If you claim an insurance policy for loss, damage, or theft, you may be asked to provide a valuation or receipt. This largely depends on the value of the item(s) insured and the type of policy you’ve selected. A market value basis of settlement policy will cover your item(s) for the item’s market value the day before the loss, up to the amount shown on the schedule. An agreed value basis of the settlement policy will cover your item(s) for the agreed amount as shown on the schedule and supported by the approved valuation document. If you have an agreed value product, then you must supply a valuation to us within 28 days of policy inception and/or at the point of making a claim.
Further consideration should be given to the specified limit on your high-value home insurance policy. If the item(s) being covered is less than the specified limit, then you may only need to supply a proof of ownership document demonstrating the item exists. For more information, please contact your broker or consult your policy wording.