1. If my home and the furniture inside are damaged, will the insurance company compensate me for the full value of my property? Will the insurance company make a professional valuation or estimation before effecting payment?
Unless the claim is for a small amount, in which case the insurance company will fix the amount of compensation itself, the insurance company will usually appoint a surveyor to assess and confirm the damage and determine the fair compensation. In both cases, the amount of compensation will likely be less than the original purchase price. The ordinary wear and tear factor, and the deprecation, will normally be included in the calculation of the compensation.
However, where the insured property is a valuable article, the value of the property and the amount of compensation can be agreed beforehand. In the event of loss or total damage, the insurance company is liable to pay the agreed amount.
In the example of a painting or an antique, the insurance company may appoint an expert to determine the fair value of the painting/antique before agreeing to the insured amount.