Representing Retail Jewellers since 1894
For the past few years the N.A.G. have been advising consumers that they should make sure their jewellery is regularly valued for insurance purposes. It’s awful to think that if you did get anything stolen that you wouldn’t get a fair return on it. Although this isn’t the reason many of us own jewellery, and the sentimental value is often key, it’s still important to insure yourself against this kind of loss. So why are we repeating this sentiment – a sentiment which we’ve articulated many times in the past?
It comes as news from insurance companies shows the rise in jewellery theft by 22%. As recession has hit in the last two years, the price of gold has sky-rocketed by 26.7 per cent, with it peaking at £1,127 per tray ounce in September 2011. This makes the ‘cash for gold’ market a really attractive for thieves.
The N.A.G. warned of this back in March when IRV Chairman Jonathan Lambert appeared on the BBC’s ‘Don’t Get Done, Get Dom’ to discuss the importance of up-to-date valuations. Lambert echoed concerns of many consumer groups in saying: “If you bought a piece of jewellery say ten, fifteen years ago, and you’re still relying on the receipt you have at home – you may have a surprise when you come to make a claim. With the ever changing market, and now, more than ever, with the rising price of gold, it’s important that members of the public have regular valuations to ensure they are protected if something should happen.”
Martin Scott, head of Churchill Home Insurance confirmed this point of view: “We’re currently seeing an increase in both the overall number of jewellery claims and the number of jewellery items stolen within each claim, as the value of gold increases. At the same time we’ve been witnessing a decline in theft claims for electrical goods as these goods decrease in value and thieves target higher-value items instead”
Scott went on to say; “We estimate that 35 – 40 per cent of householders are underinsured on their jewellery items. 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.”
For more information on jewellery valuing, or how to get in touch with a trusted valuer – go to the Institute of Registered Valuers website at: www.jewelleryvaluers.org