Homeowners urged to value gold for home insurance

An insurance provider has urged homeowners to check that their gold is properly valued and covered.

Research by RIAS has shown that, although there are estimated to be 112 million gold items in homes around the country, only 61 per cent of the owners have had these items valued.

According to Janet Connor, managing director at RIAS, this could leave them underinsured, meaning they would receive much less than they should in the case of theft, loss or damage.

She said: The most an insurer will pay for any high-risk item is the sum the customer has insured it for, as reflected in their policy schedule.

By reviewing the value of individual items every two years, and updating policies as necessary, consumers can eliminate the risk of being under or over-insured.

A recent report from Sainsbury's Home Insurance suggested that three quarters of homes are also lacking cover for digital purchases.

This would include music downloaded from the internet, as well as movies and ebooks .