A Quiet Rise in Gold Prices (and Why It’s Worth Checking Your Cover)

Gold prices have been rising steadily, with many jewellers and precious metal traders reporting noticeable increases over time. As a result, everyday gold jewellery that’s been sitting at home for years may now be worth far more than people expect.
If you have gold jewellery at home, even if it’s tucked away in a drawer, now might be a good time to check what it’s worth and whether it’s still covered by your insurance.

 

Why this matters

Most contents insurance policies have a default limit for unspecified items such as jewellery. In many cases, that limit sits around $5,000, which may have been more than enough a few years ago, but might no longer reflect the value of your items.

 

A real-world example

One of our team recently spoke with a family member who bought a gold bracelet over 15 years ago for around $600. When she took it in to be reappraised, she was shocked to learn it was now worth more than $7,000, well over the policy limit for unspecified jewellery. She had no idea it had appreciated so dramatically, and she’s not alone.

 

A quick sense-check

If you haven’t had your jewellery valued in many years, it may be worth getting a professional appraisal. Many jewellers offer valuation services, and a qualified valuer can provide documentation that ensures your insurance reflects the current replacement cost.

If you suspect an item may now be close to or above your policy’s unspecified limit, speaking to a jeweller is the safest way to confirm its value.

 

A note on silver, too

While gold has been in the spotlight, silver prices are also performing well, another reason it’s worth taking stock of what you have.

 

What to do next

• Check your contents policy. What’s the limit for unspecified jewellery?
• Consider getting updated valuations for gold or silver items you’ve owned for years
• Talk to us about listing high-value items separately on your policy, so you know they’re properly insured

 

We’re here to help

Whether your jewellery is a family heirloom or just something you’ve had sitting in a drawer for years, now’s a great time to check its value and ensure your insurance still fits.

If you’re unsure what’s covered, get in touch with your broker at Dawson’s. We’ll help you review your policy and give you peace of mind.