By Lois Avery
Homeowners should review their home insurance to cover any expensive jewellery following a rise in the value of gold.
Soaring gold and precious gem prices mean some items of jewellery may have more than doubled in street value over the last six years. (See our article: Don’t undervalue your jewellery in the gold rush.’
This means some homeowners are likely to be underinsured and potentially unable to replace their most treasured possessions, should they be lost or stolen.
According to NFU Mutual, the average value of gold in homes across Britain is thought to be more than £1,100.
Chairman of the National Association of Goldsmiths, Nicholas Major, says it is vital that people get their jewellery valued to make sure they’re adequately covered.
He said: “Gold prices have more than trebled since 2004 and the price of gemstones has also varied. Some people may be in for a shock, but better to be surprised by the true value now than be handed a bombshell when trying to replace lost or stolen valuables.”
NFU Mutual suggests homeowners review their home insurance policies every two years. Paul Richardson, home insurance specialist, said: “If the contents of some jewellery boxes needed to be replaced, some owners may be devastated to find their current insurance policy would only pay out a fraction of the cost of replacements.
“Sentimental items such as engagement rings and heirlooms passed down through the family are typically underinsured as many current owners have never had them valued.”
