High gold prices should fuel home insurance checks
01 February 2010 16:43:44
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| Soaring gold prices may leave householders with inadequate home insurance. |
While many household goods depreciate over time, the value of items made from gold is linked to the price of the metal at the time.
According to specialist insurance provider RIAS, Britons keep over 112m items made from gold in their homes, with a total value estimated at £19.7bn.
The cost of gold has risen by a quarter in the past 12 months, meaning that while an individual's home insurance may have provided adequate cover at the time of purchase, they may now find themselves underinsured and receive much less than they should in the event of theft, loss or damage.
Matt Graydon, a spokesman for the World Gold Council, commented: "Due to its enduring value, gold remains a sound investment for future family heirlooms.
"If you already own some gold items, you may be surprised at how much they are worth and so it's worth looking into a valuation sooner rather than later."
Gold has been in the news in recent days as the Office for Fair Trading (OFT) has launched an investigation into companies that buy gold from consumers via the postal service.
The OFT has requested information from a number of companies, but there is no evidence at this stage to suggest that consumers have been unfairly treated.
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