Guessing the Value of Your Home Contents

It is very easy to overlook the hidden assets within your home when it comes to estimating their true insurance value.  Many only realise the true value of their possessions when making an insurance claim and by then it’s too late.

For example, one lady had a valuable diamond ring stolen.  The valuation, eight years old, was for £18,000 and this was the sum specified in her insurance policy.  The jeweller who originally valued the ring was contacted and updated his valuation to £28,000 – a loss of £10,000 to the owner.

The clue to calculating your home contents lies in your lifestyle and tastes - the value of furniture, clothing, electrical equipment and food you are accumulating.

So when it comes to renewing your home contents insurance, when you are asked for the value of your possessions and the amount you are going to insure them for, don’t just give the same figure as last year.  We recommend that you systematically go through your house room by room and list what it would cost you to replace each item.  For specific high value items, obtain new valuations to get up to date values.

Remember, in the UK there are over 60,000 domestic house fires every year.  These range from small frying pan fires to homes being completely destroyed.  If your home burned down, could you replace your home and all your possessions for the amounts currently shown in your home insurance policy?  Too often people are left short-changed, causing more distress and worry. Act now to ensure this doesn't happen to you.

Contact your chosen Cherrypicked Insurance broker for assistance with calculating the right level of insurance for your possessions and to get a competitive quote for your home buildings and contents insurance.

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