What to consider when insuring your collection

Posted by: Moneysupermarket in Member Blogs

From Dinky toys to old school video games, there's a collector for everything, with many spending large amounts of money on rare and one-of-a-kind items.

Whatever you have a collection of, be it model planes, toy cars or retro video games, such collections increase in value as they increase in size, and some will have extremely rare items within them.

So what can you do to ensure that your prized collectibles are sufficiently covered in the event of damage due to fire, floods and accidental damage? Here are a few helpful hints about securing your collection against your home insurance policy:

  • Keep an updated account of your collection at all times. Make a list of the items in your collection, including the value of the piece, when you bought it, the estimated value and an accompanying photograph.

    This sort of information will come in very handy should you need to make a claim, so try and keep as much information about your pieces as you can.

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  • Try and keep receipts of purchases - whilst this might not always be possible at events such as toy fairs, online purchases - either through specialist collectors' sites or on auction sites are easier to keep records of.

    It is essential that you keep a printout of your proof of purchase in the event of a claim.

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  • After working out the value of your collection, talk to your existing home insurance provider to find out how much you can secure against your contents insurance - this will vary in price depending on which insurer you are with.

    Some collections may require specialist insurance to help protect their value; it's worth researching a number of specialist insurance companies as well as regular home insurance providers to help you find a deal that's right for you and your collection.

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  • Keep an eye on the value of your pieces

    By keeping a regular check as to the value of your collectibles you can get more of an idea as to how much more they would cost to insure, and may result in you having to increase your premium in order to accommodate for the change in value.

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  • Ensure your collection is secure

    By ensuring that your collectibles are safely stored in order to avoid damage - whether it be using secure boxes, fireproof filing cabinets or in secure cabinets, taking steps to protect your collectibles will not only put your mind at ease but may help to bring down the cost of securing them against your home insurance.

Tags: Vehicles, Figures and Toy Soldiers, Props Costumes and Weapons, Robots, Tin Toys, Trains

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