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If there is a reasonable second market for the item, it's fair to value them at R50k in your contents cover. Even if you increased your contents cover to include the speakers at a value of R571k, no insurer would entertain a claim for R571k for a 25-year-old speaker that currently trades on the open market for R40k-R50k.Try insuring an iPhone 6 for R20k by claiming that its current replacement is the iPhone 15 which costs R20k. Just because the iPhone 6 evolved into the iPhone 15 does not mean it's a fair replacement for a lost iPhone 6.My point is that just because the replacement model costs X, does not mean that is a fair value for the predecessor.Just to be safe I would provide your insurer with a rough list of how you calculated your contents value and specify big-ticket items like the speakers at R50k.
If there is a reasonable second market for the item, it's fair to value them at R50k in your contents cover. Even if you increased your contents cover to include the speakers at a value of R571k, no insurer would entertain a claim for R571k for a 25-year-old speaker that currently trades on the open market for R40k-R50k.
Try insuring an iPhone 6 for R20k by claiming that its current replacement is the iPhone 15 which costs R20k. Just because the iPhone 6 evolved into the iPhone 15 does not mean it's a fair replacement for a lost iPhone 6.
My point is that just because the replacement model costs X, does not mean that is a fair value for the predecessor.
Just to be safe I would provide your insurer with a rough list of how you calculated your contents value and specify big-ticket items like the speakers at R50k.
