For business customers’ stock and work-in-progress, you must declare the current replacement value for all property stored, considering the age, quality, degree of use, and market value when calculating the settlement.For all other customers, you must declare the current new replacement value of all property being stored. This means the cost to replace your items with a new equivalent, not the price you originally paid.If you are storing documents, your declared value must include:The value of the materials as stationeryAn estimated cost for the clerical labour required to reproduce or write the documentsThe costs required to reproduce any information recordedYou do not need to include the value of the information contained in any lost or damaged documentation, as this is not covered.Please do not ask Fort Knox Self Storage for guidance on your valuation. We are not valuers, and the responsibility for declaring the value is yours.Remember, you must declare and insure the full replacement value of your goods on a new-for-old basis, or you will be underinsured. This means any claim would be subject to underinsurance, and any settlement would be proportionately reduced. For example, if you declare a value of £5000, but your goods are actually worth £10,000, you are underinsured by 50%, and all claims will be proportionately reduced.