More young couples living in rented accommodation than ever before
In 2015, a survey revealed that the average spend for an engagement ring in Ireland was €2,600 – with some couples forking out over and above to show their love & commitment.
But what value could you place on losing it or it being taken from you?
More and more young couples are now in long-term rented accommodation as they save to get on the elusive property ladder, so it’s not altogether surprising that our team at www.insuremyhouse.ie have found that these couples, engaged or perhaps newly married, are concerned about their precious gems and are taking out contents insurance to ensure their valuables are safe.
Engagement rings are often the prompt for many renting couples to start considering the valuables in their home and look at their level of insurance cover. We commonly find that outside of getting engaged, many people don’t consider contents insurance until they actually purchase a property. But the long-term rental market in Ireland is growing exponentially and it’s surprising how many of these renters don’t realise their personal property wouldn’t be insured if there was to be a break-in or a fire. It’s quite a risk to take. Engagement rings aren’t the only valuable items that are worth insuring. We are a generation of technology – ipads, flat screen TVs, surround sound systems, expensive furniture and gadgets.
None of these would look out of place in the home of a young couple in rented accommodation. These goods are expensive, perhaps unlike the hand-me-down bits and bobs that our parents may have furnished their homes with when they started out.
So it stands to reason that it’s become more important for young people today to give more thought to insuring their property.
Our experience has been that many people are surprised at how affordable the cover is.
A contents cover policy for €20,000, plus worldwide cover for an engagement ring worth €5,000, would cost between €115-150 depending on where the policy holder lives.
Source: Dublin Live