As we go through life, we are sometimes fortunate enough to inherit items from friends and relatives. Sometimes we strike lucky and the gift is not only of sentimental value, but is also valuable. All too often we forget to add these items to our home insurance and so they can fail to be sufficiently insured.
Many of our most valuable items are handed down to us through our families. A lot of these are not worth much money – family photographs, autograph books, amateur works of art and other treasures can have great sentimental value, but probably wouldn't fetch much money if put up for sale. However, they are wonderful, tangible reminders of days gone by and also of people we love.
However, sometimes you do find an item which you have perhaps been so used to seeing in the family environment for so long, it has been overlooked as being of value. Sometimes too, the most hideous of items prove to be the most valuable, so don't go on looks alone. Items which may look as though they are not worth a penny often turn out to be quite the opposite: this is especially true of old toys, children's books and other small items which can be worth hundreds of pounds and very difficult to replace.
Perhaps it is because the items we inherit often come to us at a time of sadness that we forget to look at their true value. However, you do need to remember to add these to your home and contents insurance. Even if you have high net worth home insurance, it is still important to review on a regular basis exactly what is included. This is because if the worst does happen, you can not only lose a valuable part of your inheritance but your insurance payout will not reflect its true value. If you want to make sure your inheritance is covered, here is a check list of things you need to take care of:
Get your possession valued on a regular basis
Many people with high net worth home insurance get their possessions valued, but then make the mistake of not reviewing those valuations for years. It is much more difficult to track the value of your belongings than it is your savings. Whilst it is easy to keep an eye on interest rates, the markets for art, jewellery, wine and antiques fluctuate up and down on a regular basis: for example, gold prices have trebled since 2004. Also, many items valued at a relatively modest amount can suddenly become worth a lot more should they suddenly come into vogue. So be careful – make sure your belongings are valued regularly and insured appropriately.
Remember to include newly inherited items
Not only must you remember to include items bequeathed to you by the deceased, you must also include items handed down to you by relatives and friends whom are still very much with us. These tend to get overlooked and one way to make sure you do include everything you need in your insurance is to make a full inventory just before you renew your insurance and make sure everything is included.
Choose flexible insurance from a professional company
It is doubtful that a standard insurance policy will cover you if you have a lot of possessions. It is much better to take professional advice – Westhill Insurance Services is a friendly and professional company who can advise on the best possible insurance to cover all you require. It may be that you require a tailor-made high net worth home insurance – which may not prove as expensive as its title sounds! Westhill Insurance Services is an independent company who can shop around to ensure you receive the best possible cover at the best possible price. Please don't leave your inheritance to chance, it is such a privilege to be made a custodian of other people's valuable – or even just sentimental – items, that keeping them as safe as you can is almost a duty you have to honour. Thank goodness that with Westhill Insurance Services you can do this without breaking the bank. Give them a call today and let them help you preserve yesterday's treasures for tomorrow's enjoyment.
Contact Westhill Insurance Services, today.