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How do I Compile an Inventory?

When you are about to approach an insurance company for contents cover, you will need to have made a detailed and thorough inventory. This enables you to establish how much you need to insure your contents for. This will help you make the most of your UK home insurance policy. Your claims will be settled with greater speed, and you will waste less money on insurance by finding the correct level for you.

Use your head, make allowances for both appreciation and depreciation. How far is the object through its lifespan? How long is the lifespan? So, for example, you own a sofa that cost £1000, and you know that it is worth £800 at modern value in the shops. The sofa has a lifespan of 10 years, and you have had it for 5 year. That means that it has suffered wear and tear for half of its lifespan, so it should be valued by you as £400. You should be as accurate as you can to get the right content insurance.

. You should give your insurers as much information as possible, especially in terms of changes in your sum insured. Should you sell a possession of value, you should tell your insurance company. If you buy a possession of value, you should also tell your insurer.  The insurance companies can adjust your sum assured according to fluctuations in price and market value. This is called index linking, and you will not be charged for this between renewal dates. However, you will find that not all companies use index linking. Therefore, every year you should check your sum insured every year to make sure you are properly covered. You should keep your inventory and receipts and any documents you have that relates to your possessions in a safe place with your policy. These will be very important if you claim.

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