| It is important to have a
detailed and thorough inventory in order for you to be able to establish how much
your contents need to be insured for and make the most of your UK home insurance
policy. An accurate and up-to-date inventory will help you to settle a claim with
speed and will enable you to purchase the correct level of insurance.
It is far easier to take an inventory in a new household. If you are just starting
up home try and take an inventory as soon as possible before your life starts
accumulating around your ears!
You will need to visit every room in your house systematically, not forgetting
places like lofts, garages and basements. Recording every item with a name and
short description, make and serial number, you will then need to estimate the
cost of each item at today's prices. It is important to be sensible about this
and use your head, making allowances for appreciation and depreciation. Think
of the lifespan of an object and think how far it is through that lifespan. "If
I own a bed with an estimated modern value of £500, and estimated lifespan
of ten years, which I have owned for say, two years, then I would value it at
£400, seeing as it has suffered wear and tear for a fifth of its lifespan."
Be as accurate as you can about valuing your possessions for the sake of getting
the right content insurance.
Some items are less easy to value. Objects / contents such as antiques, art
or valuables will probably need an expert valuation.
Remember that it is of vital importance to keep your insurers aware of any
changes to your sum insured. If you part with or sell a possession of value, make
your insurance company aware of this. Similarly, if you acquire a possession such
as a DVD player or a new piece of jewellery, let your insurers know. Some UK insurance
companies will automatically adjust your sum insured according to fluctuations
in market value, a process called index linking. It is worth noting that you will
not be charged for any increase in price between renewal dates. Not all insurance
companies use index linking though, so be sure to find out and review your sum
insured at yearly intervals if they do not.
Keep your inventory and any documents or receipts you may have relating to
your possessions in a safe place, with your policy, as they will be of vital importance
in case of a claim.
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