Consumers Urged To Protect Cultural Possessions

It is important that Brits take out adequate protection for their prized possessions, it has been reported.

According to Halifax Home Insurance, despite the fact many people across the country may have valuable pieces of art, comic books, collectable items or antiques they may not be giving enough thought to how much money they are worth. As such, it was reported that consumers regularly have such possessions valued, certified and adequately insured.

The financial services firms comments come after it was recently revealed that 56 works of art by Damien Hirst sold at a Sothebys auction for 70.5 million pounds.

For those looking for an effective way in which to purchase the latest antique, work of art or other collectable taking out a personal loan could be advisable.

Although the cultural artefacts that the ordinary Brit possesses may be not as high in value as the Hirst pieces, the firm points out that it should be no excuse not to get comprehensive insurance. Indeed, those consumers who find that they do not have sufficient cover may have to dip into their own pockets in order to meet the cost of replacing or repairing such items, which in turn could pressurise their capacity to handle other spending commitments such as loans and credit cards.

Martyn Foulds, senior claims manager for Halifax, said: “Although in many cases collectables are irreplaceable, most people would at least want to recover any financial loss in the event of them being stolen or damaged. Wed recommend anyone who has a potentially valuable collection to get it valued by an expert regularly and ensure they obtain a dated copy of the valuation certificate.”

In an attempt to preserve their collection, consumers were advised to make sure items such as antiques and paintings are kept in a secure place which will not suffer from damp “or anything else that might cause damage”. The financial services firm also recommended the keeping of collectables in a lockable cabinet to offset the threat of criminals. Meanwhile, taking photos of items was put forward as - should consumers need to make a claim - it can help insurance providers to process their application more easily, with telling such suppliers about any particularly high-value products also advised.

Pointing out the need to make sure they get their items valued on a regular basis and as such a comprehensive insurance policy, Halifax stated that for those who have their home contents insured for 30,000 pounds when in fact their possessions are really worth 40,000 pounds - a difference of 25 per cent - could find that their ability to make a successful claim is reduced. This could see consumers making a claim for 6,000 pounds ending up only receiving 4,500 pounds.

Whether buying a limited edition Spider-Man comic or a Banksy original, consumers looking for an effective way in which to purchase a cultural artefact might want to take out a loan. The financial assistance offered by a loan could also help borrowers to purchase comprehensive insurance to protect their possessions. Meanwhile, research carried out by Axa earlier this month revealed that, in a bid to help manage their money through the current financial climate, one in 14 Britons were shown to have lied to insurance providers in a bid to keep their premiums down.

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