Putting A Price on Those Hidden Gems
Published Wednesday, September 3, 2008 by bloggerblognet4542 | E-mail this post
It's not just the Tower of London that boasts an impressive collection of jewels - Brits keep a combined 52billion's worth of jewellery in their own homes. The problem is that our jewels don't have 'Beefeater' style protection and instead our collections are often massively undervalued in our home insurance policies.
Research from Halifax home insurance found that the average British home contains an impressive 1,986 worth of jewellery, and more than five million Brits own more than 5,000 worth. Despite this however, 35 per cent have never had their jewellery valued while a further 10 per cent have not had a valuation in at least 10 years.
The problem with this is that there are regularly fluctuations in market value for items such as gold and diamonds. In the event that you suffered a burglary at home and your jewellery was stolen, the items might be significantly undervalued by your home insurance provider.
Most home insurance companies do provide cover for jewellery collections - but the amounts covered vary significantly. If you have a piece that is particularly expensive, you might wish to cover it as a specified item - check your home insurance policy to ensure you have suitable cover in place.
It's also worth getting a valuation of your jewellery - a reputable jeweller should be able to examine items based on colour, clarity, cut and carrat. If you have a recent valuation in place it will make claiming on home insurance a lot easier - as long as you keep your insurer informed about its worth. You should also keep photographs of your jewellery to simplify the claims process.
Anyone with valuable items should review their home insurance policies. Check that items are covered when taken outside too and if necessary shop around for cheap home insurance that offers more extensive cover.
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