Consumers hold onto valuables despite downturn | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Tim Leonard

Tim Leonard

Finance Expert
Published: 22/05/2009

Despite their potentially lucrative value, Britons are holding onto their valuable collections such as coins, stamps and artwork.

Over three quarters of homeowners are hanging onto their prized possessions, despite the economic downturn, according to Halifax.

However, collectors have been warned they are putting their valuable at risks by not having them properly valued or insured. Almost half of people don't know what their treasured items are worth, while one in ten has no home contents insurance to protect their goods.

Figures also show that three quarters of people have never had their antiques or collectables valued by an expert.

A further 38 per cent of people polled assume their valuables are covered but have little idea what their actual policy details are.

Head of underwriting at the lender, David Rochester, said that while in many cases collectables are seen as unique and irreplaceable, consumers are usually keen to recoup any financial loss in the event of them being damaged or stolen.

He also recommended that anybody with a valuable collection should have them valued by an expert every two years.

Consumers can compare home insurance quotes at Moneyfacts.co.uk today.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

white and grey abstract pattern

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy