Brits not sure if collections are covered

By Marianne Straker, Fri 22 May 2009 - Published in Home Insurance

Brits value their collectables and would rather hold on to them than make a quick profit, but one home insurance provider warns the valuables may not be fully covered.

Over three-quarters of people questioned by Halifax said they would rather keep hold of stamp collections or artwork, rather than cash them in.

However, almost half did not know if their collections were covered and did not know what they were worth.

David Rochester, head of underwriting for Halifax Home Insurance, said: "We'd recommend anyone who has a potentially valuable collection to get it valued by an expert every two years and ensure they obtain a dated copy of the valuation certificate."

Regional differences also occur in what people collect, with people in Scotland favouring books, comics and annuals, while London collectors prefer Royal Doulton and Wedgewood items.

The British Insurance Brokers Association has recently advised people not to just opt for the cheapest home insurance policy, as it may not cover everything, including valuable collections.

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