Gold mine home insurance risk

Gold prices have been soaring but many UK consumers have not picked this up and are at risk of leaving their gold items underinsured on their home insurance policy.

According to research by RIAS, a specialist provider of insurance products, over 60% of gold owners have never had any of their gold items valued. This means that millions of consumers could be left under-insured.

As millions of consumers’ home contents insurance policies could be out of date, policyholders may be in danger of receiving substantially less than they should for their ‘high-risk’ items if they suffer theft, loss or damage. For many, this means that should the worst happen, they will not be able to replace their valuables.

The over 50s are particularly at risk from this under-insurance trap.

If you do have some gold items it may be time to consider their value, perhaps get them professionally valued and importantly review your home insurance requirements.

It is important to understand the value of high risk items such as jewellery to make sure you have them fully insured as the most an insurer will pay is the sum insured for.

Also, be aware that standard home insurance policies usually have a specified limit for single ‘high-risk’ items, such as jewellery.You therefore need to make sure that any single items don’t exceed this limit.

If you are concerned or know that you do have high value jewellery items or other high value items or collections, you may be best to take out a High Net Worth Home insurance policy.

MoneyHighStreet has partnered with a leading provider of high net worth insurance, Baxters, who can happily provide you with free, no obligation advice on your high value home insurance requirements.