70% of all personal property claims involve jewellery or other high-value items. It seems that for some reason engagement rings, followed by watches, are the most common items of jewellery for which claims are made in Ireland. Although jewellery traditionally accounts for most claims, other high-value items that need insurance cover include antiques, art, rugs, coin collections, stamp collections, firearms, items of gold, silver or other precious metals, furs, fine wines, valuable books or manuscripts, photographic equipment, binoculars, camcorders, and musical instruments. Although TVs, stereo systems and computers may be very valuable, most homes have them, so for insurance purposes, they are regarded as household furnishings.
On the subject of engagement rings, there is an interesting issue regarding insurance. If the man and the woman do not live together, and the man has not yet given the woman the ring, it can only be insured on his homeowner’s policy. But as soon as he proposes, and hands the ring to his fiancée, the ring is now technically her property, and must be insured on her homeowner’s policy.
Here is some good advice for anyone who inherits a jewellery box (from an old aunt, for example.) You look through the box, and discover that it looks like costume jewellery of very little value, and definitely not your style. After storing it away for a while, you decide it’s time to give it to a charity shop. Do yourself a favour. Before you throw out the jewellery box and its contents, have it appraised. According to insurance industry sources, the vast majority of people assume wrongly that jewellery boxes are worthless. You would be surprised how many valuable pieces end up in a charity shop.