As gold prices head north… check insurance for jewellery and watches
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As the price of gold rises north… insurance companies are warning customers to check the value of their jewelry and watches
Insurers are warning customers to check how much their jewelry and watches are worth as gold prices have risen.
Gold has appreciated by 16 percent in a year, so items like engagement rings, necklaces and watches could be worth thousands of pounds more.
For example, a £1,650 gold and diamond tennis bracelet has added £350 to its value over the past year, an increase of 21 percent, according to Admiral. Gold is now worth 48 percent more than ten years ago.
Make sure you’re covered: Gold is up 16% in value in a year, so items like engagement rings, necklaces and watches could be worth thousands of pounds more
A one-ounce gold chain has nearly doubled in value over the past decade, rising 95 percent from £1,150 in 2013 to £2,240 in 2023.
Meanwhile, an entry-level Rolex bought a decade ago won £1,400 and is currently worth £4,650.
Admiral urges people to check that their home insurance policies have up-to-date appraisals, in case a claim is made for theft or loss.
Most High Street jewelers can value your items. With this information you can adjust the coverage if necessary.
Most insurance policies require you to declare jewelery worth more than £1,000.
Those who are worth less than this amount are usually co-insured in your house if you have contents cover.
Admiral also recommends keeping receipts for all purchases, keeping an inventory, and storing items securely, such as in a lockable box.
Noel Summerfield, of Admiral Insurance, says: ‘Watches and jewelery are often valuable both financially and sentimentally, so it’s really important that people make sure they’re well covered.’