Value your loft loot or you may be underinsured

Many Brits are failing to place a realistic value on the older possessions and collectables they have in their homes, a new survey claims.

Most people underestimate the value of gadgets and technology in the home, while many more also fail to identify the true worth of their older valuables and antiques, the Saga Insurance research indicates.

The insurer advises homeowners to find out the value of their belongings and check the single item limit on their insurance policy, in case they have to make a claim. The company has increased its standard single item limit from £1,000 to £2,500 and is offering customers savings on Miller?s Antiques & Collectables Guides.

Saga chief executive Andrew Goodsell explained: "Often the most unexpected items turn out to be valuable. If your possessions are undervalued, you could find that you receive only a fraction of their worth in the event of theft or damage."

The single item limit can vary from insurer to insurer and anything exceeding the limit may not be covered for its total value unless listed separately.

Decorative arts from the 1950s, 60s and 70s, pop art or classic movie posters, and old toys are becoming increasingly collectable and valuable and should be added to insurance policies if they exceed the single item limit.

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