Your hobby collections maybe worth more than you think

Despite the economic downturn, research from Halifax Home Insurance shows over three quarters (78%) of homeowners want to hold on to their valuable collections such as stamps, coins and artwork rather than reap the profits, but Halifax warns they are risking losing their valuables if they don't insure them properly.

Almost half don't know what their valuables are worth

One in ten have no home contents insurance to protect valuables

Three quarters have never had their antiques or collectables valued by an expert

In a poll of 2000 householders for Halifax Home Insurance, two thirds (67%) said they had potentially valuable collections in the home ranging from antiques and artwork to stamps, comics and memorabilia. Almost half (47%) admit they don't know what their collections are worth, and one in ten have no home contents insurance to protect against damage, theft or loss. A further 38% assume their valuables are covered, but admit they do not really know the policy details. Some three quarters of those polled have never had their items valued by an expert.

Head of underwriting for Halifax Home Insurance, David Rochester says: "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 research found around a third of respondents consider their collections to be family heirlooms and want to pass them on to their children or other relatives, and almost one in five (19%) are holding on to them in the hope that they will increase further in value. Almost a quarter of those surveyed (22%) said they'd like to sell their valuable collections, either to make a profit or to de-clutter the home.

By far the most popular place to buy and sell items is online auction sites, with 47% favouring this above car boot sales (26%) and auction houses (13%). One in ten people are keen to add to their collections to increase the value of them, and a further ten per cent want to track down items that are missing from their collections.

Regionally, those in Scotland were most likely to favour collections of books, comics and annuals (43%), while in London almost a fifth (19%) of respondents collect memorabilia relating to old favourites such as The Beatles and Elvis, and West Midlanders favour valuable china such as Royal Doulton or Wedgewood (21%).

To take care of collectables, Halifax Home Insurance offers the following advice:

Collections can be worth far more than people realise, so ensure they are valued regularly

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.

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

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

David Rochester concludes: "As many people find it difficult to estimate the total value of their home contents, Halifax 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 and valuables will be covered."

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 their insurer about any single high value 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.

For more information, visit halifax.co.uk