Buy-to-let
Many people may be surprised to know the average value of gold in homes across Britain is thought to be more than £1,100. This means many owners are likely to be underinsured and potentially unable to replace their most treasured possessions should they be misplaced or stolen.
Paul Richardson, home insurance specialist at NFU Mutual, said: "If the contents of some jewellery boxes needed to be replaced, some owners may be devastated to find their current insurance policy would only pay out a fraction of the cost of replacements. Sentimental items such as engagement rings and heirlooms passed down through the family are typically underinsured as many current owners have never had them valued."
Nicholas Major, chairman of the National Association of Goldsmiths, agrees that it is vital people get their jewellery valued by a member of the Institute of Registered Valuers to avoid future upset.
"People who haven't had their jewellery valued in the last five years need to seek advice from a registered valuer immediately. Gold prices have more than trebled since 2004 and the price of gemstones has also varied. Some people may be in for a shock, but better to be surprised by the true value now than be handed a bombshell when trying to replace lost or stolen valuables."
