Home insurers receive thousands of claims for engagement rings every year

Married and engaged couples are being reminded to make sure that their engagement rings are adequately insured under their home contents policies.

AA Home Insurance has reported 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,” explained 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 has warned. A not uncommon way for women to lose or damage their engagement ring is by wrapping it up in tissue when cleaning the ring. Someone then comes along and unknowingly throws the tissue in the bin or on the fire, to the horror of the owner. 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.

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, is covered for loss, theft or accidental damage outside the home. While an insurance company can’t replace your exact ring, it can soften the blow by organising an alternative to the value of the insured amount, the AA explained. “In a sense it’s a little like having the fun of choosing your engagement ring all over again. 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: when insuring your engagement or wedding ring get a comprehensive valuation from a reputable jeweller; have your jewellery revalued every two to three years and make sure it is 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.

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