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Old 06.06.2012, 16:21
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Home insurance - actual value of contents?

Hi all,

Probably a stupid question but I'm young and inexperienced when it comes to boring, adult things like insurance. I want to take out home insurance. I'm on comparis at the moment and on the "inventory calculator" but I don't know if I should put in the actual value on my contents or the amount of money I would need to replace them. I guess the latter but I don't really know. Sorry for seeming stupid, but I'd rather do this right if I'm going to do it. I've so far managed to do health insurance and car insurance (at home), but this is a new kind of insurance!

I lvoe insurance, by the way. It's really simple and the insurers don't over-complicate it any way.
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Old 06.06.2012, 16:39
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Re: Home insurance - actual value of contents?

from what I know, replacement value is what you insure for.
what it cost originally is normally irrelevant (except to accountants).
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Old 06.06.2012, 16:46
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Re: Home insurance - actual value of contents?

yes - the original cost is not relevant, a TV that cost 1000 2 years ago may now only cost 300 for example.
Imagine the worst case where your entire home burns to the ground..... how much would it cost to replace everything.

We just went through the same process for our shipping and as we have moved so much I have 95% accurate lists of almost everything we own as I add to it with costs / receipts..... however our shipping insurance will be less as we wouldn't replace all the items we have as we have many duplicates / redundant things.....Our solid wood table we bought in Asia was expensive, but we would replace it with something lighter and definitely cheaper...

However IF you have to list expensive items then I would do that in detail because if they break and you do want to replace them you will need full cover....
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Old 06.06.2012, 16:52
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Re: Home insurance - actual value of contents?

As an aside, check your insurance policy to understand what kind of reimbursement you would get in the event of a loss.

Better policies offer "new-for-old" replacement costs, meaning that they give you the cost of replacing the item with a new equivalent today. If they simply offer "replacement value" then you will have value deducted for wear-and-tear, age, etc. In the event of a total loss (like a house fire) this could leave you significantly out-of-pocket.

In terms of estimating value, I always estimated (and insured) based on what it would cost for new-for-old coverage. Better to over-insure and not need it than vice versa.

If an insurer thinks you have underinsured, they can reduce your payout accordingly. For example, if you've insured for CHF20k worth of stuff and they think your stuff is worth CHF40k, they can reduce the payout by 50% on the basis that you're underinsured -- even if the claim is for well under the CHF20k you've insured.
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Old 06.06.2012, 16:57
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Re: Home insurance - actual value of contents?

If you have items purchased outside Switzerland that cannot be bought here, you might want to consider insuring them for the cost including shipment to CH and customs duty.

We did this for our furniture - what we have is not even remotely available in Switzerland, and I would want to replace like with like.
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Old 06.06.2012, 16:57
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Re: Home insurance - actual value of contents?

So for example if I want to insure my electronics - I have a TV, laptop, PC and a Wii. Altogether probably now worth no more than about 500 or 600 (TV and the computers are OLD). However, I should say on the calculator under "electroics" I should put an amount that it would cost to replace with new items e.g. 1500 for example. Is that right? I am so simple sometimes, but it's not very clear on the form.
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Old 06.06.2012, 17:01
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Re: Home insurance - actual value of contents?

Yes, although even 1500 seems low to replace all of those items.

Insurance isn't very expensive -- I think we pay about CHF400- to insure CHF100k. My thought was 'better safe than sorry'.
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Old 06.06.2012, 17:06
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Re: Home insurance - actual value of contents?

Yeah, I do have to have a proper think about the amount to put on the form, then. I've not got a lot to replace, to be honest! If I have a special item (my French horn, for example), can I include that in the home insurance or should I insure it separately?

*bangs head against wall*
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Old 06.06.2012, 17:09
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Re: Home insurance - actual value of contents?

I think you'd be surprised how much your stuff is worth, if you had to replace it. (Again, think about what you would need to replace if your house burned down).

If you had to buy an entirely new wardrobe -- casual, work, shoes, underwear, jackest, etc -- it would cost at least CHF5'000.

What about refurnishing your apartment? Could you do it for CHF5k? Including beds, tables, desks, wardrobes, etc?
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Old 06.06.2012, 17:12
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Re: Home insurance - actual value of contents?

You know, I honestly hadn't considered all of that. Thanks everyone for all the help and advice - I'll have to get on this tomorrow. There never seem to be enough hours in the day between work, boring chores, exercise, other commitments and attempting to have some kind of social life! I'm sure more questions will come up while I'm filling in the form tomorrow so I expect I'll be back on here - thank you all again.
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Old 06.06.2012, 17:20
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Re: Home insurance - actual value of contents?

And some companies will only pay a percentage of the total premium per item - so check if that is applicable.
For instance - your French Horn -say it is worth 4000 chfs to replace - you must have it separate on the policy as a seperate item.
And yes, clothes , shoes, CDs, DVDs - if you need to replace them it soon adds up!!
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Old 06.06.2012, 17:31
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Re: Home insurance - actual value of contents?

There are two things to consider: What happens if you under insure and what happens when you over insure.

Let us think about when there is a huge flood damage in your living room only. Everything is broken and but still there and recognizable. Mr Insurance comes to your home and looks at the mess. He will do two things: First how much all your stuff is worth, broken or pristine, and all other rooms, let us assume 100k. (The same job you are just doing). Second, what percentage has to be replaced, lets assume 50%.

1) If you are under insured, the total value is higher than your insurance, let us assume 50k, the payout will be 50% of the insured value. This is 25k. Although you had a 50k damage you will only get paid 25k.

2) If you are over insured you will get paid 50k.

PS: Never underestimate the value of all your CDs, DVDs, Books, and many, many other small things...
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Old 09.06.2012, 11:03
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Re: Home insurance - actual value of contents?

I am sorry to disagree: you have to insure the replacement value (lowest new price) of the items. At the time of claiming you will be paid the present value of the items.

I do not have this insurance, it is very expensive and in my view a rip off. I suppose it is easy to defraud the company, hence the premiums are high. If you only insure your goods for half the new replacement value, they will only compensate you with half the new value, then re-calculated at today's value!


Swiss German website
http://www.hausratpartner.ch/about/d...cherungssumme/

The household consists basically of a large number of individual objects that make up the household. They all make up the sum insured. There are two common systems to determine the sum insured:

Detailed assessment resulting from the inventory list. It rates all the household items at replacement value.

Summary Review. By evaluation of the facility standards, number of rooms, number of persons and the living space the sum insured is calculated. https://en.comparis.ch/hausrat-versicherung/rechner/basishausrat.aspx

Swiss French website
http://www.hausinfo.ch/home/fr/assur...ce-menage.html

The household insurance covers the replacement value of items belonging to the household inventory, the amount needed to buy new objects, provided that the sum insured corresponds to the actual current replacement value of the entire inventory of the household.

.
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