All That Glitters…..

It’s very rare these days that you can avoid hearing or seeing an advert encouraging you to cash in your valuable bits of gold and diamond jewellery. Of course, not many of us actually go down that route, as we’re a little more attached to those precious family heirlooms that have been passed down through the generations.

But how often do we actually think to check with our house and contents insurance provider that those antique styled necklaces or beautiful gold rings are actually covered for the right price?

And do we ever really consider that under a standard household policy, that valuable watch we’ve given to one of our children might not be covered whilst they’re away at boarding school or when they’ve flown the nest to start their university careers?

This is a real issue, and one which we come across time and again when we’re helping our private clients to reassess their cover,” says Pat Towers from Russell Scanlan. “Many people just don’t twig that standard policies often don’t offer the level of cover required, but that high net worth policies do.

People generally also don’t tune into the fact that the price of precious metals or stones fluctuate in price – and in fairness, why should they? It’s not exactly something we read about in the papers everyday!

But here are some stats that might make you think twice about making sure you’ve got a current, valid valuation on all your precious items:

• One individual has seen a staggering 187% increase (£48,000 vs £137,650) in the value of her 6.10ct diamond ring, which was last valued in 2004.
• Another saw an enormous 123% increase (£70,000 vs £156,000) in the value of their 6.15ct diamond pendant necklace, originally valued seven years ago.

Getting the right insurance cover for these sorts of items is a challenge at the best of times. But we cannot stress enough the importance of making sure your valuables are regularly reviewed.

Most insurers have access to professional valuation experts to get the latest market analysis on those all important items. And if you use a broker to arrange your cover, they will often take out all the hard work in liaising with insurers to get you the best possible cover.

Why not get in touch if you think you have a few valuables stashed away…we’ll help you dust them down and make sure they’re all insured correctly. That way, you’ll be able to enjoy wearing or admiring them without worry.