Insuring collections and memorabilia

Do you collect sports memorabilia, stamps, coins, rare books, comics, antique dolls, autographs or the like? If so, you may be wondering what the best way is to insure your collection, since a normal household contents policy is unlikely to cover it.

The standard home insurance contents policy may well put a limit on your collection in terms of a percentage of the value of your personal possessions, an upper limit on valuables in general, or only pay out the cash value rather than the replacement value. All in all, it is not the best product for the job.

If you have made a major investment, as some collectors have, in terms of both time and money, you would be well advised to seek specialist advice. Wardrop and Company in London, for instance, have been insuring stamp collections since the 1920's but also insure other collectibles. The premium is based on an amount per thousand pounds in value and will vary according to whether or not your collection is kept at home, or in the bank, or a mixture of the two.

As far as valuing your collection for insurance purposes is concerned, the internet is a good starting point, although you may wish to take professional advice from an expert in whatever field you collect. Insurance cannot provide cover for sentimental value and collectors should avoid over-valuing.

It is essential to keep all receipts and it may help expedite a claim if you have an inventory plus photographs and/or video footage of your collection.

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