House Insurance Very Important

I have just watched the Dom in action(dont get dom'd) and he highlighted the fact that a couple who had a burgulary were not fully insured because the price of gold has risen dramatically and they were unaware of it. What was worth £1k a few years ago is now worth £5k so beware and this is the reason for burglary's on the increase.

So this particular couple who had the robery had a fair bit of jewellery and insured it for what they paid but unknown to them the cost of gold had risen and that this was then under insured because they had not realised that the cost of gold had risen so much.

Esure the company that they were insured through voided the policy because of the under insurance and this had come mainly from the gold increase.

After Dom got involved and also the FOS their policy was not only re-instated but the claim was paid as well.

To avoid this happening and having your insurance voided as in the case of a burglary or fire in your home it is worth having your jewellery being valuated on a regular basis.

I know at our large shopping centre near us there is now a place buying gold and giving it seems great prices - but are these prices so good when gold has gone up 5 fold. So worth shopping around. :beagle:

[pinkfloydianuk]

Re: House Insurance Very Important

Great piece of Information!

Doesnt really surprise me that Esure tried to wriggle out of paying up.

Ive had Car Insurance with them before and although i never claimed on the Insurance they were not the easiest of people to deal with.

[labman]

Re: House Insurance Very Important

Thanks for highlighting this. I believe it is usual for gold to rise during difficult economic times as people shift their money into thingsc with a 'real' value. I had no idea it had gone up so much.

As I live in an economically deprived area, we are bombarded with people coming round door to door buying old gold. Anybody else who has these leeches coming round should be as wary of them as the shops on the High Street, as chances are you are being underpaid significantly for your gold.

[bluebottle]

Re: House Insurance Very Important

It would be sensible for anyone owning jewellery made from precious metal and/or set with precious stones to have them periodically valued by a reputable jeweller. When requesting a valuation, always ask for a Valuation for Insurance Purposes.

As this thread shows, the value of gold has increased dramatically and if a piece of jewellery has a sentimental as well as an intrinsic value, e.g. a family heirloom, it makes sound sense to have its insurance value periodically reviewed and any contents insurance adjusted accordingly.