If you have a model railway, aircraft or boat, chances are you have invested a lot of time and money into your hobby. So, it’s only right that you take the right steps to protect this precious investment from a range of risks.
Why would you want to insure your model railway, aircraft, and boats?
No one wants to think of the worst happening, but if your collection should get destroyed in a fire, stolen from your home or suffer water damage for example, then you’ll want to know that you have cover in place to replace these items.
You may also take your collection to clubs or exhibitions, and if anything should happen to them when being transported or out of the home, you will need the right insurance in place to protect them.
Are model railways, aircraft and boats covered under standard home insurance?
If you are looking to cover your model railway, aircraft, or boat collection under your home contents insurance this will be possible in many instances. But there are a few areas you will need to consider.
And remember, all insurance policies vary so it will be vital to take the time to read the policy wording of the insurance policy you are taking out to determine exactly what cover it is that you are buying. If you are unsure, ask your insurer or your insurance broker if you work with one.
Your total home contents insurance limit
Most home contents insurance policies will set a limit for the amount of cover that will be provided for the entirety of the contents of your home. For example, an insurer may set this at £75,000. This means that you have cover for the contents of your home up to this amount. But, if the contents in your home are worth more than this amount you may find yourself in a position of being underinsured if you do come to claim.
Consider if the value of your model railway collection (or other model collection) will impact the total amount of cover that you require.
Your single item insurance limit
As well as a total limit for the contents in your home, most insurance policies will set a single item limit as well. This is the limit of how much you can claim for one item. For example, this may be set at £2,000. You will therefore need to ensure that no single element of your model railway, aircraft or boat collection is worth more than this limit.
If they are then you will likely find that you are not covered if you do need to claim. If you have items which breach the single item limit, discuss these with your insurer as they may allow you to list them separately on your policy and provide cover for additional premium.
You will also want to check if your insurer sets a total limit for all valuable items. So, for example, whilst they may set a £2,000 single item limit, they may also state that you can only claim up to £6,000 in total for valuable items. Or that only a set % of your contents cover can be made up of valuable items.
Check your insurers definition of a ‘valuable item’ and whether your model railway, aircraft or boat collection will fall into this definition to avoid breaching any possible valuable item limits set by your policy.
Where your model railway collection is stored
Where you store your model railway, aircraft or boat collection can also impact your insurance coverage. If it is stored in your home then, assuming you meet the rest of your insurers criteria, it is likely to be covered. However, if you store your collection in a garage, outbuilding or shed then you will need to check with your insurer whether cover will be extended to this. These types of housing are generally less secure, and this may have a bearing on the cover provided.
When should you consider a high net worth insurance policy?
Whilst we don’t expect that your model railway collection will be as vast as the likes of Rod Stewart, model railway, aircraft and boat collections can be worth large sums of money, especially if you have spent years working on your collection.
So, in some cases your collection may exceed the limits set by a standard home insurance policy. In these instances you may want to consider taking out a high value home insurance policy or specialist collection insurance.
Should you list your models separately on your insurance?
If you have a model railway collection, or model aircraft and boats then it will be worth itemising each of your items on your home insurance policy.
This will also give you the chance to review your collection and take stock of what you own. You may want to have your collection and individual items valued. Having an idea of what your collection is worth will be essential for getting the right level of insurance. And help you avoid breaching any of the cover limits set by a policy.
Should I notify my insurer when I add to my collection?
Again, it will be important to discuss with your insurer when you add to your collection, especially if it is an item of notable value. Your insurance policy should reflect your current circumstances, so it is your responsibility to keep your insurer updated if anything changes.
Will your insurance cover you when taking your models to clubs or exhibitions?
It will be important to check the exact cover provided by your policy to understand whether you are covered for transporting your models to a club, exhibition, or event. And if your models are covered whilst out of the home.
Some home insurance policies will provide cover for transportation or out of home cover as standard, but some won’t. You may need to add additional cover to your policy for this. Or, if it isn’t something that your home insurer can offer you may need to consider taking out a temporary specialist policy which will protect your items when they are away from your home.
If you own a model railway, aircraft, or boat collection, then getting the right insurance will be important to protect your valuable items if the worst should happen. At Anthony Jones we work with a wide range of insurers to enable us to help you find the right cover for your needs. Get in touch with us at Anthony Jones today to discuss your home contents insurance or high net worth insurance needs on 0208 8290 9086 or email us at personal@anthonyjones.com
