Friday, June 19, 2009
Category:
Personal Finance Tips
According to Halifax Home Insurance, 78 percent of homeowners would prefer to keep their collectables rather than selling them at a profit.
However, Halifax is alerting individuals to the fact that these could be lost without adequate insurance cover.
In terms of the items possessed, 67 percent of the 2,000 householders surveyed revealed that they own potentially valuable collections such as antiques, artwork, stamps and comics. Of these, 47 percent claimed to be unaware of their value. In addition, one in ten admitted to not having home contents insurance for damage, theft or loss. Among 38 percent, there appeared to be a common assumption that valuables are covered, although insurance policy details are not fully known. Where valuations are concerned, three quarters of respondents have never had their belongings expertly valued.
David Rochester, Head of underwriting for Halifax Home Insurance, commented: "Although in many cases collectables are unique and irreplaceable, most people would at least want to recoup any financial loss in the event of them being stolen or damaged. We'd recommend anyone who has a potentially valuable collection to get it valued by an expert every two years and ensure they obtain a dated copy of the valuation certificate."
The results of the research uncovered that approximately one third of those polled view their valuables as family heirlooms, to be passed down to the next generation or alternative relatives. A further 19 percent are retaining such belongings in the hope that they will one day be worth more. In contrast, 22 percent said that they would like to sell up so as to make some money, or to reduce household clutter.
With regard to buying and selling goods, online auction sites were found to be the most popular method. In fact, 47 percent stated this to be their favoured route. In comparison, car boot sales were cited by 26 percent and auction houses by 13 percent. It would seem that one in ten people are looking to increase the size of their collections in a bid to increase their value, and 10 percent are keen to purchase missing items.
In order to look after valuables, Halifax Home Insurance has offered the following advice: have such belongings valued on a regular basis; inform the insurer about any items that are particularly expensive; retain valuation certificates, receipts and photographs for potential claims in the future; store the possessions in a safe and secure location, ensuring that they are not available for all to see – locked away if possible.
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Homeowners that are running out of space for all of their valuables, but do not wish to part with any of them, could consider extending their property to increase their current living space. Where the funds are not at hand for such a large scale project, a
secured loan could be considered to facilitate the work. One of many options available, a secured loan could pave the way to a larger property. This could be achieved by means of a full-scale extension, the addition of a conservatory, or both if desired. Further home improvements could even be carried out at the same time for a complete transformation.
