Majority of Irish households have not had their jewellery valued for insurance purposes
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A majority of Irish households have not had their jewellery professionally valued which could lead to items being underinsured should the worst happen, an insurance firm has warned.
According to a survey carried out by insurance broker Gallagher, the average Irish household has €4,243 worth of jewellery in their homes. For urban households, the average stands at €4,591 while for rural households it stands at €3,425.
The research also noted that 9% of households own jewellery worth more than €10,000.
The survey found that 70% of people have never had their jewellery professionally valued. This rises to 85% amongst those living in rural areas, compared to 65% in urban areas.
According to Gallagher, this is leaving people particularly financially vulnerable when it comes to insurance and possible claims. The company said the survey shows that many people overlook the importance of having their jewellery professionally valued, which can lead to issues if it is stolen or damaged.
Head of private clients for Gallagher in Ireland, Ben Redmond, said the most common jewellery in Irish households would be wedding rings and watches but how much they are worth can vary widely.
“We have seen some clients come to us with jewellery collections which are in some cases worth hundreds of thousands of euros, though of course this is not common. There have also been instances where people, who have little knowledge of jewellery, have substantially underestimated how much their items are worth.”
Mr Redmond said that for anything worth €5,000 or more, they would always advise getting a professional valuation.
“It is worth having items, such as watches, valued on a more frequent basis as their value tends to fluctuate more dramatically,” he said.
“Not only will a valuation provide you with documents to prove that you own the piece of jewellery in question, but it will also state the item's current value, which you can then pass on to your insurer."
The company also warned that while some policies automatically cover "All Risks", which includes loss of jewellery outside your home, this is not always the case, and limits may apply. This means it's important to review your policy carefully to know what you are covered for.
“For high-value items such as engagement rings or expensive watches, consider listing them individually on your policy,” the company said.