.83 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 August 2019

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