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Keen collector? Make sure you have the correct cover in place with our handy guide.
Collectors’ insurance is a specialist product which helps protect your collections in case anything should happen to them.
Collections often build in value over time, and insurance can help to cover the monetary value of your collection, in case items are lost, damaged or stolen.
It may also give you peace of mind that you could replace any items, or even the whole collection, should something happen to them.
Collectors’ insurance protects the value of your collections against theft, damage and loss. You can buy collectors’ insurance for all sorts of collectables, including:
You can choose to insure your collection on your regular home insurance contents policy, or by taking out a specialist collectors’ policy.
You’ll need an estimate of the total value of your collectables for both the home insurance and the specialist collectables insurance policies. This sum should reflect how much it would cost to replace your entire collection in case it’s damaged or lost as a result of accidental damage, fire, flooding or other events.
Your home insurance policy can help to cover the cost of repairing or replacing items in your collection if they’re damaged by:
If no individual item is worth more than £1,000, you’ll only need to include the entire estimated value of the collection in the total contents value for the house.
However, if a single piece in your collection is worth over £1,000, insurers consider it a high-value item. You’ll therefore need to add it to your home insurance policy separately to ensure it’s covered.
You will have the option to insure any of your items outside your home by taking out ‘personal possessions/belongings cover’, to help protect them against damage and loss when you take them to exhibitions and outings.
You will normally need to add accidental damage cover to your home insurance policy if you require this level of cover.
A specialist collector’s insurance policy can offer the same protection against fire, flood, malicious damage and other events. Some collectables insurers will offer accidental damage cover as part of their standard policy.
Collectors’ insurance can also cover specific risks to your particular collectables, including temporary location cover for exhibitions or emergency evacuation of the collection where needed. This might involve an additional cost, or come as part of an ‘all risks’ policy.
Your policy will generally cover the total value of your collection, rather than listing items individually (unless the insurer thinks they have a particularly high value).
Agreed-value cover: Specialist collectables insurers can cover the cost of replacing your whole collection – with no minimum or maximum – if it’s damaged, but there may be a limit to how many items you can insure as part of your collection
Depreciation cover: If anything happens to your collectables and they either can’t be repaired, or their value has depreciated after repair, a collector’s insurance policy can help you recover the lost value
Defective title cover: Defective title cover or defective title indemnity insurance (DTI) can cover the cost of your collectables in case somebody claims that the item rightfully belongs to them
Temporary location cover: Protects your collection if you take it outside your home to any shows or exhibitions, and can include worldwide cover
Emergency evacuation cover: In case you need to move your collection because of a home emergency
Legal expenses: Collectables insurance can cover the cost of any legal disputes when you come to buy or sell items, for example
There are a few things you’ll need to keep in mind with a home insurance policy or collectables policy:
You can compare collectors’ home insurance policies using MoneySuperMarket. Include the value of your collection in your home contents policy total estimated value, and add any individual items in your collection that are worth over £1,000 separately.
You can also add ‘personal possessions’ to help keep your high-value collection protected outside your home. You may need to include accidental damage cover as an add-on to help make sure your collection is protected.
If you’d prefer to take out an insurance policy that’s specifically designed for collections, there are non-standard home insurers who can offer you a specialist collectables policy.
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