How to value the contents of your home?

In the event of an accident or break-in, your insurance company may require proof in the form of a description, price, receipt, warranty (if appropriate) and photograph for valuable items such as artwork or even jewellery.

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.
 
Valuing your contents can be seen as daunting, so we’ve put together some useful tips to make the task more manageable.
 
ABI guidelines:
The Association of British Insurers (ABI) recommends that you go through each room, including attics, basements, sheds and garages, making an inventory of your possessions. Various apps, such as Encircle, TEchHive, Home Contents, Home Inventory and Smart Inventory System, can help you 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 inform your insurer about any expensive items you own, ensuring your policy fully covers them. 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, the maximum amount they will pay for an item, regardless of its value. For example, if you have a necklace 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 NLIG

At NLIG, our business is your protection and we take the subject of your home contents insurance very seriously. We want to ensure you are adequately insured, which means ensuring you have included everything and provided proof of value where necessary.
 
Adequate insurance is essential, so if the worst happens, your insurance will cover the cost of loss or damage. To discuss any aspect of home insurance, call NLIG on 01992 703300 or email insurance@nlig.co.uk