If you ask any homeowner to estimate the current value of their home contents, the chances are that they will underestimate the total value by more than 50%.
The reasons for this are two-fold:
1. One tends to underestimate the number of assets amassed over the years.
2. The cost of replacing an asset obtained 10 years ago has most likely quadrupled.
The insured party need to spend some time creating a detailed list of all their assets and then research its current replacement cost. It is highly recommended that every single item is photographed – with the images stored in a safe place - to serve as proof of ownership in the event of a claim as it is unlikely that all purchase receipts still exist.
A diligently performed asset stock take can easily consume an entire weekend in an average household, not including the research required to determine all replacement values as if replacing old with new.
Moreover, a common obstacle encountered is that many items may have been discontinued or simply are outdated, making it extremely tedious to assess.
A professional asset valuation is a wise investment for any policyholder, not only because the sum insured will be spot-on but because the surveyor is able to perform this task with more diligence. Depending on the scope of assets to be recorded, such a valuation will usually take only 2 - 3 hours.
Our surveyors also perform comprehensive risk surveys with regard to security, fire protection, gas installations, electrical compliance, thatched roofs and natural hazards where they will point out potential risks and how it can be reduced or eliminated. Having minimised all potential risks, the insured will be in a position to negotiate a better premium with the insurer.
Get a quote for a contents valuation here
(You will find ‘Contents Valuation’ under ‘Insurance Valuation’).
Another Mirfin blog you may enjoy reading: Why it is wrong to insure the market value of your home.