Saga home insurance warns value your loft loot

People storing their possessions in the loft could be making an expensive mistake, if they are not aware of what is there and how much it is worth.

Saga Home Insurance said, “Homeowners could lose out if they do not know the value of the contents of their loft.

“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,” said Andrew Goodsell, chief executive of Saga insurance.

In response to these findings, Saga Home Insurance has increased its standard single item limit from £1,000 to £2,500 to help homeowners insure their most valuable possessions.

The insurance provider recommends homeowners mark valuable possessions with ceramic non-scratch marking pens and photograph them to increase the chance of the police tracing them if they are stolen.

Saga is currently offering new customers a ten per cent introductory offer when they sign up for home insurance, plus a five per cent discount if they apply online.

To protect yourself from costly mistakes, Saga offers advice on insuring the value of your items and security marking your collectables.

Check your insurance policy for the single item limit.

Mark your items where appropriate to improve the chances of getting your possessions returned if recovered by the police. Easy-to-use kits are available from stationers and DIY stores, e.g. ceramic non-scratch marking pens for china, glass or any glazed surface. The mark should show your postcode and either the number of your house or flat, or the first two letters of its name.

Marking items like jewellery or antiques is difficult and could reduce their value, but keep a photographic or video record, preferably in colour, paying attention to any maker’s marks (often found on the base of ornaments), initials or crests to help with identification.

Take photographs of possessions against a plain background and include a ruler to give an idea of size. Do not forget to include any chips, dents and scratches.

Consider regular valuations of your collectables by an independent expert.

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