A home bought several years ago may have since been extended or extensively renovated. A collection may have grown. Jewellery, watches, artwork or classic vehicles may be worth considerably more, or less, than when they were first insured.
Your insurance needs to reflect those changes.
For Private Clients in Guernsey and Jersey, the difficulty is that changes in value are not always obvious. Some happen gradually, while others follow a significant purchase, renovation or addition to a collection.
Look beyond the original value
Keeping valuations current is particularly important for assets whose value can change over time.
Fine art, jewellery, watches and collectables are obvious examples, but the same principle can apply to high-value homes, classic and luxury vehicles and other significant possessions.
Property deserves particular attention after substantial work. Extensions, renovations and improvements can affect both the value of a home and the cost of reinstating it.
Collections also rarely remain static. New pieces are acquired, others are sold and individual items may increase or decrease in value.
When was your last review?
A Private Client insurance review is an opportunity to look at your arrangements as a whole rather than simply renewing the same cover each year.
Have you renovated your home? Made a significant purchase? Added to a collection? Had key items professionally valued recently?
If the answer to any of those questions has changed since your insurance was arranged, it is worth discussing.
CIB’s Private Clients team arranges tailored protection for homes and estates, fine art, collectables, jewellery, classic and luxury vehicles, boats and yachts. Taking the time to understand how a client’s circumstances and assets are changing is an important part of making sure their insurance continues to reflect what they actually own.