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, such as jewellery, 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 specialist cover
Those with collectibles which are quite rare or worth a lot of money may benefit from having their home insurance properly structured to reflect what they own. Collections insurance at Norton is arranged as part of your home and contents insurance, each high-value item individually listed and covered for its current replacement value, with worldwide all-risks protection included depending upon the insurer and policy.
This means that rather than relying on a standard policy’s single-item limits, significant pieces, whether a luxury watch, an original painting or a rare collectable, are covered for what they are actually worth.
Cover can typically include protection against theft, accidental damage, accidental loss, damage during transit, and cover if you are transporting your collection for display or to another country. Policy terms and exclusions vary, so always review your policy wording carefully.
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.
