Whether it’s coins, stamps, models or wine, collecting valuable and interesting items can be a highly rewarding pursuit. There are huge collections all over the UK, preserved in glass cases, buried away in suitcases, or kept proudly on display.
The one thing that all these collections have in common is the fact that they are susceptible to damage or theft, and therefore need protection. But with the value of collectibles being so varied, how do collectors know if they need a specialist policy in place?
For most collections, there are two types of cover available: home insurance and collectibles insurance. Below we explain both types of policies to help you determine which one might suit you best.
Covering your collectibles under your home insurance policy
Home insurance does provide a certain level of cover for your possessions, of course. But – it can be risky to assume your collectibles are automatically covered under your home insurance policy. Items over a certain value, for example paintings or antiques, may need to be individually listed in your home insurance schedule to be properly covered.
There’s usually an upper value limit on any single item that can go on your home insurance schedule, which will vary depending on the insurer. You may also find that for high value items you need to provide photos and/or receipts to assist you in any claim, so it’s worth ensuring you have these available.
Covering your collectibles with a specialist policy
Those with collectibles which are quite rare or worth a lot of money may look towards getting a specialist policy in place. Collections insurance can be tailored specifically to your particular collection, and typically offers a higher level of cover than you’d achieve through your home insurance.
For example, a home insurance policy would cover low-value items if they were damaged by fire, theft or flood. A specialist collectibles policy, on the other hand, offers the option to cover you for depreciation due to damage, damage during an exhibition, or even cover for travel if you’re transporting your collection for display or to another country.
Your broad options for collections insurance are:
- Blanket cover: As you may have guessed from the name, this cover offers protection to your collection as a whole up to a certain value.
- Itemised cover: This cover is suited to collections wherein individual pieces which have a high value, such as original paintings or rare antiques. Each piece is listed individually within the policy, along with their values.
Deciding what type of cover you need can be difficult, as it depends entirely on your specific collection. We recommend that you take the time to figure out what your collection is worth before choosing your insurance policy. If you’re unsure what value your collection currently sits at, think about getting help from a professional valuator – they should be able to tell you what your collection is worth by today’s standards, and you can go from there.
If you’re looking for collectibles insurance, the Norton team will be able to help. Please give a member of the team a call on 0121 248 9440.