How much are your contents worth?

When you’re arranging your home contents insurance, do you know the accurate value of the household items you’re insuring? Correctly valuing your home contents is vital if you ever need to make a home insurance claim. However, it can be difficult to work out how much everything is worth.

When you’re assessing the correct amount of home contents cover you need for your items, you should be looking for the current replacement value, not how much you paid for them when you bought them. Make sure you also don’t overvalue them either, as this could mean you pay unnecessarily high premiums. 

How to valuate your home contents

How can you accurately value the things in your home? We’ve put together some tips below on how to start.

1. Make a list and keep organised
Being organised and double checking are the keys to making sure you don’t forget anything. Go from room to room noting down items of particular value. This should help ensure you don’t miss anything. 

For example, you would note down the sofa, TV, furniture, games console and games and any expensive artwork or photo frames from the living room. You don't need to go into detail of every coaster, notebook and pot plant but don't forget anything of value.

You might want to create a spreadsheet, kind of like a 'home inventory' for your own belongings, listed per room. This may be helpful if you ever have to claim on a single room and will also be helpful for you to see the total value of your home. It may also be helpful to note down whether you have a warranty or any guarantee on your items and also when you bought it.

2. Independent valuations
If you’re unsure of the value of any items, it may be worth getting them independently valued.

3. Keep proof
Also, keep all of your receipts, guarantees and warranties in a safe place – a fireproof safe can prove invaluable for this purpose – that way you have proof of what you bought and when. If you make a claim with this factual data your insurance company will be much more likely to be able to replace all the items you’ve lost.

Jewellery and watches

Most people have items of jewellery or watches that should be insured. If you have a ring or necklace that you think might be valuable, ask for a professional valuation from a jeweller so as you can insure it for its replacement value. 

Take a look around

Remember that there may be things in your home that are worth more than you think. Make sure everything is covered that should be, here are some ideas to get your brain going!

• Have you got a large music collection? 
• Do you own any expensive designer clothes? 
• Have you got potentially valuable artwork hanging on your walls?