Home Insurance and Engagement Ring Claims

Home InsuranceWith weddings top of mind this week, AA Home Insurance is taking the opportunity to remind engaged or married couples to avoid potential heartache and make sure that their rings are insured under their home contents policies.  AA Home Insurance reports that thousands of claims for lost, stolen or damaged engagement rings are processed by the Irish Home Insurance Industry each year.

“Engagement rings, followed by watches are the most common items of jewellery we receive claims for here at AA Home Insurance.  Says Miriam O’ Neill, AA Home Insurance spokesperson.  “And while your ring might not be quite on a monetary par with “The Diana Ring” repeating “the once in a lifetime” purchase certainly isn’t something people budget for.”

Good intentions sometimes lead to catastrophe when it comes to engagement rings the AA reports.  “A not uncommon way for women to lose or damage their engagement ring is by wrapping them up in tissue when cleaning their ring.  Someone then comes along and unknowingly throws the tissue in the bin or on the fire, to the horror of the owner.” Says O’Neill.  “Moving house stands out as another prime example of how customers have lost their jewellery.  The wrong box gets sent to charity or thrown out and sadly that’s the last they see of their jewellery.”

Why You Should Insure Your Engagement & Wedding Rings?

The AA is advising homeowners and renters to make sure that their engagement ring, along with the likes of their laptop, smart phones and bikes are covered for loss, theft or accidental damage outside the home.  While an insurance company can’t replace your exact ring, they can soften the blow by organising an alternative to the value of the insured amount, the AA advises.  “In a sense it’s a little like having the fun of choosing your engagement ring all over again.”  Says O’Neill.  “Once your claim has been deemed valid, a specialist Loss Adjustor will call out to you so you can select your replacement stones in the comfort of your own home.”

To avoid disappointment at what is an upsetting time; AA Home Insurance offers the following advice to customers:

AA guide to insuring your engagement and wedding rings:

  • When insuring your engagement or wedding ring get a comprehensive valuation from a reputable jeweller
  • Have your jewellery revalued every 2 to 3 years and make sure it’s insured for the adequate amount
  • Store your valuation along with a photograph of the ring somewhere safe
  • Be familiar with the terms and conditions of your contents insurance policy in relation to maintenance and servicing of your ring.  You may need to have your ring maintenance checked by a reputable jeweller during every insurance period
  • Consider installing a small home safe to keep your jewellery safe

Customers wishing to get a quote for AA Home Insurance can visit www.aaireland.ie