This year, the number of home theft claims increased by 14% according to Churchill Home Insurance and it is thought that the increase in the price of gold has contributed to this rise.
As a result, homeowners are being urged to check that their jewellery is correctly valued.
Getting the Right Cover
The reason that home insurance providers are urging home owners to get their jewellery correctly valued is two-fold. Firstly to ensure that they have the right level of cover and also so they know exactly how much their gold and items of the like are worth.
In the last five years, the average cost of gold has risen by almost 300% to £972.50 per troy ounce in July 2011, compared with £327.64 back in July 2006. This could therefore make some items in need of specialist cover because they won’t fall under the cover of average contents insurance.
Updating these valuations is also important so that you receive the correct replacement. In the case of an insured event, these items will only be replaced or repaired to the original value agreed on a policy.
It is also worth ensuring that your home has up-to-date security in light of the number of burglaries.
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