If you’re getting dedicated insurance for your unoccupied property, or for a property as part of the probate process, then your insurer will ask you to provide a value for the property’s contents.
In this post we’ll discuss how you can effectively value contents for your unoccupied or probate property insurance.
If you have any specific questions about your property, particularly regarding risk management or home insurance, our friendly team is always happy to help. Get in touch by calling 0208 290 9086 or emailing personal@anthonyjones.com.
How Important is it to Have an Accurate Contents Valuation?
An accurate valuation is essential for insurance purposes, as if you undervalue your contents, then not everything will be covered.
An unoccupied home insurance policy may provide a set amount of contents cover, which may be around £60,000. But if there are any high value items in the home – such as art, antiques, jewellery, or technology – then this amount may not provide all the cover you need.
Accurate valuations are also an important part of the probate process. Before you can even apply for probate, you will need to provide a value for the entire estate, which can include a home’s contents. So if you’re a will’s executor, you may have to arrange for a contents valuation as a matter of course.
What To Provide Insurers for Contents Valuations
Your insurer might wish to see:
- An itemised list. You probably won’t have to list every single item in the home. But insurers will want to see an itemised list of every high value item in the home.
- Photos. Insurers may request photographs of every high value item you wish to insure. Not only will this prove that the items exist, but it will also provide evidence of each item’s condition at the time you took out the policy.
- Professional valuations. If you’re insuring any art, antiques, or specialist collector’s items, then you may need to arrange for a professional valuation. In this case, the insurer will want to see evidence that this professional valuation took place, which may include a signed statement from the valuer.
How to Value Contents for Unoccupied or Probate Property Insurance
- Be Methodical – Focus on one room at a time, and prioritise the high value items – artwork, antiques, jewellery, technology etc.
- Use Our Calculator – Our home contents calculator will help you take a room-by-room approach, while ensuring that you don’t overlook anything.
- Take Care With Collections – If the property contains a high value collection of something, such as stamps or watches, be sure to provide a valuation for each individual item, along with a valuation for the collection as a whole.
- Provide Evidence – You might be able to find receipts or invoices for items purchased in the past three years or so. And as we mentioned above, it’s worth arranging for a professional valuation for certain high value items.
- Think About How Value Changes – Some items will increase in value over time. Others will depreciate. To avoid underinsurance, be sure to provide as accurate and up to date a valuation as you can. Once again, a professional valuation can help here. You could also browse online auctions and marketplaces to get an idea of an item’s current value.
Anthony Jones Is Here To Support You Every Step Of The Way Through the Probate Process
Whether you’re looking to cover an unoccupied property, or you’re wondering how to keep a property and its contents safe throughout the probate process, we’re here to help.
We can advise you on the steps you should take to keep the property, and its contents, as safe and secure as possible. We can also help you access the specialist unoccupied property cover you need, for as long as you need it.
Our friendly team of insurance specialists is always happy to help. Get in touch by calling 0208 290 9086 or emailing personal@anthonyjones.com.
