According to Halifax Insurance, despite an overall decline in the number of jewellery claims registered since 2010, the average value has reached £9-£10k per claim.

Martyn Foulds, senior claims manager at Halifax Insurance, said: “In the few years we have seen a considerable increase in underinsurance in these types of claims where it has gone from around 15-20% to around 35-40%.

“Although people are looking to keep costs down, they may be unaware of how much inflation has occurred in valuables and could end up out of pocket by up to thousands of pounds should they have to make a claim in the event of a loss or theft that can’t be sufficiently validated.

“In the past we’d usually suggest having high value items of jewellery such as gold and diamonds valued by a reputable jeweller every few years, but given the rapid rise in price over the last few years we would recommend having a valuation carried out every year.

“Keeping receipts and photographs where possible can help speed up the process should you need to make a claim. It’s also worth considering investing in a home safe to provide extra security for storing expensive jewellery and heirlooms, or keeping very expensive items in the bank to reduce the risk should the worst happen.”

 How to protect your valuables:

• Have expensive jewellery items valued regularly – around every two years is recommended to ensure you are not underinsured if prices fluctuate.

• Make sure you tell your insurer about any items of particularly high value such as your drop shaped pink diamond engagement ring as your policy may require you to specify these.

• Keep any valuation certificates or receipts in case you need to make a claim in future.

• Avoid displaying valuables in conspicuous places such as on living room windowsills as this can be an advertisement to opportunist burglars.

• Keep valuables in a safe or lockable cabinet in order to deter thieves, and remember ‘safe’ places like under the bed or in the bedside drawers are the first places burglars look.

• Take photographs of your valuable items as these can also help insurers to process your claim more easily.