How do I value the contents of my home for insurance purposes?

Also, in the event of an accident or break-in, your insurance company may not simply take your word for it that you had valuable artwork, expensive jewellery, a high-end sound system or other costly items in your home. They may require proof, in the form of a description, price, receipt, warranty (if appropriate) and photographs.
 
All of this involves carrying out an inventory of the possessions in your home, ensuring you have included everything, providing where necessary the relevant information, and identifying where objects are located.
 
It can seem a daunting task to value your contents. Hopefully, these handy tips will make the task easier and more manageable.
 
ABI guidelines:
The Association of British Insurers (ABI) recommends that you go through each room in turn, including attics, basements, sheds and garages, making an inventory of your possessions. There are various apps, such as Encircle, TEchHive, Home Contents, Home Inventory and Smart Inventory System, that can help you to do this. They provide a list of locations and rooms, allowing you to photograph items individually or as part of the whole room, give details and include a photo of the receipt.
 
If you don’t have receipts for all your possessions, don’t worry - you could use the internet or shopping catalogues to work out the approximate cost of items. It’s important to let your insurer know about any expensive items you own, ensuring they are fully covered by your policy. If you buy an item after you’ve taken out your policy, you should let your insurer know to ensure the new purchase is covered.
 
Single item limit
Most insurers have a single item limit, which is the maximum amount they will pay for an item, regardless of its value. For example, if you have a necklace that is worth £2,500, but the single item limit is £1,500, that is all you will receive if it’s stolen and you make a claim.
 
Useful questions to answer when arranging cover
The ABI recommends you consider the following questions when you are arranging home contents insurance:

• Do I know the value of my contents?
• Do I have any particularly valuable items, art or antiques that may require extra cover?
• Do I want additional cover, such as personal possessions away from home?
• Are any of my contents covered under other policies, such as travel or mobile phone insurance?
• What security measures do I have around my home?

Talk to TMD

At TMD, our business is your protection and we take the subject of your home contents insurance very seriously. We want to make sure you are adequately insured, which means including everything along with proof of value where necessary.

Having the right level of insurance is essential, so that if the worst happens, your insurance will cover the cost of loss or damage. To discuss any aspect of home insurance, whether a quotation, renewal or amendment, please don’t hesitate to get in touch. Call TMD on 01992 703 000 or email insurance@mcdonaghs.co.uk