What is collectible insurance?
Collectible insurance can protect your collection against risks such as accidental damage, flood, fire or theft. There are all sorts of collections being curated across the UK, from stamps to books to antiques. Some are high in monetary value while others hold priceless sentimental value.
What you need to know about collector insurance
Getting your items valued is the first step before taking out a policy. In fact, this should be the case with any policy, as you must know the correct value of your belongings to avoid being underinsured. A professional appraiser can determine the value of your collection. This in turn will ensure that your insurer can underwrite the collection more accurately.
As the value of a collection can change over time, you should also get it appraised every 1-2 years. If your collection increases in value but you do not update your level of cover, then you could be underinsured, leaving you out of pocket if you need to claim.
Protect your collections
Collectibles insurance can cover a broad range of risks and mishaps. And, by specifying your collection under your home insurance, you can manage your premium in one policy! At HomeProtect, we encourage you to check the level of cover you have in place is always appropriate to your needs.
Under the contents policy, you are covered up to a maximum of £5,000 valuables in total, including stamps or coins forming part of a collection, gold, silver, gold and silver plated articles, other precious metals, jewellery, watches and furs within the property.
Individual items over £1,500 must be specified in your HomeProtect policy. This is the maximum amount that a single item will be covered for if you make a claim. Any items worth more than that must be specified individually in your policy to be covered up to its replacement value.
What does collectible insurance cover?
The items that people collect are very varied. Here are some of the most common:
- Books and manuscripts.
- Sports memorabilia.
- Dolls and other toys.
- Film, TV and music memorabilia.
- Vinyl records/CDs.
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- Gold, silver, gold and silver plated articles, other precious metals, jewellery, watches and furs up to £5,000.
- Up to £1,000 against theft or attempted theft of contents within detached domestic outbuildings and garages.
- Stamps or coins forming part of a collection up to £1,500.
- Single article limit of £1,500.
- Deeds and registered bonds and other personal documents up to £2,500.
Superb service that informed me throughout the process of application. I had thought getting contents insurance would be difficult for me but HomeProtect came to the rescue. Trustpilot, 14 July 2017
Was impressed with the online process of filling out the forms as was asked questions, particularly about adding sufficient cover for jewellry cover which none of my other insurance companies asked so feel more confident that I am sufficiently covered and all at a good price! Trustpilot, 1 September 2017
I would highly recommend this insurance company to anyone look for superb customer service - each person I have spoken to has been highly efficient & courteous. I was guided each step of the way when I needed to change some of our policy - nothing was too much trouble. Trustpilot, 25 February 2017