We often talk about home insurance and the risk of being underinsured and the need to take a closer look at your valuable possessions.
There are many risks to being underinsured, covering both home buildings and contents insurance, as well as the requirement to take good and reasonable care of your possessions to make sure cover is valid.
Today, with the help of our friends at Doerr Valuations, we take a closer look at the key valuables that most of us will have at least one of – watches and jewellery. And for something a little different – collectible whiskies, which are growing in popularity – and value.
Watches – an attractive investment
When it comes to watches, these have become highly collectible as they take up little space and incur no Capital Gains Tax. This means that not only are they enjoyed as a useful timepiece, but also seen as an increasingly popular investment option.
The experts at Doerr Valuations recently carried out a review of a client’s Rolex collection. The increases in value clearly illustrate how volatility in the market means that it is essential that regular valuations are undertaken to make sure home insurance sums insured are up to date. The lively appreciation in value detailed below is not just at the high end of the spectrum, but is being seen with even the most basic models too.
Gentleman’s steel Oyster perpetual bracelet watch – ref 116000:
£1,970 in around 2000
£2,340 in around 2005
£3,600 in around 2015
£4,100 today – 108% increase
Gentleman’s steel Oyster perpetual Submariner bracelet watch – ref 14060:
£1,450 in around 2000
£1,970 in around 2005
£4,500 in around 2015
£5, 750 today – 296% increase
Gentleman’s 18 carat yellow gold Oyster Cosmograph Daytona bracelet watch – ref 116528:
£10,500 in around 2000
£13,370 in around 2005
£23,060 in around 2015
£27,650 today – 163% increase
Caring for your jewellery – keep your home insurance valid
Whilst we’re in another national lockdown it’s not possible to take your jewellery items to a professional to have them cleaned, checked and repaired, it is certainly worth using this time to give them a good check over and even a clean at home.
Make sure that clasps are secure and when they’re closed, they stay closed. For items that have gemstones, it’s really important to check the settings as well to make sure they’re still secure. For example, in the event of a claim for a lost stone and the settings were found to be at fault, the claim may well not be accepted. Check your jewellery regularly – especially items such as engagement rings that have been worn for a long period of time and are often not removed when washing up, gardening etc. And when you can, get them to a specialist for a thorough check – and valuation.
In the meantime, this handy guide from Doerr Valuations gives you some great tips on cleaning and checking your jewellery at home.
Whisky – liquid gold?
Could you have a bottle of something special lurking at the back of the cupboard? A classic tale which has repeated more often than I can count derives from the late 1980’s to early 2000’s, with bottlings of the ever popular Macallan 10-year-old. It was a staple on supermarket shelves for years, given in raffles and enjoyed by many. But as the supply of the high quality sherry casks diminished when the mid 1990’s stocks ran dry, it was not produced for many years. As a result, from a supermarket purchase of £30-£40, this seemingly cheap bottle now sells for upwards of £250 at auction – and can even be found retailing at £800+.
With collectors paying £10,000 for a rare Brora vintage or even £30,000 for a Bowmore, it’s worth checking the back corner of that drinks cabinet.
Click here to read the full article by David Dallas.
Is your home insurance up to date?
It’s worth having a thorough review of your home buildings and contents insurance to make sure it’s up to date and provides you with the cover you need.
Talking to FOCUS costs nothing more than the cost of a phone call – but could save you thousands in the event of a claim and discovering you’re underinsured. We’re here to talk to you in person – not via web chat and we’re not a call centre. We work with our clients and build a relationship that lasts. We’re on hand to provide advice, answer your insurance-related questions and adapt or change your insurance arrangements as your circumstances dictate.