Frequently Asked Questions
The basics that you need to know
Frequently Asked Questions
What is an asset inventory and valuation for insurance purposes?
An asset inventory is a full list of all of the contents of your home (or business in the case of commercial insurance) with a valuation at current estimated replacement cost. A building valuation is a total estimated replacement cost for all structures and improvements. This is very different to a valuation by estate agents, who look at market value. Both are only for insurance purposes to establish recommended sums insured.
What are the advantages of having a valuation done?
Often clients are unaware of a policy condition called Average. This is an under-insurance penalty applied at the time of a claim if your insurance was not substantial enough to cover all items in the home; or all building improvements. By having a valuation done by Qantam, and insuring according to our recommendation (provided you keep it up-to-date) you will have peace of mind that in the event of a claim, you will get the full payment of your loss (barring any other policy conditions, of course).
Other advantages include proof of ownership, a handy list of assets for other purposes. These all make for smoother claims processes and often an insurer will not appoint an assessor since you have the information required to finalise a claim.
Other advantages include proof of ownership, a handy list of assets for other purposes. These all make for smoother claims processes and often an insurer will not appoint an assessor since you have the information required to finalise a claim.
What are the risks of being underinsured?
It’s essential for you to have the correct sum insured for your contents and buildings. If your sum insured is lower than the current cost of replacement, the Average clause may be applied to determine the value of a payout when there is a claim. This means you would have to pay a share of the cost. For example, if the correct value of your contents is R500 000 and you have a sum insured of R250 000, you will get compensation for only 50% of the claim.
Do I need receipts for everything which I have bought?
No, though it could be helpful in situations where you have bespoke furniture. Should you have current valuation certificates (dated within the last year) for artwork, antiques, Persian carpets and jewellery, please have them available at the time of the valuation. If you are having a building valuation done, it is very helpful to have the plans available to the surveyor, though not critical.
Do you value the jewellery?
Qantam currently does NOT value jewellery. We do however record as much detail as possible together with your estimate of values. Our surveyor's should also indicate those items for which you have certificates. It is necessary for us to include your estimates of value, so that your broker and you may discuss how to insure jewellery. Insurers usually have an item limit, above which they require certificates. Check this with your broker. You are urged to have the items revalued regularly, perhaps every two or three years, by a reputable jeweller or gemmologist.
I don't know the replacement value of my furniture. Who can help me with this?
We can! Our surveyors are trained to help guide you to come to a reasonable replacement value. Qantam uses various sources to keep us abreast of current replacement values in the market. Bear in mind these do fluctuate dramatically when you think of the various types of shops, specials being held, new technology becoming available etc.
Who should be present at the time of the valuation appointment?
You will appreciate that since the chief objective is to reach consensus as to the replacement value of your belongings, the exercise cannot be successfully completed without your participation and co-operation. It is therefore essential that the person who accompanies the surveyor is either the policyholder or has the authority to agree certain values and has the knowledge of your personal items. Generally, we will refuse to conduct a valuation with domestic staff. Dealing as it does with some of your cherished belongings, we try to make the process an enjoyable experience for you rather than an irritating chore, which it tends to become at claim-time!
How long does a valuation take?
A residential contents valuation takes on average 1.5 hours to complete (depending on the size of the residence and the contents therein). A building valuation would normally require about 45 minutes on site.
Will the surveyor dig through my personal belongings?
Absolutely not. Qantam understands that conducting valuations involves dealing with very personal and sensitive information and it is our foremost priority to keep strict confidentiality during the entire process. Our surveyors and personnel are selected carefully and trained intensely in order to acquire a balance between respecting the client’s privacy and sensitivity, while reaching consensus on behalf of insurers and underwriters as to a reasonable estimate of the replacement cost.
My furniture is in storage, how do we handle this?
You would need to wait until the furniture is out of storage to complete a valuation, as we would need to see the furniture in order to agree a replacement value. It would be best to do the valuation BEFORE you put the furniture into storage.
We are in the process of moving house. Should I have the valuation done before or after the move?
You should do it before the move, preferably before packing begins and update it once you have moved
There are currently renovations taking place, what should I do?
It is critical that you alert your brokers or insurers of this so they may best advise you on your insurance policy. If there are minor renovations taking place, we should be able to conduct the valuation during this period, provided all items are available and accessible.
After the valuation, how long does it take to receive our completed valuation?
Approximately 15 working days, provided you have given us all the required information at the time of the appointment.
Who will send me the valuation?
If your insurer or broker is paying for the service there are different arrangements with Qantam – so you may receive the report from them or from us – check with your broker. Should you be a private client who is paying for the service, the completed valuation will be forwarded to you directly and only upon instruction from you will we send the report to your insurer or broker.
What should I do when I receive the completed valuation report?
It is very important for you to check the valuation very carefully in case of any errors or omissions. Ensure that all of your belongings are listed – with human input we can sometimes make unintentional mistakes! We give you two weeks to check and come back to us, thereafter the valuation will not be altered, unless you are subscribed to our update service. Discuss the report with your broker and make any amendments to your policy as required.
What is the update service?
The Extended Service Option (ESO) is designed for asset inventories, for a small monthly fee, to ensure that at all times your valuation is up-to-date after purchases and disposals. This ensures that you are never caught out in the event of a claim. After 3 years we recommend a re-valuation.
Who pays for the services?
In many instances the broker, underwriter or insurer agrees to pay for the asset inventories, valuations and update service as it forms part of their agreement with the policyholder. Should this not be the case, the payment would need to come from you.
When do I pay for the valuation to be done?
Upon acceptance of the quote and an order being generated we will send you a pro-forma invoice which needs to be paid via EFT prior to the appointment being made. Payment should be made on presentation of invoice. We do not accept cash.
Where do you offer your services, are you National?
We have surveyors in major cities of South Africa. Other centres are dealt with by a surveyor travelling to your area when we have enough clients to make a trip of it.
How do I place an order?
Firstly, a Quotation Request Form would need to be completed in full. This provides us with the information we need in order to accurately quote on the services. Once you have accepted our quotation, you would need to complete our Order Form. At this time the order would be allocated to one of our surveyors who will make contact with you within 48 hours to set up an appointment date and time convenient to you.
What should I prepare before the appointment?
Having certificates for valuables available is always helpful. To quicken the process ensure you have items usually kept in cupboards, such as cameras and binoculars, ready for the surveyor. It is also recommended that if you were in the process of disposing of unused items, this be done prior to the appointment – otherwise you will be insuring items that you don’t actually want anymore.
Are your surveyors available after hours?
Within reason, yes they make themselves available in the evenings and some weekends. Please bear in mind that many clients request these hours and therefore our surveyors are usually booked at these times well in advance. To assist and smooth the process it is helpful if you are able to make yourself available during business hours if at all possible.
Should I have had a previous valuation; will the surveyor have this with him/her at the time of the appointment?
No. Each valuation is done from scratch, so to speak. Using a previous valuation generally takes longer to do, and in our experience it sways the new valuation too much. Often items are missed out when doing it this way and values can fluctuate quite significantly over time and it is therefore better to start afresh. Our surveyors are instructed not to use old reports.