Knowing the actual value of your home contents off the top of your head is pretty hard. And even after we’ve gone through what we own, we’re still underestimating the value by an average of £20,000, according to MoneySupermarket.

So what can we do to get a more accurate idea?

Check your current policy

First and foremost, you need to check your current policy – if you have one. This is because a lot of what you own might not even be covered.

For example, many insurers put a limit on the value of a single item – usually around £1,500. If any item worth more than this is damaged then you’d only get £1,500 back as cover. If your house has a number of valuable items, it’s worth looking into a specialist insurer.

Make a list

This is where the hard work starts. You really need to set aside a few hours to get this completed – you can’t rush it.

Go through the house room by room, writing down anything of value from sofas to rare vinyl. If you’ve got large collections of smaller items, like books or CDs, count them up and give them an average value.

Once you’ve done the main rooms, there are still plenty of other areas to check, such as:

• Outbuildings and sheds: This could include lawnmowers, tools, or whole suites in pool houses
• Garden: Outdoor furniture can be costly, as can sculptures, water features and even certain plants
• Garages: While your car won’t be covered, tools and bikes could be
• Items currently out of the house: Items that could be with friends, family or at a second home, which usually reside in the main house
• Lofts and cellars: Just because it’s put away in storage, doesn’t mean it’s not valuable. Also include your wine cellar

Some insurers might not cover garages or sheds, so you might need to take out specialist policies.

Get valuations

The best way to prove an object’s value is with the original purchase receipt. Remember, most insurers work on a new-for-old basis, so the original values are important. These days though, you might not have a paper receipt. An emailed version also works.

For items you don’t have receipts for, try and get a value online or through auction catalogues.

For art works, jewellery and even clothing it’s worth getting a professional valuation as these can change over time.

Consider non-valuables

Not everything in your home can be assigned a monetary value – but that’s not to say they have no personal value. Sadly, no amount of money will replace family photos or baby clothes, so it’s worth looking at other ways to ensure their safety.

For photos, old movies and any writings, consider getting them digitised and stored in the cloud. Even hard drives won’t be safe if your home burns down. For other items, you could use a safety deposit box in a bank or buy a sturdy, fireproof safe.

Calculate your total

Once you’ve made a list of all your contents, use an online calculator to give you an idea of the overall value of your home contents. These are useful as they break down your contents by room and might point out a few items you’ve overlooked.

The temptation is to put in a low estimate to cut down your costs. But this means you’ll miss out if anything does happen. Always get insurance for the full value.