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Insurance advice for UK hoarders of Prec Metals, Art, Antiques etc


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OK Folks

 

If any of you have invested in - Precious Metals, Art, Antiques, collectibles etc - then consider this

 

- A typical UK Home Contents Insurance policy will contain either a "high risk items" or "valuables" limit restriction.

 

A valuables restriction will read something like this: – any articles of gold, silver or other precious metal, jewellery, watches, furs, pictures or other works of art, collections of stamps or coins.

 

A high risk items limit will be more extensive and you might need to do some adding up to make sure you comply , ie Televisions, personal computers, laptops, audio (including digital players) and video equipment, DVD equipment, photographic equipment, jewellery and items made from precious metals, watches, clocks, furs, works of art, sets or collectables/collections including but not limited to stamp, medal and coin collections, telescopes, microscopes and musical instruments.

- Thats taken from Halifax Direct's policy, nothing to do with me!

 

A valuables/high risk items limit might be from £5,000 to £30,000 - thats in TOTAL - more if you have a good policy. Dont be fooled by policies which offer a seemingly very high total contents sum insured.

 

If you are stocking physical precious metals at home you therefore have to be careful if you want your home policy to cover it. Some policies can be invalidated if you exceed the limits.

 

If you have specialist jewellery (like £2/3k +items), antiques/stamps/artwork/stuff that is not easily valued - then do make sure you keep an up to date valuation - especially if the prices for that side of the market is going up.

 

Point I want to make is that I bet no one here had cash in Icesave. BUT have you made sure your own Home Insurance is OK. Keeping it indoors removes the risk of your bank going under risk but introduces a whole lot more in terms of fire/theft etc

 

There are specialist insurance policies on the market which can cater for high values. There are also policies which can offer agreed values on things like antiques/art work etc.

 

Making a claim in the "standard" home insurance market for these things can be a painful experience - most standard insurers will direct any jewellery claim to their approved suppliers (H Samuel/Goldsmiths Gp). Also standard home insurance policies are geared up to provide new for old replacement - which doesnt help much with antiques !

 

There are policies on the market that range from a basic student in a bedsit to multi million £££ collections in stately homes and castles - just make sure you get the right one !!!!

 

If you are not sure of your current position then speak to your existing insurance provider. They can often adjust the existing policy.

 

If anyone wants I can either give them the name of a good insurance broker or do the quote myself if you want.

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OK Folks

 

If any of you have invested in - Precious Metals, Art, Antiques, collectibles etc - then consider this

 

...

If anyone wants I can either give them the name of a good insurance broker or do the quote myself if you want.

 

Whilst I can understand insuring some forms of art and antiquities I see no point in insuring a precious metal hoard, you would be better off by hiding it well.

 

Consider that in most burglaries the thieves are in and out in less than 3 minutes because the longer that they are in a house the greater chance that they have of being caught. If you keep quiet about your hoard then they will not be interested in holding you to ransom as they do not know that it is there.

 

Flood will not affect bullion and fire will mean that you will have to ask the bullion dealer to do a melt and assay, this will cost an average of £25.

 

 

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  • 2 weeks later...
Whilst I can understand insuring some forms of art and antiquities I see no point in insuring a precious metal hoard, you would be better off by hiding it well.

 

Consider that in most burglaries the thieves are in and out in less than 3 minutes because the longer that they are in a house the greater chance that they have of being caught. If you keep quiet about your hoard then they will not be interested in holding you to ransom as they do not know that it is there.

 

Flood will not affect bullion and fire will mean that you will have to ask the bullion dealer to do a melt and assay, this will cost an average of £25.

 

Ditto and add the Telegraph recently pointed out to a surge in SAFE sales for storage.

 

The average in and out burglar wouldn't know how to crack and wouldn't be able to lift it if properly secured. So long as you don't shout ownership of one from the rooftops that's another useful insurance policy in itself.

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