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Homeowners must insure forgotten valuables

07/11/05

Homeowners need to value the goods they stash in their attic or they could stand to lose out if they need to claim for them, a leading insurer says.
 
Saga Home Insurance says people with old and potentially valuable items need to check the single item limit on their home insurance policies. Most insurers offer cover of between £1,000 and £2,500 per item. Anything exceeding the limit is only covered if it is listed separately on the policy.
 
Many people do not even realise they own collectable items such as decorative arts from the 1950s, 60s or 70s and pop art or classic film posters.
 
Now, a 1967 film poster advertising Don't Look Back starring Bob Dylan and Joan Baez can fetch up to £550 whilst Thunderbirds memorabilia can be worth between £600 and £800.
 
Saga recommends that homeowners get old items valued regularly and then if possible, mark them with a postcode and the number of the flat or house to ensure that they can be easily identified and returned if stolen.
 
Colour photographs should be taken of jewellery, antiques or any other item which would lose its value if given an identifying mark. Particular attention paid to maker's marks, initials or crests. Measurements and details of any scratches, chips or dents should also be included.
 
Andrew Goodsell, chief executive of Saga, said: "Often the most unexpected items turn out to be valuable. If your possessions are undervalued, you could find that you receive only a fraction of their worth in the event of theft or damage."