Cash in the attic?

From art and antiques to comics and collectables, many people hoard away their prized possessions in their homes, often giving little thought to their total value. But, warns Halifax, many may need to get their collections valued, certified and insured to make sure they are protected against future loss or damage.

Senior claims manager Martyn Foulds 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. We'd 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."

Halifax Home Insurance offers unlimited cover for both buildings and contents, so homeowners can be confident they will never be underinsured. Customers are advised to tell them about any single high risk items worth over £1,500 so they can be listed on the policy, and also keep a dated valuation certificate or purchase receipt so they can prove the item's worth should they need to make a claim.

Collectors with sum insured home insurance policies need to be aware that their insurers may apply averaging to any claim made, which means that if they have underestimated the value of their home contents, they may only receive a percentage of the value of their valuables equal to that which they have insured should they try to claim.

For example, if a home's contents are insured for £30,000 but are really worth £40,000, when a person claims they may find the value of the claim is reduced in line with the amount that they are underinsured by - in this case 25% - therefore if their claim was for £6,000 they would only receive £4,500.

Martyn Foulds says: "As many people find it difficult to know exactly what their home contents are worth, Halifax does not apply this system of averaging and instead offers unlimited home contents cover. As long as customers keep us informed of any single high value items over £1,500, they can be confident their collections will be covered."

To take care of collectables, Halifax offers the following tips:

Ensure collectables such as art, antiques and comic books are stored in a safe secure place and away from damp or anything else that might cause damage

Avoid displaying valuable collections in conspicuous places such as on living room windowsills as this can be an advertisement to opportunist burglars

If possible keep valuable collections in a safe or lockable cabinet in order to deter thieves

Make sure you tell your insurer about any items of particularly high value, and keep any valuation certificates or receipts in case you need to make a claim in future.

Take photographs of your collectable items as these can also help insurers to process your claim more easily.