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Calculating the Value of Your Home’s Contents

by Marquette Turner Luxury Homes

in Apps, Features, Variety

While house insurance will help to make sure that the structural value of your home is protected, it’s also quick and easy to get cover for your most prized possessions.

The challenge however can be calculating the value of these items. Many people take a quick glance around their home and think, “I don’t have anything of any significant value.”

For this reason, you should go through your house, room by room and make some realistic calculations about the value of your possessions.  

Living room

#1 Get An App

A home inventory app can prove especially helpful when going through this process because it can help you add things up with realistic prices and keep them stored in one place. A home inventory app can also be used for tracking the serial numbers and receipts of big ticket items so that you can prove your ownership and their worth should you ever need to.

#2 Start in The Kitchen

The kitchen is a great place to start with your home inventory calculations. There are always some really big-ticket items hidden away in there that you should protect. From your fridge and freezer to your oven, dishwasher, and other appliances.

Include countertop appliances. Estimate the value of your silverware. All of these can be tallied up in your total home inventory calculations.

#2 Go to The Bedroom

The next stop in your home inventory should be the bedroom where you have likely underestimated the cost of your mattress, bedding, clothes, bed frame, furniture, and other smaller items like a TV or laptop.

Maybe you have a custom oriental rug that cost you thousands or an old antique chest that has been passed down to you. You probably also have jewelry and many other things that you otherwise wouldn’t think about.

#3 Head into The Living Area

After the kitchen and bedroom have been completed, it’s time to go into your main living space, where you can probably find plenty of worthy electronics, dining room furniture, sofas, loveseats, books, shelves, and lots of other high dollar items that you never look twice at when going about your usual business.

#4 Look at Your Stored Valuables

Chances are you have a shed, a garage, an outbuilding, or even an off-site storage facility where you have even more stuff! Maybe some of it is just “old junk”, but if you take the time to go through it as well, you can often uncover some hidden gems that you would want to be covered. Contents insurance extends to your garage and companies like CHU even cover portable items like mobile phones, laptops and bicycles.

Things like a beautiful collection of Christmas decorations or ornamental eggs, or that old China set that you only bring out on special occasions. All these things should be counted in your home inventory so that you can get an accurate idea of how much it’s worth.

#5 Get Insurance

The next step in the process is to take the number to your insurance company and make sure you have the right amount of cover. You can visit State NZ for a quote. Once you have protection be sure that you are regularly updating your home inventory and your insurance as you add new things to your collection.

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