Private Collections

Typically, a home insurance policy does not provide cover for private collection. Items included as private collections include, jewellery, fine art, watches, wine, carpet and much more. Should your home get damaged by fire, water leaks or natural disasters and these valuable items are damaged, your private collections insurance will be highly important as it will complement your home insurance seamlessly.

The essence of a private collection policy is to provide coverage for any items that is deemed too expensive to be insured in a standard house insurance policy. Typically, with private collections insurance, if the item can be collected, it can be insured with competent protection. Should a claim happen, unlike home insurance where reimbursement is made at cash value, private collections typically pays the actual value.

Private collectors often collect due to an emotional connection of items, a desire to preserve collections for future generations or for financial gain. Evidently, these items provide deep meaning as the whole process of collecting takes a considerable amount of time and effort. Thus, should any of these items get damaged, an insurmountable amount of regret will undoubtedly kick in. Ultimately, if you care about your collections, private collections insurance will give you the peace of mind you need.

There are various reasons private collectors hold these items so dear to their heart including, emotional connection, a desire to preserve for future generations or for financial gain.

If you own a collection with a value that exceeds your home insurance coverage, then private collection insurance will come in handy for you. There is a lot of pride that comes with creatively and passioniately displaying a lifetime of prized possessions that is highly treasured in one's household, and if you associate with this sentiment, then it is highly recommended to take the neccessary precautions before it is is too late.

The main factor influencing the premium is the valuation of the collectibles. Generally, a sales receipt or an appraisal is required to determine each item’s value, and thus affects the cost of the policy. However, there are further details that can affect premium such as the location that it is stored, its risk management, coverage limit and type of collection.

At CHAZ, we will provide all the neccessary steps in order to prevent any misunderstandings should a claim happen. With private collections, an emphasis is placed on the valuation of each items and we not only advocate keeping documents, but also photos of all items. Further recommendations and advice can be found by contacting us.

The content provided is for informational and educational purposes only. The coverage written may change without notice and may not be applicable to all situations and policies. Terms, conditions and qualifications are also subject to circumstance, supplementary material and underwriting. CHAZ Insurance Brokers Ltd. is not liable for any discrepencies should there be any. For more information, please contact us via the enquiry form below.