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Professional Service at Tennants: Valuations for Insurance.

SEP 11 2017

By Jeremy Pattison

We all know the market for art, antiques and collectables fluctuates, but often this can be overlooked when renewing insurance policies. It is all too easy to assume that a valuation from a decade ago would still be accurate today, but it is your responsibility to ensure your valuable possessions are correctly covered, or you could risk financial losses in the event of a claim or even have your policy voided.
 
Appreciating Values: In the event of a claim, you could risk financial loss if your possessions are undervalued. Jewellery in particular benefits from regular valuations; the surge prices for gold and precious stones mean that for an item such as an engagement ring, a valuation from four or five years ago may now be out of date.
 
Depreciating Values: For items such as traditional ‘brown’ furniture, for which the market has seen a decline in the last twenty years, a current valuation can help prevent you being over charged for insurance premiums.
 
Condition: As well as advising on current market value, our specialists are able to advise on any changes to condition or damage to your items. In the event of a loss, insurers require an accurate assessment of the condition of an item when assessing claims.
 
Tennants’ team of Specialists are able to provide detailed written valuations of single items or full and partial house contents. We recommend you review your contents insurance at least every eight years, and for jewellery, every two or three years.
 
Tennants’ Professional Services team are also able to provide accurate, confidential valuations for:
 
·         Tax Planning – Accurate retrospective valuations
·         Inheritance Tax/Probate – For executors and trustees
·         Family and Matrionial Division – Fair distribution and impartial advice when it is most needed
·         Willing Buyer/ Willing Seller – Mutually beneficial current market values
 
To discuss obtaining a valuation for insurance from Tennants, please contact Gussie Wood on gussie.wood@tennants-ltd.co.uk or 01969 623780.
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