By Chris Torney
Home insurer Hiscox has warned recent recipients of expensive gifts to ensure they are properly covered.
With Valentine’s Day a popular time for engagements, many brides-to-be will have received expensive jewellery in February. But a failure to ensure such gifts are covered by home contents insurance could have costly implications.
Austyn Tusler, home insurance expert at Hiscox, said: “Whenever you receive a gift you should not only tell your friends how lucky you are, you should also notify your insurer. They can provide you with adequate cover for loss or damage of your new acquisition.
“Furthermore, over time the value of jewellery you already own can increase without you necessarily realising. Special occasions are a good reminder to both notify insurers of latest purchases or gifts and to seek a valuation of current jewellery collections.”
Tusler said this was especially important in light of recent strong rises in precious-metal values.
John Benjamin, an expert independent jewellery consultant, added: “Three factors have combined to create an exceptionally strong market for jewellery and watches in 2011. Firstly, the unprecedented rise in the price of gold. Secondly, the recent rise in VAT and thirdly, the flourishing global market for jewellery at international auction which has led inevitably to a rapid reassessment of retail values – most notably for diamonds, coloured gems and pearls.”
