Research shows that two out of three people have never had their heirlooms valued. – Robert Coram James
It’s not just new items that people forget to insure. Despite the popularity of the infinite number of art and antiques programmes cur- rently on television, few people realise the true value of their inherited possessions.
Robert Coram James MRICS – one of Brownhills’ preferred valuers explains – “Research shows that two out of three people have never had their heirlooms valued, whilst almost 80% do not have adequate insurance, leaving their household contents vastly under- insured. Generally, a comprehensive household policy is sufficient for ordinary items, with most policies limiting cover to between £1,000 – £2,000 per item. However if you own more valuable items then a specialist policy will be required to ensure full coverage.”
3 Million Pound Vase
In November 2013 a rare 18th century Chinese vase sold at Christie’s auction house for more than £3,000,000. The green and yellow vase was inherited by a woman who had kept flowers in it for many years. Its true value was only realised when auctioneers visited her property to value other Asian antiques.
It is not just theft that poses risk. In fact, higher up the list of likely reasons to have to claim is accidental damage. Where possible, try to keep valuable items out of harm’s way, particu- larly of small children or excitable animals! When doing your spring cleaning, be sure not to use abrasive cleaning products on valuable items. And if you have help at home, do make sure that everyone knows how to best clean treasured possessions. It has been known for cleaners to spray Windowlene on photographs (not a great idea) and to throw away a pile of “rubbish”, which was in fact one collector’s new contemporary art acquisition.
Article taken from Issue 1 of BIG Magazine.