Insurance is one of those things that people tend not dwell on until it is too late. Surveys consistently show that many of us are under insured when it comes to contents insurance and those with any antiques and valuables even more so.
A recent independent survey of Hiscox policy holders revealed that on average, people had underestimated their household contents by 40%. This is easily done as we buy more items and those that we already have increase in value – especially if they are Fine Art and Antiques. For example, a George III Mahogany long-case clock c 1775 valued at £175 in 1975 could be worth up to £11,000 in 2000.
Another big problem people will face with under insurance is that many ‘Standard’ insurance policies can apply an ‘average clause’. If you were under insured by 50%, then the insurer is only obliged to payout on 50% of your claim. Also some ‘Standard’ policies may only pay out a maximum amount of say £1,500 for any individual item. Not something that you want to find out after submitting your claim.
A simple remedy to the problem is a comprehensive valuation of your furniture and effects.
Getting an up to date insurance valuation may actually save you money, not just by knowing that your possessions are insured at their true value, but also in the form of lower insurance premiums. Even if you policy is index-linked, it is still worth getting a valuation done.
Insurance companies much prefer to know exactly what they are insuring and art and antiques are classified as a lower risk than other household items. You may find that your insurance company will give you much better terms following a valuation.
Our experienced valuers can prepare detailed valuations for sale, insurance, probate and family arrangement purposes. Advice may be offered on the maintenance and development of private and corporate collections.
Knowing you are accurately covered will also give you peace of mind and an up to date valuation report will make any claims process much easier should items be damaged or stolen.
Please click here to contact us about a valuation request or call us on 01858 410414 to discuss your requirements and arrange a convenient time for our valuer to visit.