Tuesday, April 12, 2011

Burglars Know More About Gold Bull Than Some Homeowners

Over at the Telegraph, Ian Cowie has penned a warning for gold owners: if you have gold jewelry, you should update the value of your theft insurance. Unless you've done so, you're likely under-insured. Needless to say, burglars know about how much gold has risen.
LV, formerly known as Liverpool Victoria, which insures more than 1m homes, says 90pc of theft claims now include stolen jewellery. A spokesman said: “We want householders to consider whether they have adequate cover before it is too late. This could mean something as simple as updating the valuable items part of your household policy.

“The sharp increase in the gold price has had an effect on criminal activity and some members of the community who tend to keep more gold at home than others may be more at risk. The increase in companies offering to buy gold jewellery by post could also have made it easier for criminals to sell this type of stolen property.

“Jewellery is certainly much more valuable now. For example, an 18 carat gold claim that would have cost £3,000 in 2001 would cost £14,000 now.”

Granted that this article may come across as an insurance plug, but it does point out that gold is a favourite target for burglars. As an alternative to insurance, or to more insurance, security precautions can be implemented or increased.

Sadly, some thefts are "inside jobs." Gold's bull market has made an easy steal more tempting, even for relatives in some cases.

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