Consumers 'might find their jewellery in not covered by insurance'
Published On 13 May 2008
People in the UK are at risk of finding themselves underinsured, as they are not having their jewellery regularly valued, a new study has shown.Halifax Home Insurance found that there is a total of £52 billion's worth of jewellery in homes across the UK and that much of it might not be covered by insurance policies.
This means that the average home in the country contains £1,986 worth of jewellery.
Despite the fact that five million people in the country have over £5,000 of jewellery, 35 per cent have never had their collection valued and ten per cent have not had a valuation in the last decade.
What's more, over a quarter (28 per cent) of those who had recently found out the true value of their collection have not yet informed their insurance provider, the study showed.
Martyn Foulds, a senior claims manager at Halifax Home Insurance, commented: "It seems many people with expensive jewellery collections may be selling themselves short by not getting their articles valued fully and insured for the correct amount.
"We would advise anyone wearing particularly valuable items outside the home on a daily basis to make sure that they are fully insured for loss, damage or theft when outside their property."
