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Home Insurance items are undervalued

Published: 10/05/2011 by Comments


Hiscox discovered that the majority of homeowners who don’t really check the value of their properties risk getting smaller home insurance cover rates. Many people don’t believe that what they may have inherited from their relatives can really have value. Jewelry is now more expensive than they used to be so they are the items which are getting underrated the most.

Both Hiscox and YouGov reveal that 67 percent of high net worth homeowners trust their own estimative. Most think themselves as experts when it comes to ascertaining the value of their own items.

Andrew Cheney, a risk advisor from Hiscox believes that personal belongings appear to be rated less as the owner gets accustomed to them and thinks that other items must be better. He said: “After a while even the special things in your home can seem like part of the furniture. This means that when it comes to estimating the value of your home contents, it can be easy to forget about items that actually hold reasonable value.”

It’s very “important to consider all items in the home and not just those that are front of mind. Using a check list can help people conduct an accurate self assessment as it prompts them to think about including the easily forgotten items such as the curtains, carpets and bed linen.”, adds Andrew Cheney.

Hiscox even developed an iPhone app that can calculate the contents of a property such as items from the garden or within the house. It will make an approximation of the entire price of all registered and processed possessions. It can be downloaded at the App store or directly from Hiscox’s official site.

MoneHighStreet.com also made a comment regarding the information concerning the value of one’s items. The website believes that people should pay more attention to individual items as some may be of great monetary value. These items must be checked if they are covered by the home insurance policy.


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