'Protect collectibles with home insurance'

Posted : 09-08-2007

Those who enjoy collecting items in the hope of making a profit are being advised to check their home contents insurance to make certain the valuables are covered.

According to Direct Line, some £2.5 billion has been spent in the past five years by people aged over 50 on memorabilia and antiques, with many attempting to provide a nest egg for their retirement.

Out of circulation money and royal memorabilia topped the poll of most popular collectibles, with one-tenth of respondents saying they believed spending money on this type of investment was more worthwhile than the stock market.

However, Direct Line spokesperson Andrew Lowe said that while alternative investments such as antiques were becoming an increasing trend, it is vital to make sure these assets are covered by a home contents insurance policy.

"It is vital that people keep home contents insurance up to date or they run the risk of seeing their assets vanish should disaster strike," he remarked.

In related news, this month saw research group Defaqto remind homeowners to check the small print of their household cover carefully to see what is insured should flood damage occur.


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