This particularly applies if your assets are in excess of those covered under a 'standard' insurance policy. And if you have fine art, antiques, jewellery, heirlooms or valuable collections then you will also probably need specialist insurance cover.
As well as checking what your insurance covers, you need to be sure your policy provides a high enough level of cover. Otherwise if you need to claim, you could find your insurance will not pay the full replacement cost of your home and its contents.
Assessing rebuilding costs correctly can be a complex process, particularly withan older or listed property. So you need professional advice to ensure you have the right level of cover in place.
Contents also require specialistappraisal, and you should expect toobtain a detailed item by item costing.By taking photographs of individualitems you will have a valuable record,should the worst happen. Having thisvisual record can also speed up theclaims process.
It is important to note that fine art, antiques and jewellery collections can often outstrip the value of the building in which they are housed. All valuations require updating regularly, to keep cover in line with market changes. Market prices can move very quickly - due to the death of an artist, recent exhibitions or purchases by prominent collectors. Birthdays, anniversaries and Christmas also add to the list of possessions that we can cover.
Insurance can never fully compensate for the loss of a cherished home or valued possessions. But it can help reduce the distress, providing the correct level of cover has been secured.
