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Getting Your Possessions Valued for Contents Insurance

Do you know the value of the possessions you have in your home? If you’re like most of us, probably not, which is why so many people are shocked when they make an insurance claim to replace their possessions after major damage to their home.

So why do we lose perspective over the value of what’s in our home? This is partly because we typically amass our possessions over a long period of time. Even if we’re among the rare people who’ve kept the receipts, we don’t usually keep up with price increases. The replacement cost may be a good deal more than the original price.

And that’s if we’ve actually bought the item. If it was a gift or an inheritance, we don’t usually think about finding out the insurable value.

It helps to have a photograph of the item if its value isn’t known, but a genuine valuation is better. The Insurer usually stipulates an upper limit that can be paid for any individual item, unless its value has been specified in the policy documents. If an item isn’t listed, you may not receive its full replacement cost.

When you’re taking out a contents insurance policy, make sure it includes a list of what’s being covered, including items you may not expect to count as contents, such as flooring and carpets. The Insurer’s Loss Adjuster will always ask for a complete list of damaged or missing items when you make a claim.

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