Many of us inherit jewellery from family members, or receive jewellery as gifts from friends and loved ones, but how many of us are aware of its true value? In the unfortunate event that our valuables are lost or stolen, we rely on our good old reliable insurance company to cover the cost of the replacement; however recent rises in gold and diamond prices mean that many of us are underinsured without even knowing it.
Gold prices have been rising steadily over the last few years, and in the last few months we have seen them reach an all time high.
Loss Management Group deal with over 60,000 jewellery claims a year, which come in to us from many of the major insurance companies. Of these we have found 36% of policyholders are underinsured. This is a frightening statistic considering how many of us it may affect.
This simple graph clearly shows the price of gold...