With Valentine's Day fast approaching, married and engaged couples are advised to get their engagement rings and other valuables properly valued for insurance purposes.
The majority of jewellery claims last year, according to NFU Mutual, were a result of accidental damage or misplacement by the owner, rather than criminal thefts.
The average cost of a claim in 2010 for jewellery was £3,671, over £900 more than in 2006 – but the insurer warns many are underinsured for the majority of their jewellery as they do not know the true value of them.
"Better to be surprised by the true value now than be handed a bombshell when trying to replace lost or stolen valuables” said Nicholas Major, National Association of Goldsmiths' chairman.
"It's quite possible for women to be unaware of the value of their engagement rings, given many are bought as a surprise by their partner,” added Paul Richardson, NFU Mutual home insurance specialist.
The experts suggest if you have not had your jewellery valued in the last five years you should seek advice as the value of gold changes, so you may be either under or over insured for these valuables.
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If you have a jewellery collection that has not been valued by a professional, you may find you could save yourself money on your home contents insurance if the overall cost is lower than you expected.
However, you could see the value increase past the amount you are covered for, in which case you can then look to increase your cover, so if the valuables were to be stolen you could claim their true value back.
This may be a good opportunity to compare the market to see if you could find a better deal to cover you for your different circumstances in home contents.
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