Do you know the true value of your belongings?
Avoiding underinsurance: why it matters to you
Rising replacement costs across luxury and everyday items mean many high value homeowners are discovering gaps in their cover only when they make a claim. In homes where possessions are chosen carefully - and often increase in value over time - ensuring your insurance keeps pace has never mattered more.
As Guy Vaissière of Gurr Johns warns: “The prices of household furnishings and effects, particularly those made by manufacturers at the top end of the market, continue to increase… In many cases, retail prices have increased significantly more than inflation, so the risk of underinsurance remains a problem for lots of clients.”
At a glance
- The value of home contents changes over time, particularly high quality, specialist items.
- Underinsurance is a growing risk in larger homes with many valuable possessions.
- Everyday items, as well as fine art and jewellery, can be costly to replace all at once.
- Regular professional valuations help keep your cover aligned with today’s market values.
Value isn’t static - and neither is your cover
What you paid years ago rarely reflects today’s replacement costs. Fine art, jewellery and collectibles respond to market forces, but even everyday items - from bespoke carpets to curated wardrobes - can slowly accumulate into a significant total.
Underinsurance isn’t just a gap in a policy. It’s a gap in protection, lifestyle and peace of mind. Mark Smith from Quastel Associates puts it simply:
“Underinsurance often happens because people just let their policies tick along and don't review them often enough - even when their circumstances change, like moving house or inheriting items."
Regular reviews ensure your cover keeps pace with your life and the market around you. If you walked through your home room by room, what items would surprise you in terms of their current value?
High value homes face unique risks
Large properties often contain more than owners can recall from memory. Items in safes, outbuildings, garden rooms, guest bedrooms and storage are easy to overlook - yet costly to replace.
Outdoor and specialist equipment is also rising in value. As Doerr Dallas valuer Alastair Meiklejon notes:
“Garden equipment, like ride‑on lawn mowers and garden furniture have gone up in value.”
Digital tools and AI are becoming more accessible but cannot replace expert judgement. As Ashley Innes, also from Doerr Dallas cautions:
“Chatbots… are not suitable for valuations and should never override a professional opinion… insurers, governments and arts institutions reject AI‑generated valuations in favour of professional ones, and with good cause.”
Together, these shifts make it easier for total contents values to drift away from what’s declared on a policy. Taking time to review less obvious areas of your home - and seeking guidance for specialist items - reduces the chance of discovering shortfalls during a claim.
Confidence comes from clarity
Professional valuations give you certainty about the true value of what you own and ensure nothing important is overlooked. As Mark Smith notes:
"It's incredibly rare for someone to have their insurance values spot on. Most people are either over or under, which is why regular valuations are so important."
With NFU Mutual’s Bespoke Home Insurance, you have access to trusted valuation partners who understand high value homes - and the responsibility of protecting them properly.
Your belongings tell the story of a life well lived. Regular valuations ensure that story is protected - accurately, responsibly and without hesitation.
Commonly overlooked, but valuable items
Many homeowners underestimate categories such as:
- Carpets, curtains and blinds.
- Clothing, shoes and handbags.
- Garden equipment and furniture.
- Bicycles, golf clubs and sports gear.
- Items kept in storage, safes or garages.
Seek professional help
If your home contains many valuable or specialist items, a professional valuer can provide an accurate assessment and advise on how best to care for them.
At NFU Mutual, we recognise that high value homes and possessions require a more considered approach. Our Bespoke Home Insurance is tailored to protect high value homes and contents, with access to trusted valuation partners who can help ensure your cover remains appropriate as your life – and the market – evolves. For tailored guidance, speak to your NFU Mutual Agent. A short conversation can offer clarity and reassurance that your home and belongings are fully protected.
