How to value your assets for insurance
Insure on what it costs to replace, keep the values current, and let nothing valuable go unlogged. A short, practical method.
Accurate values are the foundation of cover that actually pays. Too low and a claim is scaled down; too high and you pay premium you do not need.
Value on replacement cost
For most household and business items, use the cost to buy a new equivalent today, not what you paid or what it would sell for used. See our guide on replacement value vs market value.
A quick method
- List what you own room by room, or site by site for a business.
- For each item, note the make, model and today's price. A quick search of a local retailer gives a realistic figure.
- For jewellery, art and specialist equipment, get a professional valuation; underwriters often require one above a threshold.
- Record the proof: a photo and the receipt, kept with the item's record.
Keep it alive
A valuation is only right on the day you do it. Prices, and the naira, move. Review your values at least once a year, and whenever you buy something significant. VaultCova keeps a running replacement cost for each asset so you are not starting from scratch each renewal.
Do not skip the small stuff
Ten "small" items at 80,000 each is 800,000 naira of exposure. Log everything; the total is usually higher than people expect.
