A Guide on How to Estimate the Value of Household Goods

November 25, 2019 / Posted in How-to
Eva Johnson

Digital nomad born in New York but currently living online, Eva knows everything there is to know about packing and moving.

Moving to another home can be quite challenging, with all the packing, arranging, shipping, and unloading that lies ahead. Regardless of the way you decide to relocate, make sure you estimate the value of household goods and check different coverage quotes to get the best deals for your unique possessions and vintage furniture. Entrusting movers to transport your belongings is not easy, even if you opt for the most renowned moving services.

people packing up stuff
If you are moving for the first time, make sure you properly estimate the value of your belongings.

Even if you choose professionals that offer excellent coverage deals and give a proper evaluation for your belongings, there is no reason not to check the market and see if there are better deals out there. Besides, who says that your goods should have only one insurance policy. If you want to have peace of mind while your personal belongings are shipped, arrange double insurance, one from the moving company, and another one from an insurance agent. Refer to the below guide, which will help you understand the importance of household valuation.


Estimate the Value of Household Goods – Get Fair Market Evaluation

This might seem like a daunting task at first. You have so much on your plate right now, getting organized for a move, obtaining moving boxes, finding the best packing services, dealing with utilities – getting an evaluation is one more task to be ticked off from the endless relocation list. You should come up with a list of items you are planning to ship to the new home. Create a spreadsheet on your computer and write down the worth of all those belongings. It will be a lot easier to compare it with the estimates you get from insurance companies and professional movers.

Donated Items Can Enable Tax-Deduction Claims

However, before you even come up with a list, you should get rid of any stuff you no longer need. After you arrange everything into boxes, you can stick the printed inventory list onto every box. This way, your chosen company will have an insight into the content of every box. Don’t forget to include large pieces of furniture, sofas, cabinets, a cupboard, and anything else that doesn’t fit the box.

Donating can be useful in more than one way. Not only it rids your home of unnecessary contents, from unused clothing to much bulkier stuff, but it can help with money, too. IRS takes account of donations when its agents calculate tax write-offs.

Hiring a finance professional to aid you with the valuation of your unneeded property may be a good choice. They can put a more precise value on everything that can be donated in terms of tax deduction and provide high-sought information about rules and regulations.

Having a guide that will cover you from any potential unknowing wrongdoing. From the value of clothing to every kitchen item you deem valuable, they may provide you with valuation and so make your life less stressful, at least in that niche. Definitely worth some extra money, for nobody wants to get on the wrong side of a tax agent, right?.

What Should Your Content Value Estimate Include

If you have some stuff in a storage unit, keep in mind that it should be insured and evaluated as well. Take into account all the delicate items, too. Your glassware belongings, vases, porcelain, kitchen items, and anything fragile falls under this category. You will need some privacy to focus – use a home contents calculator before you have movers over to do a shipping quote. Even though you will be the one determining the worth of the items when you apply for coverage, you might be asked to prove those claims. And make sure you have an insurance policy.

person working on a laptop and a phone
You should be the one setting the terms. You may find online tools as a useful help in finding information.

Determine the Value of Each Item

You have to determine the worth of each one of the items you are moving. If you think that some goods are not that important – it’s up to you to decide whether to insure them. Don’t worry if you cannot decide how to evaluate the goods properly – you can always get an expert to assess the worth of the items. This is the way to go with some antiques and vintage furniture pieces. For others, don’t hesitate to simply use Google and determine the price from the privacy of your own home.

A Note on High-Value Items – They Need Insurance as Well

Even though expensive things, such as jewelry, should travel with you and not inside moving boxes, you can have it evaluated in a local jewelry store. The goods that are too old and difficult to move should have proper coverage. Don’t just assume that everything will work out.

Make sure you have the best possible cover. Learn all the information you can on household goods insurance. No item can be overlooked when it comes to money. Maybe you own some high-end clothing that you don’t know about, or that plate stuck in the kitchen corner is the family property for generations. Really, the kitchen is often a vault of contents. Your next address will be your home, so you should be looking for all the information on how to create the best possible property. Insurance will cover that, so it’s well worth the money.

a person calculating
Pay attention to details, every item is worthy to calculate, clothing or jewelry.

Consequences of Day of Severe Weather – Destroyed Products and No Insurance

Sometimes, even the sunniest day can turn into a downpour and strong wind. When the storm hits, anything can happen. In case of heavy rain, some of the boxes might get wet, and the things inside can get wet and ruined.

If your belongings are heavily affected and not insured, you will have difficulties getting the reimbursement from a professional company. Think ahead and protect all those things you have previously evaluated. Don’t accept anything less than their real worth!

two girls chatting on the floor
To have a stress-free move, make sure you have everything under control.

Most Popular Estimate Calculators

Take a look at a content insurance calculator if you are not too happy with the paper and pen option. You don’t have to overthink about the worth with free online tools. Don’t overestimate the price of your possessions and end up paying more for the premium coverage. Be as accurate as possible.

calculator and a bunch of papers
Gather all information, calculate the possible losses, buy insurance that’ll cover them and make moving easy.

Calculating the Cost of Your Business Equipment – You Are Not Moving Your Personal Property Only

If you happen to be transferring an LLC to another state and relocating your business equipment and not just your personal belongings, get them insured as well. Laptops, speakers, desktop computers, and other expensive gadgets make an important category of your private collection. Give them the protection they deserve.

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