Dollhouse enthusiasts and Specialist Insurance
Miniature collectibles isn’t just a hobby for children. Whilst it is possible to pay only a few pounds for items, at the other end of the scale, the time and craftsmanship that goes into making some pieces of miniature furniture means that the cost is beyond most children.
This is where dollhouses and miniature collections become something for adults. Each piece of furniture, especially if it is an antique can be very expensive. Collections can run into the tens of thousands and can be a lucrative as well as a rewarding hobby.
The majority of collections will be kept in the home, however very few collectors give much thought as to how they stand in respect of Insurance.
As a collector you would be devastated if your prized dollshouse and contents were destroyed by flood or fire, or even stolen.
Most people can be forgiven for thinking that a collection would be automatically covered under home insurance, but this is not necessarily the case.
Under the contents section, some insurance policies will exclude collections (unless they are specifically listed) or class them as valuables.
If they are classed as valuables, some policies will restrict how much you are covered for and if you have other valuable items, this could end up being too much for a standard contents policy.
Home Insurance is not really designed to cover specialist collections for a number of reasons.
1. Where is the collection kept. Is it a secure location and does the property need to be alarmed?
2. In the event of a claim, how would a home insurance policy settle the claim? How is the value of a collection calculated. Although most policies are new for old, it maybe that the collection cannot be replaced easily and you are left arguing over a cash settlement, which is normally a lot less than the true value
3. If only one piece is damaged, the excess under the home insurance policy may be greater than the one piece.
If your collection of period miniature furniture, is really of value, you should seriously consider a specialist collectors insurance policy, like the one from collectandprotect
There are a number of major differences
1. The collection will be insured for items specifically listed and at a value agreed by the Underwriters. In the event that a piece is partially damaged, the settlement would be for the expense of restoration plus any depreciation (not exceeding the amount agreed by the underwriter)
2. Unlike a home insurance policy which has a pairs and sets clause, this is removed under a specialist collectors policy
3. Automatic cover for additional items purchased, for up to sixty days
4. Cover for items temporarily removed from the home (to an exhibition for example)
5. Excess as low as £25
6. All risks cover including physical loss or damage
7. Fair market value as the basis of settlement
8. Travel Insurance cover is also possible to organise. Get the best travel insurance deals at thatsinsurance
Insurance can be a complex subject and not everyone is knowledgeable on the subject. If you don’t understand Insurance or Insurance terminology, I recommend visiting thats insurance first before you rush out and purchase an insurance policy that you don’t really understand and that might not be suitable.