PROPERTY: Beware of under-insuring your valuables, says insurance broker

The warning from nationwide insurance broker Lycetts came after new crime figures revealed a surge in burglaries in the North West in the past year. The number of break-ins reported to police rose by more than 7,000.

Rupert Wailes-Fairbairn, who advises Lycetts’ clients in the North West, said he fears homeowners could suffer huge financial losses if they are burgled by underestimating the value of their contents.

“Unfortunately, it is often the case that homeowners only become aware they are under-insured when they come to make a claim,” said the specialist.

“This could land homeowners with a huge financial loss or even result in a failed claim – which is the last thing burglary victims need at an already distressing time.”

Home Office figures published by the Office of National Statistics revealed that 65,523 burglaries took place in the North West from October 2016 to September 2017.

Burglaries increased 13 per cent, with 7,408 more incidents than in 2015/16. House burglaries accounted for 41,597 of the total number of break-ins.

Burglars targeted 7,107 homes in Lancashire and 937 in Cumbria.

“Those who own high-value items such as fine art, antiques, wine collections, family heirlooms and jewellery are particularly vulnerable to being under-insured,” said Mr Wailes-Fairbairn.

“Owners may not necessarily know the true value of such items, particularly if they are gifted or inherited, and are often unaware how the value of these items appreciates over time.

“For example, gold prices have gone up by 25 per cent over the past five years – altering the value and level of cover needed.

“Art, antiques or vintage wine collectors should be aware of external events which influence their value. For example, fine art can soar in value following the death of an artist or wine collections may increase in value if it wins a prestigious award. All this needs to be factored into the insurance policy.”

For more, visit lycetts.co.uk