What’s the true value of your home and contents? | Wilson Organisation

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May 14, 2021

What’s the true value of your home and contents?

What’s the true value of your home and contents?

Your home and its contents are your most important and valuable assets, both in terms of monetary and emotional value. And yet, so many of us insure them quickly and cheaply direct with insurers or through internet search sites, unaware that such products may leave us under insured, exposed and may even cost more.

When did you last check the value of your contents, or your building?

It’s vital that you protect what matters most to you, but when did you last review your contents, or check if the items are covered are insured for their true current value on your policy?

Ensuring you are insured correctly seems like such a simple task, but it can be difficult to properly assess the contents of your home -and even trickier when estimating the correct value. Issues arise especially when policies are set up a number of years and items increase in value or new possessions are obtained, but these details are not added to the insurance policy. It’s all to easy to simply renew as is, or with a simple percentage increase on total value.

Almost 20% of high-net worth individuals have a home insurance policy based on a valuation from 20 years ago. Considering the huge economic changes and consumer behaviour in recent years, it’s impossible to create an accurate insurance policy based on old figures. 10 years ago something as simple as a set of hair straighteners would have cost around £50, now the new Dyson Corrale cost £400.

Underinsurance also occurs when you simply don’t consider some areas of your contents – kitchen equipment and crockery, curtains or shutters, rugs and carpets. We all think of artwork, jewellery and antiques, but what about tech, handbags and shoes?

If an item is damaged and you need to put in an insurance claim, it could cost thousands of pounds. Without the right insurance in place you may end up having to cover some, or all, of this cost yourself.

The same rule applies to buildings cover. An accurate value that includes demolition and rebuilding should be established and increased with the inflation rate. There are some fantastic online calculators that will help you establish the true cost of rebuilding 0 and don’t forget the cost of your kitchen, which industry experts say can easily be 5 – 10% of the value of your home.

If you need any help or advice establishing how best to protect what matters to you most and avoid the nightmare of underinsurance, contact our Private Client Team or Charlotte Perkins.

Over 100 years of innovation

  • 1914

    A successful launch! The Wilson Organisation was founded in Nottingham by Harold Wilson and became the first company in the East Midlands to offer a comprehensive insurance policy to the region’s fast-growing band of automobile drivers. Innovation from day one.

  • 1920s

    During the 1920’s, Wilsons developed its commercial insurance offering under the stewardship of Harold Wilson. Hopping forwards 80 years, Wilsons has developed a number of industry specialisms including a particular expertise in the food and drink sector. We created a unique insurance offering called “FoodProtect” and, through this service, have been able to deliver intelligence and cost-effective insurance programmes to a broad spread of leading food producers. The best thing since sliced bread? Maybe not, but we’re working on it.

  • 1949

    John Prow joined Harold Wilson in the business, marking the first generation of the Prow family’s involvement in The Wilson Organisation. Wilsons’ clients included leading Nottingham firm Boots The Chemist plus a number of operators in the burgeoning railway sector. With post-war regeneration beginning apace, the firm’s fledgling construction expertise quickly developed into one of our leading offerings and this continues through to the present day, with clients including national and regional builders, developers, contractors, sub-contractors and architects.

  • 1960s

    The 1960s were the start of a new era for The Wilson Organisation. Harold Wilson and John Prow died on the same day in 1963, Harold of illness and John in a car crash. This left John’s son, John J Prow, to run the growing business at the age of 27. Under his youthful direction, Wilsons benefited from a new energy and direction. John J Prow, who had joined in 1960 in a new business role, led the move into our current premises at Wilson House in 1964 and then launched the financial services division in the following year.

  • 1990s

    The late 1990s heralded the start of the third generation of the Prow family’s involvement in the business. Managing Director Charlotte Prow joined in 1998, to be followed by the firm’s Chief Executive, Annabel Prow, in 2002. Product and service innovation continued apace with the launch of a corporate finance specialism in 1997, which continues to deliver valuable cost-savings and insights to the region’s dealmakers.

  • 2000s

    Now century on from the launch of The Wilson Organisation in 1914, the company continues to encourage innovation and reward good ideas. Within the financial services team, 2008 marked the launch of “Flex”, a powerful employee benefit programme and the development of “WRAP”, an investment tool with a unique level of investor control and transparency. Meanwhile, our insurance advisers worked quickly to bring to market a specialist insurance policy for insolvency practitioners.

  • 2010s

    2010 saw the launch of the Midlands Family Business Awards by Wilsons, the UK’s only independent not-for-profit Awards for family businesses. Now in their fifth year, the Awards have raised almost £20,000 for charities supporting families and young people. In 2014 we are celebrating Wilsons’ centenary, a significant milestone in Wilsons’ history.

Registered Office:
Wilson House, 1/3 Waverley Street, Nottingham, NG7 4HG

Registered in England Number 862690 - Members of British Insurance Brokers Association

Harold Wilson (Insurances) Ltd. and Harold Wilson Financial Services Ltd. are authorised and regulated by the FCA (Financial Conduct Authority)