What's the best way to work out how much all those gadgets, CDs, jewellery and other possessions are worth? Follow our step-by-step guide to make sure your contents insurance covers them.
Four easy steps
- Go through your home, room by room, and list everything of any value - don't forget the items you have stored in your garage, shed and loft, and take a good look inside your wardrobe.
- Work out roughly what it would cost to replace all the different items in each room at today's prices. Tip: you might want to check out some real prices on the high street or the internet if you're not sure what everything costs these days.
- Add up the overall total.
- Check what your home contents insurance covers. If it's less than the total, give us a call and increase the amount you're covered for and you won't have a problem if you have to claim. You will find the claims procedures and numbers here.
Did you know?
- Each year there are nearly a million burglaries.
- A fifth of us have no idea how much our possessions are worth.
- One in ten of us think our possessions are worth a mere £5,000 or less.
And some extra tips.
- Check that you’ve got enough cover for valuables like jewellery and works of art. Most policy booklets list the items that the insurer considers to be valuables. Some insurers will refer to these valuable items as High Risk Items instead, and as well as jewellery some insurers will include TVs and Personal computers within their list. So it’s important you check to ensure you have the cover you need.
- Take photos of valuables and keep receipts somewhere safe. If you have old or rare possessions, a professional valuation is also a good idea.
- Type up your figures on a spreadsheet, and update it whenever you make a major new purchase.
- Make a copy of your inventory and/or spreadsheet, and keep it outside your home in case there's a fire there.
- Once a year, take your inventory and go through your home again
