Whether you're a stamp collector, have a passion for handbags, or have a record collection to rival your local music shop, it's worth knowing how to protect them.
Home insurance for collectors can cover your possessions against loss, theft or damage. Let's go through whether it's a worthwhile investment for your collection.
What is collectors' insurance?
Collectors' insurance, sometimes known as collections or collectibles insurance, covers the items in your collection from unforeseen circumstances. This might be loss, theft or damage.
A standard home insurance policy can give you some protection for items, but this might not be enough if your collection is expensive.
High value contents insurance and collectors' insurance both offer specialised coverage for valuable possessions, but they differ in scope.
High value contents insurance focuses on insuring the contents of a home (including valuable items) beyond standard policy limits. But collectors' insurance is specifically tailored for collections, and often needs itemised lists. It can also offer cover for unique risks associated with collecting.
Do I need insurance for my collection?
It's not a legal requirement, but is it worth it? Let's unpack the advantages.
If you're a collector, you'll know how much time, effort and money it takes to build up the items in your collection. Your collection might even be increasing in value, so it makes sense to cover your back.
So, if items in your collection got stolen or damaged, insurance can offer a financial safety net for repairs and replacements.
How do I insure my collection?
If you've decided that insurance is worthwhile, let's go through your next steps:
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Take photographs of your collection and find the estimated value of each item.
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Calculate the overall value.
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When looking at policies - new or existing - check the cover limits to ensure that it's enough.
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Any high-value items may need to be listed separately, usually anything worth £1,500 or more.
Collectors' insurance can be part of high-value items insurance.
How can I calculate the value of my collection?
When calculating the value of your collection, you'll want to be accurate. Our contents calculator can help you work out the cost.
You'll want to dig out the receipts or previous valuations of everything in your collection and pop it into the calculator. In just a few cicks, we'll help you work out how much cover you might need.
What should I do if the valuation of my collection changes?
It's important to regularly revalue your collection to ensure the level of cover is still appropriate. You'll want to do this when adding a new item, removing an item, or when items increase or decrease in value.
Contact your insurer so they can adjust cover levels if necessary.
What does collectors insurance cover?
Collectors' insurance can cover a variety of mishaps and unforeseen circumstances, like:
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Loss
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Damage from fire, flood, storms, or even vandalism
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Theft
Policy add-ons can also include cover for accidental damage - a great idea if you're known for being a little clumsy.
Are my collectibles covered away from home?
Home insurance typically doesn't include cover when taking things out of the home. You might need personal possessions cover for this, which is an add-on for contents insurance.
Personal possessions insurance covers you for loss, theft or damage outside of the home.
Some insure your items abroad up to a certain number of days, too. Usually up to 30 or 60 days.
Is my home insurance enough to protect my collectibles?
Many home insurance policies will cover your collectibles, but always check the cover limits.
Your home insurance sets out an overall sum insured limit on the contents in your home. If your collection takes the total sum above this limit, you won't have enough cover.
It also sets out single item limits, so you'll need to check that the items in your collection fall within this limit. Single item limits can are often between £1,000 and £2,000.
Some collectibles are classed as 'valuable items'. You might need to list these separately as high value items on your policy. You could consider a specialist collectors' policy or high value home insurance if you don't think standard home insurance is going to cut it.
What kinds of collections can be insured?
Most types of collections can be insured. So whatever your niche, you should be able to find the right policy for your items.
Here are some of the most popular collections:
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Stamps
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Coins
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Records
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Instruments
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Antiques
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Comic books
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Art
But don't worry if your obsession isn't listed, there are a variety of collections that you can insure. If in doubt, ask your insurer.
How much does collection insurance cost?
The price depends on the value of the contents you're insuring and the level of cover you want. You'll also want to factor in any optional extras.
How do I choose the right insurance for my collection?
Depending on the provider, there are different options for high value policies:
Depreciation in value cover
This is when an item in your collection is damaged and can't be repaired, or the repairs will result in a loss of value. If this happens, your insurer should pay out.
Pairs and matching set insurance
It takes 2 to tango. Some items lose value if 1 of a pair gets damaged, so this type of insurance can pay out if this happens.
New acquisition cover
This gives you a percentage increase on your sum insured (the total value of your contents) when you add something new to your collection. You'll need to tell your insurer about the new addition within a set number of days.
Temporary location cover
Is your collection going on tour? Or maybe they've got a spot on the Antiques Roadshow!
This type of cover comes in handy when you're transporting your collectibles from one location to another. It also covers items when they're on display at an exhibition.
Agreed value cover
This is when you agree on the value of your collection from the start. This can protect future claims from fluctuations in the market value.
Defective title indemnity (DTI) insurance
If someone tries to claim that an item or items you bought belong to them, this cover can reimburse you for the amount you originally paid.
Emergency evacuation cover
If an unforeseen crisis happens, like a fire or flood, this covers the cost of moving your collection to a safe location.
Legal expenses cover
This covers any legal advice or services you might need if there are legal disputes involving your collection. This could be around buying, selling or contested ownership.
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