Don't Get Caught Out
Households with gold jewellery could be at risk of losing thousands of pounds due to a simple mistake.
Soaring Prices
The price of gold has skyrocketed by 112% in the past decade, with the average value of gold jewellery rising by £575 in just one year.
Are You Covered?
Failure to inform your insurer about the increased value of your gold jewellery could leave you underinsured.
Valentine's Day Warning
Admiral Insurance is urging households to check their insurance cover for gold jewellery, watches, and rings, especially with Valentine's Day approaching.
The Importance of Proper Coverage
Noel Summerfield, head of household at Admiral, stressed the importance of ensuring proper coverage for valuable items: "Make sure you've got the level of cover that you need."
Significant Price Increases
Analysis from Admiral reveals that the price of gold per ounce has increased by £862 since 2013, while the average value of gold jewellery has jumped by £575 in just one year.
Claims From Decades Ago
Admiral has seen claims from customers who failed to update the value of their items for over 40 years, resulting in items increasing in value by over 700%.
How to Ensure Your Jewellery is Covered
Get a valuation done to ensure your jewellery's value is up to date. You can find approved appraisers on the National Association of Jewellers website.
What to Expect from a Valuation
A gold valuation should include a photograph, two copies of a valuation certificate, and a detailed description of the piece. Take this to your insurer to update your policy.
Insuring Your Jewellery
Most home insurance policies cover jewellery up to £1,000. For higher-value items, consider taking out jewellery and valuables insurance.
What Does Jewellery and Valuables Insurance Cover?
Standard jewellery and valuables insurance policies typically cover accidental loss, theft, accidental damage, loss of diamonds or stones, and coverage outside the home, including overseas.
Get the Best Deal
Use comparison websites like GoCompare and Compare The Market to find the best jewellery insurance policy for you.
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