Valentine’s Day provides you with a great opportunity to tell the special people in your life how much you love them. Some of you may even be lucky enough to receive a precious gift…and we’re not talking about a dozen red roses.
If you are lucky enough to receive a gift that is of a higher value, it’s important that you insure it to its correct value. In fact, this may be the perfect opportunity to obtain an accurate valuation of all your high value items in order to avoid the risk of underinsurance.
Avoiding underinsurance may sound easy but there are a number of reasons why underinsurance can occur.
If you have inherited a higher value item, you may not realise its true value. If you bought the item abroad the price paid could be very different to the cost of replacing it in the UK if it was lost, stolen or damaged.
Many insurers can offer a valuation service. A valuation including bespoke reports, full details about the product and any other pertinent details will make sure you avoid underinsurance and can also help make accurate valuations in the future. Having this kind of valuation paperwork can also make sure you can confirm the value of the item should the worst ever happen and you have to make a claim. It also has the benefit of being excellent evidence of ownership, in the event of loss and subsequent recovery especially if it includes or is supported by a photographic record.
Get in touch with us today to make sure that you are not falling into the underinsurance trap.