Insurers urge households to update policies as jewellery values rise.
Jewellers are being encouraged to help their customers by offering advice and selling jewellery insurance along with any jewellery purchase.
Household burglaries of jewellery have increased by 22% over the past two years, and now accounts for over one-third of the value of all domestic thefts, according to Churchill Home Insurance.
Since 2009, the value of jewellery theft claims has risen by 26.7% as the price of gold has rocketed to a peak of £1127 per troy ounce in September 2011; almost double the price at the start of Churchill’s research period of January 2009.
The company also suggests that the upsurge of cash for gold services has made it easier for thieves to sell on stolen jewellery.
Churchill Home Insurance, along with specialist jewellery insurers such as TH March, are urging householders to recognise the additional risk, and the soaring value of their jewellery assets.
“The dramatic increase in the value of gold is also putting consumers at risk of being underinsured and we estimate that 35 – 40% of householders are underinsured on their jewellery items,” warns Martin Scott, head of Churchill Home Insurance.
“We urge homeowners to check the current value of their jewellery on a regular basis, and to update their home contents insurance cover accordingly if the value of their gold has increased. Ensure any pieces that are worth more than the insurer’s single valuable item limits are listed on the home insurance policy as an additional item. Policyholders should remember to keep receipts or any other proof of purchase on file in case they have to make a claim in the future,” he adds.