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Newsletter

Gold items 'need to be revalued'

By Marianne Straker, Mon 1 Feb 2010 - Published in Home Insurance

The rising price of gold could mean that some people are not covered by their home insurance, a new report has claimed.

According to a study by insurance provider RIAS, around £4.9 billion worth of jewellery and other valuable items could be under-insured because their owners have never had them re-valued.

The organisation pointed out that the cost of gold has increased by 25 per cent in the past year, but found 61 per cent of the 112 million gold items in homes across the UK have not been covered to reflect this rise.

Janet Connor, managing director of RIAS, explained that insurers will only pay out the amount of money that an item was originally cover for.

"By reviewing the value of individual items every two years, and updating policies as necessary, consumers can eliminate the risk of being under or over-insured," she added.

A recent Which? investigation claimed that the companies which advertise on TV to purchase 'unwanted' gold offer bad value for money when compared with other buyers.