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Home Insurance: Insuring my record collection

Wednesday, 19 Mar 2008 14:39
A reader from London wants to know how he can best protect his record collection. Is a separate insurance policy needed or will his home contents insurance policy cover him?

Our team of experts at insurance company LV= offers a helping hand.

Christopher from London asks:

A friend of mine recently informed me his record collection is insured independently from his normal home insurance.

I had not previously considered this, and was now wondering if such a policy would prove worthwhile?

Under what circumstances does this type of policy pay out? Would the whole collection have to be stolen or damaged to receive compensation, or would individual records be covered? How are the records valued?

The team at LV= responds:

It depends on the insurer. Under some standard home contents insurance policies, such as LV=, you would be covered automatically for a record collection.

Some insurers may class records as valuables, in the same way they might jewellery or artwork, so it’s worthwhile checking with your provider of your contents insurance.

It’s certainly a good idea to make an inventory of your records as if you do lose them in a fire or theft you can then supply this directly to your insurance company.

If you have some particularly expensive or rare records you might want to take photos of them and you may even want to get an independent record shop to value your collection in the same way you would with an item of jewellery.

In terms of pay out some insurers will replace the records – if they can - and others will make a cash settlement. Generally payouts will be offered at the market value of the records at the time of loss.

If you have a question for LV=, go to the myfinances.co.uk Ask the Expert section.

For more information on the issues discussed here, go to LV=.

Liverpool Victoria Insurance Company Limited is authorised and regulated by the Financial Services Authority and is a member of the Association of British Insurers (ABI).



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