If we want to have a proper amount of claim, we should have a correct level of coverage. An insufficient amount of coverage could reduce the overall amount of money paid out. However, we shouldn’t overestimate the valuation figures, because we could end up paying more money than we need. So, we should try to get the right amount of coverage.
We should know how we should value our possessions and goods. We need make a good list of items that we own. It should be a good way to start and become fully protected. We should put a proper value next to each item that we have listed. It is also a good idea to know how much we have for these items. If there’s no receipt, we should make a realistic estimate.
Our list should be kept up to date, especially when we buy new items, such as jewelry and expensive DSLR camera. We should add these pricey items in our list. All items in the list should be included on our policy. Before putting these items in the insurance policy, we should know whether the item is repairable or it needs to be completely replaced when damaged.
We should know that the insurance provider may not accept items that are subject to wear and tear. Many of the items we have in our house depreciate in value, so the replacement values should be modified each year. Also, we should know that there could be different interpretations on the term valuables. Something that we see as valuable, such as memorabilia, may actually have little market value.
Our valuable possessions may include antique pieces and artworks. In this situation, we should make sure that these items should be included in the policy. The insurance company may have independent valuation of our specific pieces. It is important for us to research for the right organizations through the Internet. In this case, we should be able to obtain the right kind of insurance plan.
Expensive items should be photographers and we should keep receipts for those purchases. To give an indication of scale, we should place a ruler next to the watches, jewellery and other small items. Many people amass a large amount of DVDs, CDs, clothing and books. We may want to get them replaced, so it is important to have an accurate list of these items. However, we should know that if there are many rare items in the list, the premium could become higher.
Artworks made by lesser known artists may present problems during the valuation process. It means that we need to get advice of professional valuers. When we insure something, we should make sure that it has a significant commercial value. Although something is important to our family, it doesn’t mean that other people will consider them as valuable.
In this case, we should be perfectly realistic about the item that we want to insure. There are things that need to be replaced entirely when a small portion gets damaged. This may include carpets and other things. If we want the large-sized item to be replaced, we should be prepared to pay for higher premium.