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.
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.
Should I insure my collection?
Most collections take years to build up and it’s easy to lose track of their accumulating value. But once a collection is worth something, it’s vital to make sure it’s insured.
Imagine if your most treasured possessions were harmed in a flood. Insuring your collection against theft, loss and damage means you could receive a payout to replace or repair as much of it as possible.
You could either insure a collection as part of your home contents policy or take out a bespoke collectors’ policy, depending on how valuable or niche it is.
How much is my collection worth?
Your collection may hold nothing more than sentimental value or it could be worth a small fortune. That’s why it’s so important to accurately estimate its value before buying an insurance policy.
Overestimating how much your collection is worth could mean paying a higher premium than necessary, while underestimating it could leave you out of pocket if you need to make a claim.
Depending on your collectibles, you might 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 might go up or down over time so try to get a re-valuation every few years. 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 could 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 might 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.
Specialist insurance is also likely to cover the total value of your collection, rather than you having to list items individually (unless they’re extremely valuable). This type of policy is usually more expensive than simply including your collection in your home contents cover though.
What specialist collectors’ insurance can I get?
Tailored policies can cover all types of collectible, including:
- Coins
- Stamps
- Fine wine
- Art and antiques
- Comics
- Ceramics
- Toys
- Records
- Football programmes
- Model trains
- Pop, sport and film memorabilia.
Collectors’ insurance and high-value home insurance will typically provide ‘all-risks cover’, which means that any risks not specifically excluded from the policy are automatically covered. This could extend to accidental damage and personal possessions cover, which aren’t normally included in standard home insurance.
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.
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.
Frequently asked questions
Can I take my collection out of the house?
Standard home insurance will usually only cover your belongings while they’re in the home, not out and about. But, for an extra cost, you’ll typically be able to add personal possessions cover to your policy to protect your items outside the home. This could be worthwhile if you want to exhibit your collection.
Can I insure my record collection?
Yes, with the increased interest in vinyl, it may be a good idea to insure your record collection. You could either insure it under your regular home contents policy or take out a specialist policy if your collection is particularly valuable or includes rare discs.
How should I protect my collectibles?
Insurance providers will expect you to take good care of your valuable items. Some collectibles, such as coins and stamps, might need to be stored in special folders to preserve their condition and value. If you have expensive jewellery, watches or art, it may need to be kept in a safe as part of your policy conditions.
It’s also a good idea to keep an inventory of your collectibles to make them easier to evaluate if anything happens to them.
Is my collection covered for theft if it’s stored in a garage?
It could be, but this will depend on your policy and how secure your garage is, so always check with your insurance provider. If the garage is part of your home and secured with approved locks, your collection could be covered up to a certain limit. As with all theft claims, you won’t receive a payout if there are no signs of forced entry.
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Anna McEntee - Insurance expert
Anna’s all about delivering fantastic insurance products at a great price. Value is the most important thing for Anna, as she cuts through the jargon and finds what’s most important and worth your hard-earned money.
Rachel Lacey - Insurance and money expert
Rachel’s a self-confessed money nerd who’s been writing about personal finance for more than 20 years. She spent 17 years writing for Moneywise, including a few years as Editor, and likes making complicated subjects like insurance, pensions, investing and tax, easy for people to understand.