Home Insurance and Engagement Rings!

Congratulations on your engagement! It’s an exciting time filled with love and promises for the future. While you’re busy planning your wedding and dreaming about your life together, it’s essential not to overlook an important aspect of your engagement – how do you insure that beautiful engagement ring? In this blog, we’ll guide you through the steps to ensure your engagement ring is adequately protected through your home or contents insurance in Ireland.

Why Does Your Engagement Ring Need Insurance?

Your engagement ring is more than just a piece of jewellery, it’s a symbol of your love and commitment. To keep it safe, it’s crucial to include it in your home or contents insurance. High-value jewellery, such as engagement rings, should be covered to provide you with peace of mind. The easiest way to ensure this protection is by connecting with your insurance provider directly or through a trusted broker who can manage the process on your behalf.

Understanding All Risks Cover

For jewellery like your precious engagement ring, which you wear every day, “All Risks Cover” is essential. This specialised cover ensures your ring is protected both inside and outside your home, guarding against loss, theft, or damage. However, it’s really important to specify this item to your insurer. Simply just adding it to your general contents cover won’t provide protection when you’re on the go. Typically, most policies cover items up to €3,000 or a maximum of 10% of the total cover amount as standard.

Insurance Options for Renters and First-Time Insurers

If you’re living in rented accommodation or are a first-time homeowner without existing home insurance, don’t worry. You can opt for a contents-only policy to safeguard your jewellery at an affordable cost. For instance, covering €20,000 worth of contents, including an engagement ring valued at €7,200 with specified all risks cover, may cost approximately €295 per annum.

Insuring Jewellery Bought Abroad

Did you get engaged abroad and bring back a stunning ring? It’s important to know that Irish insurers require an up-to-date Irish valuation report as part of your cover terms. More about that further on.

Why Choose Insight Insurance?

At Insight Insurance, we are dedicated to providing you with the highest level of protection against unforeseen events, regardless of the circumstances. Our services are tailored to meet your specific needs, ensuring transparency and clarity throughout the process. If you’re unsure whether your high-value jewellery, including your cherished engagement ring, is adequately protected under your home insurance, don’t hesitate to reach out to us for a personalised quote. We’re here to answer any questions you may have and help safeguard the symbols of your love and commitment.

Where can I get my engagement ring valued?

There are now several professional appraisal and valuation services available right across Ireland.

Based locally in Cork, Keanes Jewellers specialising in high-quality handmade pieces also offers a full valuation service for everything ranging from gold, and diamond rings and certain watch brands.

Diana O’Mahony Jewellery, located in the centre of Cork City is a small family-run enterprise offering a professional valuation service. The valuation service is recognised by Irish insurers and covers pieces such as engagement rings, watches and diamonds.

Jewellery Valuations Ireland is a leading name in the jewellery valuation industry and offers a professional and confidential service for competitive prices not found anywhere else on the market. Clients enjoy state-of-the-art service without the hefty price tag.

Jewellery Valuations Ireland offers an exceptional re-valuation service at a flat rate of just €125. Hugely beneficial in the context of insurance is the ‘Bulk Inventory Item’ service provided. This enabled clients to bulk value stock starting from just €50. This service covers items under €500 only.

How to value jewellery for probate?

The value of jewellery for probate depends on several factors. These include market fluctuations, the item, and the date of death of the proprietor.  Typically, valuers will assess the market value of the item on the proprietor’s date of death.  It is important to note that all valuations must be conducted by registered valuers – traditional jewellers may not be qualified to value your pieces. Once you have engaged a professional jewellery valuer, they can prepare a specialised appraisal to determine the value of your piece. This professional jewellery appraisal can provide you with ‘market value’ for the item, taking into account the material, condition and saleability of the item.

If you have any questions at all, please email our home insurance expert Denis here, he’ll happily answer any questions you may have.

Insight Insurance, One Call Sorts it All!