Collecting memorabilia is a popular activity at the moment. The Olympics has seen new enthusiasm grow for sporting memorabilia from the famous torches to items of clothing and sports equipment. However, whether you are a fan of music, history, movies – or indeed sports – there is a great deal of fun and satisfaction to be gained from investing in and owning an item of memorabilia.
The market for memorabilia is now very open and the internet provides an easy platform for anyone wanting to buy or sell their wares. However, this also provides a platform for any unsuspecting person to fall victim to fraudsters. So make sure you do your homework before you part with any money. Always buy from a reputable seller or check out their reviews on line. Research the price and the future value of the item you want to buy – but most of all, spend your money on something you truly want to own. Values go up and down and so you need to own something which you can enjoy and which brings you pleasure.
As you are investing money in your memorabilia, make sure it is taken care of properly. Here are 7 top tips for looking after your collection:
> Display or store your memorabilia correctly. Get a special display case or frame – seek advice from framers or auction houses. If the item is going into storage, consider how and where you are going to store it. Protect your items from extreme temperatures, light and humidity. Make sure that pests cannot get to your precious items – wood lice, moths and rodents can all cause immeasurable damage.
> Install the necessary security systems and alarms – your insurance broker can advise on what is required.
> Speak to your insurance broker to get their advice and to give them the opportunity to include your purchases on the insurance policy as required. Depending on their value, the item may need to be listed specifically on your policy: a rough rule of thumb is that it should be listed if it exceeds £1500.
> Check whether you have the right type of insurance policy in place – and whether accidental damage is included. Never, ever assume all risks are included.
> If you are in the process of purchasing new memorabilia, check when your insurance covers starts and when the seller's ends. You need cover in place from the moment you give them the money – not when it is delivered to you.
> Keep all purchase receipts and valuations. Remember to keep these documents safe and at a site different to where you store your memorabilia.
> Photograph your collection and catalogue each item.
Always take professional insurance advice – no matter what form your memorabilia takes. You are investing time and money in building a collection (and even if you have only one item, the same holds true) and you must protect it. Give a call to Westhill Insurance Services – our professional and friendly team will shop around to find the best possible deal to suit your pocket. As an independent insurance broker, we can find the best policy to make sure your collection is safe and sound: your collection may form part of history in future years and deserves to be preserved. The Olympics have left us a great legacy, so if you are lucky enough to own a piece of this – please give it a sporting chance of survival and talk to us at Westhill!
Contact Westhill Insurance Services, today.