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Home insurance provider points to collector craze among young professionals

12/03/07

Thousands of young professionals are defying age stereotypes by scouring antiques markets for under-valued gems, according to research from a home insurance provider.
 
Figures from home insurance specialist Zurich indicate that 50 per cent of young adults describe themselves as a collector, either of first-edition books and comics (12 per cent), paintings (11 per cent), vinyl records (ten per cent), or a host of other items.
 
And it also appears that people are not merely collecting because they want to have their favourite records and books close at hand.
 
Some 24 per cent of men and 17 per cent of women admit that their only reason for collecting is to watch their purchases appreciate in value over time before selling them on at a profit.
 
"It seems that old valuables are the new investments for modern professionals these days," commented Martin Hall, head of personal lines underwriting at the home insurance company.
 
However, the study also indicated that 40 per cent of collectors have failed to tell home insurance companies about the value of their collection.
 
When pressed as to why they have not contacted their home insurance broker, 28 per cent confessed that they want to arrange home contents insurance protection but have simply not got around to it.
 
"We would advise anyone with a collection of valuable items in their home to keep their insurance company or broker up to speed to make sure they're covered in the event of accident, loss or theft," Mr Hall remarked.
 
Typically, home insurance cover is cheaper if an area is deemed to have a low burglary rate.
 
Consequently, homeowners with extremely costly collections who are concerned about the cost of their home contents insurance policy may wish to consider moving valuables to a safer location.
 
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