Collectors reminded to update policies

Posted : 22-02-2005

A tendency to build up collections is leading to British homes being underinsured, a new report has found.

A survey by Churchill Home Insurance found that the UK's private collection, of CDs, books, figurines and other collectable items, tops £34 million.

Three quarters of people have collections of some kind, the survey found, with the average college worth in excess of £2,000. Consumers are thus being reminded to ensure that their insurance is up-to-date and includes all relevant items.

"Collecting and trading of belongings is clearly a favourite of the nation with millions of pounds worth, being collected every day," Martin Scott, Churchill's head of home insurance told Myfinances.co.uk.

"The value of our home contents creeps up with every purchase."

This message echoes advice issued last week by Abbey, which found that not only are consumers leaving themselves open to loss by failing to update their cover policies, but that 3.4 million UK households have no home contents insurance at all.

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