More than a third of household art and antique collectors have never had their collection valued, high net worth specialist insurer Hiscox has warned.

A survey Hiscox carried out at this year's British Antique Dealers Association Annual Fair showed that, although 85% of survey respondents collected art, antiques and valuables, only 27% had had them valued in the last five years.

About one third of respondents agreed that they were likely to be underinsured and another third said they had no idea of the value of their household contents. Only 35% believed they had adequate insurance.

The survey found most respondents cited laziness, lack of knowledge and fear of paying higher premiums for their failure to update their valuation and insurance.

Hiscox has 25 years of experience insuring fine art and valuable homes. Hiscox spokesman Charles Dupplin said the survey results were not surprising.

"We see it all too often with our clients, sometimes with sad and unfortunate consequences," Dupplin said.

"Part of our job is helping them to get that valuation right and making sure that their security and other precautions are all in place for those just-in-case situations."