Valuing your Possessions for Insurance
If you are the owner of any antiques or treasured possessions it is important to insure them properly. Regardless of their worth they are likely to hold significant personal value and having insurance will not only protect them but help give you some peace of mind.
Insuring valuables can bring with it challenges given the uniqueness of some of the items, as well as the high value that some hold. Even with specialist insurance, the amount and type of protection you need may change as your life does. Your policy may be able to cope with small fluctuations, if your possessions rise significantly in price, you will need your insurance policy reviewed to check it is still suitable.
Why do valuations matter?
Fluctuations in the market could have an impact on the insurance protection you need. Having an accurate valuation of your antiques will allow you to decide if a standard policy will be sufficient or if you need to consider a specialist insurance policy such as a high net worth policy. Many standard contents insurance policies will set a sum insured limit, while others may require you to individually list items which exceed a certain value.
From classic cars, rare watches or bottles of whisky, we can recommend skilled and independent valuers to assist with reviewing your valuable collections. An up to date valuation can help avoid financial losses in the case of a claim or having to accept a lesser quality replacement item.
The benefits of professional valuation are:
- A professional, fully detailed valuation makes it more likely for an insurer’s loss adjuster to accept the claim and speed up the process in case of loss/theft.
- A valuer will confirm the authenticity of the item and its certificates.
- Experts will give you an accurate market price.
- They will be able to advise the best care and check for any repair work to your item.
- It could provide a far better description or more accurate details of the item that might not be available from purchase receipt or older valuations.
- An ‘agreed value’ will be made on your item which means in the event of a claim, you will receive its full value – or even more in certain circumstances.
If you own any antiques or treasured items, then it is vital to get them valued correctly. If you do not keep abreast of market fluctuations which could impact the price of an item you may be surprised to find out the cost price has significantly risen. We recommend getting your items valued regularly, for example expensive high end jewellery could be valued annually but we recommend this be done every 3 years at the very least. You may want to consider security for your valuables. This could include storing your valuables in a safe, having a home alarm system installed or considering CCTV to increase the security of your home. By doing this, you ensure your possessions are fully protected..