Over 50s could be underinsuring belongings

Although more than half of over 50s have some sort of a collection, 68% could be underestimating the value of it and could therefore be underinsuring their belongings, according to research by Saga Home Insurance.
 
More than 10,000 over 50s were asked to value a range of items, such as; furniture, jewellery rock and sports memorabilia. On average, the over 50s underestimated four out of the seven items and overestimated the price of two of the items. In fact, on average, the over 50s could only correctly value one of the items.
 
The most common things the over 50s collect are music (24%), books (23%) and pictures or prints (11%). When it comes to playing the valuation game, 83% underestimated the value of a Beatles publicity card. They fared better when it came to silver items, with a quarter giving a correct value.
 
It appears that even collectors could be unsure about the value of some of their items, as only a fifth of over 50s who collect wine could identify the correct price for a 1967 Chateau d’Yquem, which is valued between £1,000 and £2,000.
 
Those with the collecting bug are prone to multiple collections: as a third of over 50s say they collect two or more things. Men seem the most likely to have multiple collections (men 35%, women 30%).
 
Perhaps trawling round Portobello and Camden market have made Londoners keen collectors, as three fifths say they collect something; whether its records, books or prints. However, people living in the North East and Yorkshire and the Humber are the least likely to have collections in their home (50%).
 
Roger Ramsden, chief executive, Saga Services, commented: “Whilst few will have that undiscovered masterpiece, it is wise to have your collections valued regularly so that if the worst happens, then your insurance can help cover the cost of replacing your treasures.”
 
Saga offers, Tailormade Home Insurance, geared at protecting those over 50 who may have high-end items in their home. The cover offers more than £90,000 for contents and £1,000,000 for buildings and also includes worldwide cover for contents and accidental damage cover as standard.