The price of gold has increased by over 200% in the past five years (Source www.goldprice.org) and this has led to an increase in the replacement cost of jewellery.
Your insurance policy will require you to insure jewellery for the full cost of replacement as new or for its market value, so that the ring or watch you bought a few years ago could now be worth considerably more. At best, your policy may have only increased your sum insured in line with the Retail Prices Index. At worst, it may not have increased it all. This could leave you with a big shortfall if the item is lost or stolen.
What to do?
- Make sure you reassess the value of your jewellery on a regular basis, taking professional advice if necessary.
- Check at what level your insurer requires you to keep written valuations for your jewellery. Some might require valuations for anything over £2,500, whilst for others it may be as high as £10,000.
- Take photographs of all your valuables and also a few of each room from different angles. This can be useful to show the detail of items but can also be a reminder of what you had in a room – after a fire it’s surprising how easy it is to forget what was in a room.
- You may already have a smoke detector in your home. Have you thought about a fire blanket and/or a fire extinguisher for added personal protection?
If you live in the Bromsgrove, Redditch, Worcester and Droitwich Spa areas or anywhere else in Worcestershire or Warwickshire; have high sums insured or collections of fine art, antiques or jewellery; and feel that you need to review your insurance arrangements, please CLICK HERE or telephone us on 01527 306 041 to arrange a free no obligation appointment.