Many people fail to realize that if they need to make a claim on their Insurance policy it is vital to have the correct level of cover.
Insufficient cover can reduce the amount paid out on any claim, but if you over estimate your valuation figures, you will end up paying a higher premium than you need - so it is important to get the level of cover exactly right.
   Let us take you through how to valuing your goods and possessions.
Make a list of every item you own.
The best way to approach this is to go through each room in turn listing everything.
You will be surprised how long your list will become! Then put a value next to each item you have listed.
If possible check out how much you paid for each item but if you have no record or cannot remember, make a realistic estimate.
And please, do not forget to include your garage and loft and any out buildings you have.
  It is also important to keep you list up to date so when you buy, for example, a new camera, or an item of jewellery - add it to your list! If the item is particularly valuable, then do not forget to include it on your policy as a specified item.
  If you have a new-for-old Insurance policy for your home contents the insurance company can choose either to replace goods or have the damaged item repaired so long as that would make it as good as new.
This type of policy does not however, apply to clothing, as this is subject to "wear and tear".
    Every few years it is worth reviewing the replacement values of the items on your list.
The easiest way to do this is via the internet.
  And different insurers have different interpretations of the word "valuables".
It is important to check your individual policy so you know exactly what the minimum insured value is for an item to be classified as a "valuable".
This is important because if you have an item which is above the "valuable item limit" and you fail to include it on you list of valuables, that could result in that item not being insured at all.
So please check out the wording on your policy.
  If your possessions include artworks, antique pieces or even expensive jewellery or watches, your Insurance company may well insist on an independent valuation of your specific pieces.
You can research the appropriate organisations via the internet that provide this type of service.
     Also take photographs of your more expensive items and always keep your receipts for these purchases.
Another good tip is to place a ruler or tape measure next to the jewellery, watches and other small items to give an indication of scale.
  And here is another tip.
It is very easy to amass a large collection of books, CD's or DVD's.
Some of these, you would want to replace if they got damaged or were stolen.
So list all these items carefully and include them in your insured values.
  Also check out whether you policy caps the total sum that is insured.
Usually any maximum limit is set very high, but it is worth checking because you do not want to be caught out.
  Inherited items, or artworks by lesser known or less popular artists can present problems when making insurance valuations.
And do not rely on probate valuations as these are frequently valued artificially low.
If you have antiques or fine art you are advised to seek the advice of a professional valuer.
  Sometimes you may own something that whilst it may not have great commercial value, could nevertheless be important to you through family links or history.
These can be very difficult to value but please be realistic.
  You will also find many policies have specific clauses relating to carpets.
For example, some damage to your lounge carpet might mean that the whole carpet has to be replaced but the matching carpet in your dining room might not qualify for replacement at the same time.
This principle may also extend to suites of furniture, for example a three piece suite.
If you damage a chair from a suite, your policy may replace the damaged chair, not necessarily the whole suite.
  If you work from home, general office items as computers or fax machines will usually be covered so long as you own them.
The situation may be different if for example, your employer owns the items.
Again, it is important to check your policy.
If home working is not allowed, your entire cover could be invalidated.
     Finally, don't forget your garden! Expensive items such as mowers, garden furniture, barbeques and even garden ornaments and plants can be covered.
Remember to estimate their value and include them on your policy.