Valuations – why should you consider having one?

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When reviewing your insurance policy for the year, you may have been asked to provide valuations for some of your higher value items. As a broker, we’re often asked why insurance providers need these. Here are a few of the reasons why it’s important to have valuations done, and to keep them updated.

Valuations are documented evidence of an inspection conducted by a qualified professional based on their informed opinion and expertise; they can be for a single item, or an entire home inventory, and in the long run, are a relatively small expense which could save you a potentially much larger one if you need to make a claim.

Reasons valuations are beneficial

Proof of Value – The foremost reason for a valuation is to confirm the true amount an item should be insured for to replace it in the current market. This is likely to differ from the amount you paid for it – it may be less, or significantly more! But whilst this is the most obvious purpose of a valuation, it is by no means the only one.

Proof of Ownership – Possession of a valuation for an item or items can be used as proof of ownership in the event of a loss. Ensure the document notes your name.

Takes stock of your possessions – If you have a complete inventory undertaken, this not only assists with determining a value for which to insure the contents of your home, but also provides a list of what is kept in your home which can be useful in identifying missing items following a theft.

Reference material in the event of a loss – As well as a value, any valuation worth its salt will provide a photograph and detailed description of the item, including sizes, dimensions, materials used where relevant and, if possible, the provenance. This information is integral in revaluing or recreating the item in the event it is lost or damaged beyond repair. You may find that, in the absence of a valuation, your insurer may request a full description of the item for this purpose. However, nothing compares to a complete valuation to enable an up to date value to be established at the time of a claim.

Why do valuations need to be updated?

We recommend that valuations are updated every 3-5 years in order to account for fluctuations in market replacement values, and therefore ensure you are correctly covered and not in for a shock if you are found to be underinsured when needing to make a claim. If an item is determined to cost more to replace than you have insured it for, you may not receive a full payment.

We work closely with renowned valuers who offer their services across the country, and some of our insurers will offer contributions towards valuation fees in order to encourage policyholders to insure themselves correctly.

So the next time your insurer requests a valuation for your specified items, please do consider it!


Looking for recommendations on a reputable valuer, or just interested in discussing insurance for your high value items? Contact us on 01285 885885, or leave us a message using the form below, and we’d be happy to help.