It may come as a surprise to many people however the large proportion of homes and their contents are underinsured, especially with regards to valuables. This can have a devastating effect in the event of a claim and total loss.
Policy wordings do vary however and if at the time of a claim your sum insured is inadequate, this could leave a client significantly out of pocket and some insurers do apply average in the event of a total loss with significant under insurance.
PMB provide a home visit service where we will undertake an inventory of the items in your possession and provide a detailed valuation for insurance purposes using NAJ guidelines (nation Association Jewellers) to establish accurate retail values for insurance purposes.
To often clients use their own jewellers who base the current value on their selling price which can be a trade cost plus small margin of profit which can be great when buying jewellery however devastating in the event of a claim.