Jewellery Insurance Ireland
Jewellery items can be expensive and carry a lot of sentimental value. Bracelets, necklaces, earrings and other items are usually worn every day, which means they are often misplaced, damaged or even stolen.
With jewellery insurance, you will have peace of mind that you’ll be covered if something happens to your precious accessories.
What is Jewellery Insurance in Ireland?
Jewellery insurance is a type of insurance cover that you can take out to protect your jewellery items.
In Ireland, this can sometimes be taken out as a standalone jewellery insurance policy, but is usually included as an optional add-on to home insurance under its contents cover. Some jewellery may already be covered in a standard contents insurance policy in cases where items are stolen or damaged at home.
However, high value items and incidents which happen outside of the home may not be covered, so you will have to include them separately.
What Does Jewellery Insurance Cover?
Because items of jewellery can be once-in-a-lifetime purchases, having adequate insurance cover can mean that you don’t suffer financially if something goes wrong.
You can protect your accessories for a variety of potential scenarios with jewellery insurance policies such as:
Losing jewellery is extremely common, and can lead to significant distress – especially if an item is worth a lot of money. Lost jewellery insurance cover will protect you financially if a ring slips off or an earring falls out. Loss cover is often not included automatically and is usually more expensive as it is more difficult to prove that an item has been misplaced.
Damaged jewellery insurance is a type of cover that applies when one of your accessories is accidentally damaged. Unexpected damage can include scratches, broken chains clasps and snapped chains. You will need to provide proof that your item has been damaged if you are making a claim under this type of cover.
If you are the victim of theft, stolen jewellery insurance will protect you financially so that you can replace your items. If your jewellery is stolen, you will have to alert the gardaí and obtain a lost item report that you can present to your insurance provider. Accessories that are stolen as a result of negligence on your part are usually not covered by insurers.
Including Insurance for Jewellery on Your Home Contents Insurance
Insurance for jewellery in Ireland can usually be included as part of your home contents insurance policy instead of a standalone policy. This will usually require specific add-ons, increasing the cost of your premium.
Specified Items Cover
Specified items cover can be included on your home insurance policy if you want to insure the full value of individual items. The value of these items can be determined by a receipt or an evaluation. You will likely also have to provide proof of ownership for specific items.
Commonly Insured Jewellery
Various jewellery items can be insured, and gold or diamond pieces are often insured because they may be of higher value. Commonly insured jewellery items in Ireland include:
- Wedding rings
- Watches
- Earrings
- Bracelets
- Necklaces
- Cufflinks
Factors Influencing the Cost of Jewellery Insurance
Value of the jewellery: The higher the value of your jewellery, the more expensive they will be to insure. You may need an independent evaluation of your item to prove their value to an insurance provider.
Where you live: Like other forms of insurance, jewellery insurance premiums can be affected by where you live. If you live in an area where theft rates are high, your premium may be higher.
Where the jewellery is stored: You may be able to lower the cost of jewellery insurance if your jewellery is stored in a secure location such as a safe. Some insurers specify that high value items must be stored in a safe when they’re not being worn.
Security of the home: Alarms, CCTV and automatic lighting can increase the security of your home, making break-ins much less likely. Because your jewellery will be less likely to be stolen if your home has a high quality security system, you may be charged less for insurance
Previous Claims: Your claims history will affect how much you pay for jewellery insurance. If you’ve claimed in the past, insurers will likely charge you more than if you have a solid no-claims history.
Excess on the policy: A higher excess means that you pay more towards a claim. This will affect the cost of your jewellery insurance, with higher excesses having lower premiums.
Discounts: Some providers may offer discounts if you already have one or more insurance policies with them. This is often the case when you include jewellery cover as part of your home’s content insurance.
Example of Cost Calculation
Insurers may calculate premiums using a rule-of-thumb of 1-3% per year of the value of your jewellery, but while this is a useful guide, the cost of jewellery insurance varies between providers.
The price of your premium will also depend on the value of the items you wish to insure and the timespan of your policy.
Most insurers will also have a minimum premium, which is why the premium for lower value items can be higher. You should always compare your options to receive the best value quote for jewellery insurance in Ireland.
Who Offers Insurance for Jewellery in Ireland?
Home insurance providers in Ireland, such as Zurich, AXA and Aviva offer jewellery insurance as part of your contents insurance. These policies typically cover limited items up to a certain value for incidents which occur at home.
If you want to cover jewellery for personal use outside of the home, you will require specific cover for the items you wish to protect.
Jewellery Insurance FAQ
Insurance providers will often require you to evaluate your jewellery, especially for higher value jewellery items. A recent evaluation provides insurers with proof of the value of your jewellery, so that you’re adequately protected if something unexpected happens.
Yes, you can insure gifted jewellery. Because you may not have a receipt for gifted jewellery, you will likely need to get it evaluated and provide proof of ownership before you get your specific items insured.
Jewellery is only covered under standard home contents insurance for scenarios at home, unless you take out specific jewellery cover or a standalone jewellery insurance policy, which may be offered at time of purchase by your jeweller.
If your items are damaged beyond repair, your insurer may offer to remake the item or a replacement if this is included in the terms of your policy.
Jeweller block insurance is a type of business insurance that is specifically for jewelers or businesses that sell jewellery. Jewelers often have a number of high value items in their premises, and are often the target of organised criminals, meaning insurance is necessary in case they are victims of theft.
Excess on jewellery insurance is the amount you pay yourself, before your insurer covers the rest of your claim. Excesses usually range from €0 to €500, and higher excesses reduce your premium. Some high value jewellery insurance policies can include no excess.
