Do You Know How Much Your Valuables Are Worth?
For many people, collecting is a hobby that stays with them for life. Whether it’s old paintings, classic toys from your childhood or antiques that are hundreds of years old, it’s important to make sure you know the true value of your collection.
Many people assume their home insurance will cover all their valuables, but this isn’t necessarily the case. That’s why it’s worthwhile to spend some time going over everything you own and making a note of its estimated value; you can then ensure you have the right amount of insurance for your needs.
When it comes to specialised collections, an idea of a particular item’s value may be gleaned from researching it online. This is certainly a cheaper method than hiring a valuer to check out your collection, but the results may not be as accurate. Sometimes it’s worth paying the money to get an expert opinion.
Don’t overlook items which are broken or damaged in some way, as they can still have a significant value. Generally speaking, the older or rarer the item is, the more likely it is this will apply.
Make a list of each item and note down its value in order to check whether your home contents insurance will cover you in the event of loss or damage. If you have items that are particularly valuable it may be wise to insure them separately.
Another aspect of collecting that many people overlook is the need to update any valuations on a regular basis. The value of any item can fluctuate greatly over time, and the level of insurance that is suitable at the moment may be inadequate in a year or two from now. If you have a real interest in your particular area of collecting, join a couple of internet forums to keep up to date with the latest items bought and sold. This should alert you to any significant change in the value of your own collection.
When you insure your collection, it’s worth remembering that you aren’t just insuring it against the threat of burglary. Any number of mishaps or accidents can happen in the home that can damage your items.
Fortunately there are some things you can do to make sure you are giving your prized items the protection they deserve on a daily basis. Lockable display cabinets are a good idea for breakables – especially if you have young children – and they can also keep fragile or old items safely away from curious hands. Books and ephemera should be kept somewhere dry and away from direct sunlight.
However well insured you are, it is no substitute for taking care of your valuables and doing all you can to protect them from coming to harm.
Elisha Burberry is an online, freelance journalist and keen traveller and watersports enthusiast. Originally from Scotland, she now resides in London.
