Golf Antiques and Insurance

The benefits of a good home insurance policy

When comparing Home Insurance Quotes cheapest is not always the best – you also need to ensure the policy can suitably cover your antique golf collectibles, so what should you look for?

Protecting your antique golf collectibles

Ensuring your antique golf collectibles are suitably protected actually begins before you shop for home insurance.

Your first priority should be to get an up-to-date valuation. Many people assume that due to the global economic crisis the value of antiques has slumped but for a large number of high quality collectors’ items values may have actually increased. Most home insurers insist that you have a valuation on antiques anyway as it will usually be necessary to specify them on a policy so this is a great time to get your collection valued.

It can be well worth consulting a home insurance provider about any experts or appraisers it recommends. You could also look for accreditation from respected groups such as The British Antique Dealers’ Association (BADA); the Royal Institute of Chartered Surveyors (RICS); or the Association of Art and Antique Dealers (LAPADA).

If you are asking for a valuation then make sure the expert knows it is for insurance purposes so they provide you with the correct documentation which should include identification, a circa/date and a present day market valuation.

What home insurance cover should you look for?

Once you have a suitable valuation for your antique golf collectibles, the next step is to find a home insurance policy that can cover these items (and the other contents of your home suitably).

Most home insurance policies carry a limit, known as the sum insured, which is the maximum amount you can make a claim for. Within this limit there are usually caps on individual items – typically in the region of £1,500 – and this is the maximum amount you can claim for the loss or damage of a single item. If an item is worth more than this limit then you will usually have to specify it on the policy. So if your golf antique collection surpasses this amount then consult the insurer directly and ask if it is willing to insure these items. You may be able to break them down into individual items to insure them on a policy – so instead of insuring a set of golf clubs you may be able to insure each golf club individually.

You should also consider what the home insurance policy will cover.

When it comes to an antique collection of any kind, it’s particularly important to ensure the items are covered against accidental damage. Typically, home insurance policies cover accidental damage to electrical items but you will often have to pay an additional premium to extend your cover for accidental damage to antique collections and other items.

Another important cover element to look out for is personal possessions cover. This protects items that you take outside the home. So if, for example, you plan to enter your collection into an antiques fair, then ensure this is covered under the terms of your policy.

What about specialist home insurance?

If you have a particularly expensive golf antique collection then you may require a specialist high value home insurance policy.

Offered by the likes of Regal Insurance and Hiscox Insurance, high value home insurance works in the same manner as conventional insurance but will usually offer higher limits on both the buildings and contents aspects of your insurance. Contents insurance limits for example, may be as high as £1million and specified item limits may reach £150,000 depending on the insurer. This will normally be sufficient to cover your collection.

In addition, these specialist insurers often offer a number of policy features designed for antiques collectors. This can include worldwide all-risks cover; and cover for restoration should your antique be partially damaged. You may not even require a valuation unless the item surpasses a pre-determined limit.

Alternatively, you may decide to take out a regular home insurance policy and look to insure your antiques collection separately.

How to ensure a claim runs smoothly

Claims for damage to or loss of antiques can be particularly contentious so it’s important to ensure you are well prepared.

Keep a record of documentation/paperwork relating to your collection and keep copies of receipts and valuations. Take photographs too, to indicate that you were legitimately in possession of the items.

If a claim becomes necessary then call your home insurance provider as quickly as possible. It will usually ask you to fill out a claims form and you should follow its instructions to the letter. Do not attempt any restorations without the insurers’ approval and do not throw out any damaged items because the provider may wish to send out a loss adjustor to assess the claim. Some insurers will also recommend their own restoration company for any repair work.