Heirlooms 'lack adequate insurance'

Posted : 21-03-2005

A host of insurers have added to calls for consumers to update their home insurance policies to ensure that all valuable items are covered.

A survey by Sainsbury's Bank found that while 51 per cent of consumers admitted that the value of their home contents has increased over the past 12 months, they have not altered their policy.

Direct Line has also found that while four in ten people have inherited heirlooms, 60 per cent of this group do not have adequate insurance, This Is Money reports.

According to Direct Line the average heirloom is worth almost £3,000, while almost one in five are estimated to be worth £10,000.

"Jewellery, furniture and antiques are among the most popular bequests, but books, records and wine collections are becoming increasingly popular. With any unusual or valuable gift, it is often hard to work out how much it is worth without getting the help of an expert," said Direct Line spokesperson Simon Ziviani.

"As a result, many homeowners underestimate or simply don't bother to value the heirlooms. Consequently, they are leaving their valuable items at risk."

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