What Happens During a Valuation: The Bespoke Inventory
INTRODUCTION
We speak to clients on the phone and by email every day, asking about their valuation requirements, explaining our valuation services and ensuring that they are comfortable and looking forward to their valuation experience. Our most popular and commonly carried out valuation is the Bespoke Inventory. This is a detailed and tailored valuation of a property’s contents. This might be a valuation of a collection of art or silverware for example, or it may be the entire home contents (from curtains and carpets to fine art and collections). This is an outline of the valuation process from the point our valuer arrives at the property, providing additional detail so all parties know what to expect.
ARRIVAL
Following a courtesy call from our valuer on the days leading up to the valuation (to allow them to introduce themselves and get any directions to the property), our valuer will arrive at the allocated time to begin the valuation. Upon arrival, they will chat with our client about the instruction they have been given by the office staff, in order to confirm the best approach and what is to be included. Usually at this point, our valuer will be shown round the house or to the collection by our client and any questions (from either valuer or client) are discussed and clarified. This allows our valuer to commence their valuation with everyone on the same page.
THE VALUATION PROCESS
If it is a valuation of a collection, our valuer will begin cataloguing the items by physically examining them, measuring, and photographing them. They will be taking notes and will ask any questions if necessary. Some preliminary research may be conducted as they go but for the most part, the research is done offsite and the visit is to make sure the items are catalogued correctly.
If the valuation is of the entire contents of the property, our valuer will ascertain which items are to be specified (i.e. photographed with their own description and value) and which are to be grouped into the appropriate categories required by the insurer. The level at which our valuers specify is at the clients discretion and can simply include items required by the insurer or be extended to include items of importance or sentimental value. Our valuer will then begin working from room to room, cataloguing the specified items and calculating totals for the remaining items. Again, they will be taking notes for any research to be carried out off-site.
UNSEEN ITEMS
Once they have finished with all the rooms in the property, they will sit down with our client in order to discuss items tucked away in drawers and cupboards. It is important for client privacy and security that our valuers do not open drawers/cupboards and only value what they can see. The items out of sight which are most commonly discussed are clothing, linen, luggage and personal electronic devices however clients may have other items of importance in the attic, garage, outbuildings or stored elsewhere out of view. Our valuers have a wealth of experience and can help guide the client in these discussions so that such items are included accurately.
PAPERWORK
For all valuation types, it is very beneficial that any corresponding paperwork (such as receipts or invoices for significant purchases) is presented to our valuers on the day. This can save time and allow for the most precise valuation.
WRAPPING UP
Once the onsite valuation is complete, our valuer will have a brief discussion with our client around their findings and ask any additional questions. Our clients are welcome and encouraged to ask any questions they might have too, of course. Then our valuer will be on their way with the information they need to carry out any research and prepare the report. A draft report will follow in the coming days / weeks, depending on how much is included and how much research is required.
CONCLUSION
Valuations are an essential step in making sure insurance cover is accurate but they can be a genuinely enjoyable experience too. Our expert valuers bring decades of experience and a real passion for what they do, and they love sharing their knowledge as part of the process.
By having a valuation carried out in their home, clients not only ensure their premiums are correct, giving peace of mind, but they also gain valuable insights into their belongings, often discovering more about them than ever expected.
