Brits warned over being underinsured

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A new report by Abbey has warned Britons to ensure that valuables such as jewellery are not underinsured.

Research by the firm has found that 42 per cent of engagement rings are not sufficiently covered by policies, while 16 per cent of ring owners are also unsure if they have insurance at all.

The company has warned that the rising price of precious metal may mean that households should consider taking out a higher amount of cover for their expensive possessions.

Lloyd Wilson, head of Abbey Insurance, said: "With the average engagement ring costing around £1,200, it’s important to arrange insurance immediately if you're one of the 1.8 million planning to propose this year."

"Rising precious metals prices could also result in lack of full cover, so we would recommend that people review their home contents insurance at least every six months to ensure that all their valued items and heirlooms are fully covered."

LV= also recently urged consumers to ensure any expensive sports equipment they own is covered under their home contents policy.

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