A survey carried out by Moneysupermarket.com has revealed that the average household in the United Kingdom is hoarding treasures rather than selling them. Antiques, gold and silver and collections of stamps and medals feature among the items held in British homes.
The Monitor looked at nearly three million home insurance quotations over a one year period to May 2011. According to the survey, the average British householder is insuring more than £3,500 of gold, paintings and fine art worth £4,209 and antiques with a value of £3,500. The Monitor also revealed that “curios” are being insured to the value of £3,619. Julie Fisher, head of home insurance for Moneysupermarket.com said:
“This ‘hoarding’ is an interesting phenomenon seemingly borne out of our current difficult economic times.
“Perhaps many are shunning more traditional savings routes, buying gold and antiques rather than stashing their money in the bank.
“It seems we are all looking at our possessions and scrutinising their proper value, keeping and insuring things that we may have thrown away or sold.”
Although a large number of people have sold gold previously, more are now keeping it even though the value has soared to $1,900 an ounce. Fisher added that it was imperative that people insure their valuables for the correct value, whether antique heirlooms or treasures found at sales.
If you are adding to your hoard of valuable antiques with, for instance Victorian dining chairs to your home in Preston, be sure to update your home insurance policy for adequate cover.
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