In valuing the contents, most asset management specialists will consult annual guide books to estimate the value of an item or similar item. To achieve a higher degree of accuracy, we (Mirfin) research the open market for the replacement cost of each exact item or its successor. In the case of unique items where we are unable to source a price, we will agree with the insured on a suitable value.

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 insured party need to spend some time creating a detailed list of all their assets and then research its current replacement cost.

A property’s replacement value cannot be determined by an estate agent. Only a qualified and experienced professional valuer can determine the value at which your property must be insured to ensure sufficient cover.

Experience has taught us that approximately two thirds of all residential homes and contents are underinsured by between 20 – 50%. The reality is that very few property owners are correctly covered.

A professional replacement cost valuation ensures that a property owner is correctly covered but it also serves as an invaluable marketing tool for the insurance industry.