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A hike in the price of gold has prompted one insurance expert to remind Brits that they may need to review their home insurance to make sure their jewellery is still covered.
Gold has been one of the top-performing assets in 2025 with its value soaring by 20%. In April the price of gold went past the $3,500 (£2,635)-per-ounce mark for the first time in history.
This has meant the value of gold jewellery has also risen and owners are cashing in. Sky News spoke to James Constantinou, chief executive of Prestige Pawn. He explained how one man brought gold teeth which were valued at just over £300.
Mr Constantinou, said that in real terms, a 66-gram 9ct gold bracelet would be worth £1,850 today, whereas in 2022 it was £1,150 – an increase of 60%.
Those not wanting to sell their jewellery will need to take action.
Angela Pilley, home insurance expert at Defaqto, said home owners needed to be aware of the increasing value of their high value items in case they are lost or stolen.
She said jewellery is covered by most home insurance contents policies, but that insurance companies must be kept up to date with any increase in value.
The expert explained how Defaqto data found 65% of all home insurance products have a single item limit between £1,500 and £2,500.
She said: “You have a limit for each valuable item you own, and that’s the single article limit.”
A single item limit is the most an insurance provider will pay out for one item that is lost, stolen or damaged.
Ms Pilley pointed out that if someone had three gold rings worth £1,000 each, they would be covered for each, but if they had one ring worth over £2,500 and they had not told their insurer of its value, then they may not be.
She advised home owners to make sure they disclosed any valuable items to their insurance company, which may then want evidence of of any increase in its value.
