The value of jewellery claims has hit a two-year high as more consumers are failing to properly insure their belongings.
Halifax Insurance has revealed that although there has been an overall drop in the number of claims registered since 2010, each one has an average value of between £9,000 and £10,000.
According to Martyn Foulds, senior claims manager at the firm, the increase in underinsurance for jewellery claims has gone from 15 to 20 per cent to around 35 to 40 per cent.
He added: “[People] could end up out of pocket by up to thousands of pounds should they have to make a claim in the event of a loss or theft that can’t be sufficiently validated.”
To ensure their prized possessions are kept safe, Halifax Insurance advised that people have expensive items of jewellery valued regularly and said they should make sure insurers are made aware of pieces that are of a particularly high value.
It also recommended keeping belongings in a safe or lockable cabinet and avoiding displaying them in conspicuous places like living room windowsills.