1 in 10 households own jewellery worth over €10,000
In January people across the country were delighting over new jewellery received as gifts for Christmas, a timely study by Gallagher reveals that Irish households may be underestimating the value—and risks—of their jewellery collections.
Urban households across Ireland hold jewellery worth €4,591 on average, while the estimated value of jewellery in rural homes is €3,425. Overall, Irish households have an average of €4,243 worth of jewellery in their homes.
According to consumer research carried out by Gallagher in Ireland, seven in ten Irish people (70pc) have never had their jewellery professionally valued, rising to 85pc amongst those living in rural areas, compared to 65pc in urban areas. This is leaving people particularly financially vulnerable when it comes to insurance and possible claims.
The research also noted that one in ten (9pc) of households own jewellery worth more than €10,000.
Ben Redmond, Head of Private Clients for Gallagher in Ireland, had this to say:
“Most homes in Ireland have jewellery in some form – with the most common often being wedding rings and watches. How much this jewellery is worth varies wildly across the board.
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.”
Gallagher says that findings from their survey show that many people overlook the importance of having their jewellery professionally valued, which can lead to issues if it is stolen or damaged.
Mr. Redmond explained,
“For anything worth €5,000 and above, we 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. 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. In the event of a claim, the valuation is key to proving your loss. Without it, you could end up underinsured.”
There were 9,858 reported burglaries across the country in the year to the end of June 2024, according to the latest CSO Recorded Crime Statistics[1]. Recent Garda figures show that jewellery and cash account for over 35pc of the items stolen in burglaries, with thieves often targeting small, high-value items[2].
Gallagher recommends having jewellery valued at least every three years[3] to ensure that it remains properly covered in the event of loss or theft.
Mr Redmond continued,
“In addition to getting a jewellery valuation, consider specifying the items on your home insurance policy. You could also ask your jeweller to provide you with a written valuation and detailed description of the items. We also recommend taking detailed photos of your jewellery and sending them, along with the valuation to your broker or insurer to be included in your policy.
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. So, 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. For any items you have specified, review the value every couple of years to make sure it is adequately insured. Prices of these items can fluctuate so it is important to get them re-valued regularly.”
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[1] As per CSO Recorded Crime Q2 2024
[2] An Garda Síochána – Crime Prevention Message – Summer Home Security Advice