Overview and key points
You expect your home insurance policy you’ve paid for to pay out when the worst happens. When items you love are lost, stolen or damaged, the last thing you need is to hear that your claim cannot be upheld or fully compensated.
Key takeaways
The key to avoid a disappointing claims experience is having up to date valuations of your treasured possessions.
- Over the past six months alone the price of gold has risen 26% and 41% over the past year
- The global diamond jewellery market reached £46 billion in 2023, £49.3 billion in 2024 and is set to reach over £90 billion by 2032
The price of gold increased 25% in 2025 through to 8 July, with global instability causing gold prices to increase as investors flock towards the safe-haven metal.
Antiques, by their very nature, are likely to be rare and not easily valued if stolen. It’s important to review valuations every three years – in some policies, there are uplifts in specific sum insureds for art, for example when an artist dies, as long as our client has a valuation of no more than 3 years old, 5 years old under some policies.
Owning a bespoke piece of jewellery adds another layer of complexity in the event of a claim. In cases such as this, having photos is critical, in addition to valuations and original purchase receipt, as this will help support in the event of a claim.
There are two main reasons for ensuring you have up to date valuations for the things you love:
- Lost, stolen or damaged items – When items are lost, stolen or damaged beyond repair, it can be difficult to get the right settlement for our clients without up-to-date valuations. It’s only when the worst happens that people recognise the value in this documentation.
- Proof of ownership – Valuations are important not only to verify the value of an item – often insurers will require proof of ownership if an item is stolen. We encourage our clients to keep the original purchase receipt, take photos of the item and, for items such as watches, details such the serial number, certificate and box are really helpful to prove ownership and value. Ultimately, this all helps with obtaining a fast resolution of a claim.
Having up to date valuations and proof of ownership can avoid the stumbling blocks many people encounter when settling a claim, so the more we have, the quicker the claim will be settled for the right amount.