As collecting is growing in popularity as a hobby, it’s important to ensure that your valuable collections such as antiques, artwork, coins or gems are sufficiently covered if something unexpected happens. Collections can become more valuable as they age and some have even been passed down through the generations, slowly growing in value as the years pass by. Lots of collectors will begin with a very small selection of collectables but this will increase over time. As you build your collection it quickly becomes more valuable so ensuring that you have the right level of cover is crucial.

It is recommended that you start insuring your collectables as soon as you start collecting and then each year when it’s due for renewal, make some adjustments to your policy if you have added to your collection.

When you start collecting it is important to understand the value of the items that you have. The best way that you can do this is to have them valued. The valuation should be carried out by a specialist in the industry such as an antique dealer who offers a valuation service.

  • Specialist cover is always recommended for valuable collections. There are certain steps that you can take to ensure that your collection is sufficiently covered:
  • Claim Limits – Some policies may have caps on the amount that you can claim. This is why it is so important to have your items valued so the items fall under the allocated amount.
  • Ownership – You will need to prove ownership of the items in the event of a claim. It is always advisable to photograph each of our items and record the date the photograph was taken.
  • Conventions – If you take your items to a convention or an exhibition you will need to let your insurer know because you may need to include cover for items taken away from home.
  • Replacement or Purchase – An item that you bought may have been purchased very cheaply but the value to replace them would be considerable. Always calculate the cost of replacement rather than what they cost you to buy
  • Clauses – Some insurance policies may include clauses that will replace your collectable item with a reproduction as a replacement rather than giving you the actual cost of the item. A policy that includes this type of clause should be avoided.
  • Claims – A collector should be very clear on the circumstances in which they can make a claim. Certain situations may not be covered.

Insuring your valuable collections does require research. Carefully review the policy to ensure that it doesn’t include any onerous clauses and that the value of your items is sufficiently covered by the policy.