Brits fail to insure jewellery collections

Britain's long-running love affair with jewels and gems continues, according to research from Halifax Home Insurance.

The insurer’s research has found that the average British home contains an impressive £1,986 worth of jewellery. Furthermore, the nation’s collective jewellery box is worth a colossal £52bn.

The insurer’s research also found that some 34 million British people routinely adorn themselves with jewellery worth a collective £8.6bn every day.

The figures show that 11% of Britons own over £5,000 worth of jewellery. Despite this, 35% of them have never had their jewellery valued, while a further 10% haven’t had a valuation for at least 10 years.

Halifax advises that jewellery collections should ideally be valued every three years to account for fluctuations in the market value of gold and diamonds. An up-to-date, personalised valuation means any insurance claims can be based on the current value of the item.

Keeping photographs of items of jewellery can also help insurers process a claim more quickly. People should notify their insurer once they have gained a valuation, unlike the 28% of Brits that had their jewellery valued but forgot to update their insurer.

Halifax Home Insurance advises that a reputable jeweller should be able to provide a full valuation of items including the four Cs - colour, clarity, cut and carat. People who often wear expensive jewellery outside the home may also wish to consider additional cover for personal belongings to ensure that their jewels are fully insured both in and out of the home.

Martyn Foulds, senior claims manager at Halifax Home Insurance, said: “Our research shows that between us, we Brits own a staggering amount of jewellery and enjoy making a statement by wearing valuable items when out and about. However, 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.”