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Valuable collections – are yours covered?

Valuable collections – are yours covered?

Many people collect all sorts of random things; from biscuit tins to teddy bears. But, without the right home insurance in place, collectors risk losing the lot without any financial compensation.

Toys become treasure: Star Wars memorabilia

There are many examples where, over the years, what might have once been considered junk or silly ephemera becomes worth a lot of money.

A good example would be memorabilia from the Star Wars series of films. Back in 1980, when the The Empire Strikes Back came out, a model of the character Boba Fett cost £1.50.

However, the same item, in pristine condition and an unopened box, recently sold at auction for £18,000.

And an original Lego version of the Millennium Falcon, the iconic spacecraft flown by Han Solo, now fetches around £5,000.

Collectible Furbies

Collectible items don’t even have to be that old.

Some original Furbies, the somewhat owl-like, ‘friendly’ robotic toys from the late 1990s, for example, fetch £400 each.

Is your collection covered?

Rules regarding collectible items in home cover policies mean that collectors are taking quite a gamble if they don’t have the right type of cover in place.

Take maximum claim amounts, for example. Most insurers only allow you to make claims up to a clearly specified amount for individual items or sets of items (e.g. rare coins or records).

As this can often be as little as £1000, you’d only need to own a few Furbies and you could exceed the claim limit on your home insurance!

How to ensure a collection is covered

  • Check claim limits – Check what your policy claim limits are with insurers.
  • Proving ownership – Keep clear inventories and all receipts. It’s also a good idea to take time-stamped pictures of collections.
  • Rallies and conventions – Many collectors show items at rallies and conventions. This needs to be flagged up to an insurer as ‘away from home’ insurance might need to be added to a policy.
  • Replacement value versus purchase value – Items in collections may have cost very little, but their replacement value is based on what they’re worth today, not what was paid for them.
  • Policy clauses – Policy small print needs to be looked at carefully. Any policies that offer modern reproduction replacements for collectible items should, preferably, be avoided.
  • Claim circumstances – Collectors need to fully understand what claim situations they can and can’t claim for, such as damage while travelling, for example.

Policy Expert

Here at Policy Expert, our dedicated customer service team is always on hand to help – either online or over the phone. Whether you want assistance in finding the right policy or even handling a claim, we make sure it’s all handled by experts. For more information, you can call our experts on 0330 0600 600 or visit for more ways to reach us.


Published 20 Jan 2017