What is a professional home contents valuation and why does it matter?

Many homeowners are confident they know what their contents are worth, yet research and industry experience consistently show that underinsurance remains a widespread problem. While art, jewellery, antiques and collectibles can increase considerably in value over time, clients often overlook the cumulative value of everyday possessions such as clothing, furniture, kitchen equipment, curtains, carpets and items stored in lofts, garages and outbuildings. The result can be a gap between the level of cover in place and the true cost of replacing what has been lost.

A professional walk-through valuation is designed to remove the guesswork. By assessing a home's contents room by room and considering both high-value possessions and the items that make up everyday life, a valuation can help provide a more accurate picture of what needs to be insured. To understand what the process involves, we spoke to Mark Smith ASFAV, Director at Quastel Associates, about what clients can expect, the surprises he encounters most often, and why valuations play such an important role in helping homeowners avoid underinsurance.

For anyone who’s never had a home visit valuation before - what should they expect and what usually surprises them the most?

I think clients feel that we only visit castles or mansions or that we only value expensive artworks or antiques. This is not the case; we visit properties of all sizes, full of all sorts of contents. Valuations are designed to take away all the hard work of trying to work out how much cover should be in place and are open to anyone who wouldn’t know where to start.

In addition, valuations can also be very enjoyable as our expert valuers share their knowledge and expertise, providing fascinating insights into the history, significance and value of the items they see.

Clients are often pleasantly surprised by how affordable our services are. We offer a range of options to suit different budgets. Our Bespoke Inventories are charged on an hourly basis and provide detailed valuations of a home's contents. For those looking for a more general overview, our budget-friendly Home Contents Appraisal is available for a fixed fee. This service helps ensure your contents are neither over-insured nor under-insured, giving you peace of mind that your cover is appropriate.

Talk us through a typical visit – how long it takes and how you structure it. Do you literally go room by room and what are you noting as you go?

If we are completing our Home Contents Appraisal or more detailed Bespoke Inventory service, the technique is very similar. The valuer will move from room to room valuing the items and making sure they are in the correct categories required by insurers.

The Home Contents Appraisal will detail any item above £30,000; a requirement for most insurers. Our Bespoke inventory service allows the client to specify any item regardless of value and is useful for those clients who would like more detail or those wishing to gift items or for long term tax planning.

Once the valuer has walked around and completed the items they can see, the valuer will sit down with the client and then go through the items that may be tucked away such as clothing, handbags and personal items.

A Home Contents Appraisal normally takes 2-3 hours, and the Bespoke service is generally finished in 4-6 hours onsite.

How do you handle items that are in everyday use - wardrobes, kitchens, garages, children’s rooms - without it becoming overwhelming?

Valuers are very discreet and clients will often hardly notice they are there. The valuer will work around the client and the family dynamics valuing items in the background allowing the client/family to carry on with their day.

To respect clients’ privacy, we do not open cupboards or drawers (unless asked to) and will work with the client to value the rooms in the order the client would like (allowing the teenagers to sleep in a little later).

When people estimate their contents, what do they most commonly overlook — and why? What rooms surprise them the most?

It's often the everyday items that clients overlook. Things like curtains and carpets may not seem particularly valuable on their own, but when you add everything together, they can make a significant impact on the overall value of your home's contents.

It's also easy to forget about the belongings tucked away out of sight in lofts, basements, cupboards, sheds, garages and even the garden. These hidden collections can quickly add up, which is why it's so important to take them into account when assessing the level of insurance cover you need.

The kitchen is often the big surprise. As clients often buy things over time and don’t really think about it, they are amazed at how much general kitchen equipment can really add up.

Which categories are typically under-valued - and why?

Price increases in art, antiques and collectibles can often lead to underinsurance.

However, clients often view their dated modern furniture as being virtually worthless and do not realise that we need to value those items on a new-for-old basis.

What’s the difference between a receipt, an appraisal, and a valuation for insurance purposes?

A recent receipt from a shop or gallery can be invaluable as that is the current insurance value. However, over time prices can fluctuate especially on art, sculptures and antiques. Therefore, an up-to-date valuation will give the correct current retail value, regardless of what the client may have paid for the item.

Clients also often purchase from auction houses, yet that receipt is not retail replacement as required by insurers. If clients rely on those then they run the risk that they are underinsuring their items.

What’s the most interesting item you’ve ever valued during a home visit?

We are lucky to have valued incredibly rare and unique items whilst visiting clients’ homes. In terms of interesting items, we have seen everything from Spitfires, tanks, meteorites and woolly mammoth tusks.

What’s the most unusual item you’ve come across “hidden in plain sight” during a walk-through?

Not quite in plain sight, but I remember a client who had her TV on an ‘old cabinet’ in her bedroom with a sheet covering it. She was quite dismissive about it, but when she lifted the sheet to show the valuer, she was surprised to discover it was actually a valuable walnut chest of drawers in excellent condition worth £15,000.

Have you ever discovered something the owner didn’t realise they had (or didn’t realise was valuable)? What happened next?

Many times. An item that springs to mind was an inherited item of studio pottery by Lucie Rie. The client thought it was worth a few hundred pounds, but it was valued at £15,000. Interestingly, the same piece would now be worth around £45,000. The client decided it was safer to move it off the kitchen shelf.

What’s been your favourite discovery during a walk-through?

A first edition copy of JRR Tolkien’s the Hobbit. Although not in the best condition and missing its dust jacket, it was still valued at £20,000.

What’s the most unexpected place you’ve found a high-value item stored?

There have been a surprising number of high value items stored in outbuildings, garages and sheds. Sometimes it can be indoors in the strangest of places, I remember a small painting by Gerhard Richter hung just above the client’s toilet. It was worth over £100,000.

What can someone do in advance to make a valuation visit easier?

It is worth being prepared. Having a think about the things that may be tucked away to make sure the valuer includes everything. Clients do not need to take everything out of cupboards, as it is our job to do all the hard work; but the more they think about what they have and prepare, the more accurate the valuation can be.

If there are receipts or even a previous valuation, we ask that these be available on the day too. The goal is to produce the most accurate valuation for the client and so all information is much appreciated.

If you could leave readers with one message about valuations, what would it be?

Around 80 to 90% of clients we see are incorrectly insured. Having a valuation ensures you have the correct insurance in place and helps protect your treasured possessions.

And finally – what would you say to someone who keeps thinking “I’ll do it later”?

The last thing any client needs when there has been a complete loss is to have to then try to prove what they have and find receipts. The valuation gives peace of mind and is there when you need it most.

Why valuations matters

One of the clearest themes from our conversation with Mark is that underinsurance is rarely the result of negligence. More often, it happens because possessions accumulate gradually over many years, values change, and it can be difficult to keep track of everything we own.

A professional valuation provides an independent assessment of your contents, helping to ensure your insurance reflects the true replacement cost of your belongings. Just as importantly, it creates a record that can prove invaluable should you ever need to make a claim following a loss.

As Mark explains, the best time to understand what you own and what it's worth is before you need to rely on your insurance. A walk-through valuation offers reassurance that your cover is based on a clear and accurate picture of your home and possessions, providing confidence that the things that matter most are properly protected.

If you're unsure whether your contents sum insured remains appropriate, the Howden Private Client team can discuss your circumstances and, where appropriate, help arrange a professional valuation to help ensure your cover reflects the value of your belongings.

To speak to Howden about your insurance call 020 8 256 4901 or email privateclients@howdeninsurance.co.uk