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Collectors 'failing to tell insurers'

Many people who collect valuable items are failing to change their home insurance policies accordingly, new figures have revealed.

Research by Zurich found that young professionals are increasingly collecting items such as first edition books, paintings, stamps and vinyl records, some of which are of financial worth.

However, the study showed that four out of ten have not informed their home insurance provider of the value of these items, while many do not consider it necessary.

Martin Hall, head of personal lines underwriting at Zurich, said: "We would advise anyone with a collection of valuable items in their home to keep their insurance company or broker up to speed to make sure they're covered in the event of accident, loss or theft."

While many were found to be genuinely interested in the items, one in six collectors were found to do so purely to allow the items to increase in value.

This was compared by some to making traditional investments such as stocks and shares.

Last month, Prudential warned that although one in four Britons now own clothes and accessories worth more than £2,000, many are failing to insure these items.

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12/03/2007 15:31:15

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