During this period, Allianz settled 2,800 claims for stolen gold and jewellery with the average cost of a claim totaling about £8,000. One claim for theft of gold and jewellery totaled more than £82,000 following a burglary after thieves stole two Rolex watches and a Cartier bracelet.
While the price of gold remains near all-time highs at more than £3,000 an ounce*, homeowners should take action to help ensure their gold and jewellery remains safe, and make sure they are not underinsured.
Protect your valuables
Homeowners can take steps to protect their valuables by storing them in a safe or deposit box and installing home security systems. They should keep a professional valuation for each piece of jewellery or gold item, and keep detailed records, including photographs, receipts, and descriptions of each item, in the event of a claim. They should also inform their insurer about any significant changes to their collection to ensure continuous and adequate coverage.
The perils of underinsurance
Underinsurance – where policyholders underestimate the value of their possessions and the level of insurance does not cover the value of the items insured – is a widespread problem in the home insurance market. The consequences of underinsurance can be serious, and homeowners can see the value of claims payouts reduced when they make a claim. Burglaries, fires and floods can be hugely expensive, and it is important for homeowners to ensure they have the right level of cover to protect their possessions.
Graham Wright, managing director of home insurance at Allianz UK, said: “Gold and jewellery items are tempting targets for thieves, especially on dark winter nights when burglaries are more common. They often represent significant financial and sentimental value, and it’s important that homeowners take action to ensure their valuables remain safe.
“It’s also crucial homeowners check their insurance policy provides enough cover to match the value of their possessions. It’s easy to underestimate what your home contents are worth and that can lead to underinsurance. Making sure your ‘total sum insured’ is enough to fully cover your home and everything in it, means you won’t be out of pocket when it comes to a claim.”
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