Getting your possessions valued

If a loved one has died and left you a valuable item in their will, you obviously want to ensure that it is covered by your home and contents insurance should it be damaged, destroyed or stolen.

For insurance purposes, valuable items are usually defined as jewellery, watches, furs, items or sets or collections of gold, silver or other precious metals, works of art and sets of stamps, coins or medals. So, if you’ve been left any of these in a will, they need to be listed separately on your home contents insurance and you will need to inform your insurer of the individual value of each item.

Most insurers automatically cover your valuables up to a certain amount (with Privilege home insurance this is up to £2,000 per item and up to 30% of your contents sum insured in total); check your home insurance policy document for information. If you have valuables worth more than that, you’ll need to call your insurance company and they will arrange a new insurance quote for you.

Getting a valuation
But what if you're unsure of an item’s value or your insurance company asks for proof? You’ll need to arrange a valuation so that you can provide your insurance company with the correct information. There are several ways of doing this. If you’ve been left valuable antiques or works of art, one of the easiest ways is to visit an auction house. The more well-known ones, such as Christie’s and Sotheby’s, are used to people dropping in with items to value. Before you go, you need to bear in mind that there will be a charge, depending on the nature and amount of work involved, but this may be reduced or refunded should you decide to sell the items through the auction house at a later date.

Alternatively, you can contact the British Antique Dealers’ Association (BADA), whose members can provide valuations for antiques, works of art, silverware and jewellery. It has around 400 dealers across Great Britain; you can visit its website at www.bada.org and find a dealer local to you by using the search facility.

What's involved?
According to the BADA, a good valuation should include the following details: type of object; materials and techniques; measurements; inscriptions and markings; distinguishing features; subject; title; date or period and maker. A BADA member will also provide photographs of your antiques and works of art. You will be charged for using the service so check the rates before you go ahead with the valuation.

If you’ve inherited jewellery, it can be as easy as popping along to your local high street to obtain a valuation. The National Association of Goldsmiths has more than 350 registered valuers in the UK. All have formal training in gemmology and other specialist areas. They are also required to have the appropriate gem testing/grading equipment and hold a thorough library of reference material. Visit the NAG website and find a registered valuer local to you by using the search facility. The valuer will charge you a fee based on a percentage charge, or a time-based fee or per-item charge.

Expert opinion
The Guild of Valuers & Jewellers can also provide professional jewellery valuation, and will value antiques, paintings and ceramics too. Expert valuers will provide a detailed description of each item, with colour photographs and current assessed values. Your valuation is also registered free of charge to a secure online database.

The Guild offers a range of services, including valuations by post and home visits if you have a large collection of items. Or go along to one of its Valuation Days – these are roadshow-style events where you can have a face-to-face consultation.

Finally, there are several online sites that can value china for you – the cost usually depends on the quantity being valued. Visit www.tablewhere.co.uk for more information.

For all your home contents insurance needs and to make sure all your valuable items are covered, get more information and a home insurance quote on this website.

With access to all these benefits, why not get a Privilege Home Insurance quote from us today?