One of the things we’re often asked is whether engagement rings are generally covered by a wedding insurance policy.
Whilst wedding rings are generally covered for loss by wedding policies (albeit usually only for a short period of time before and after the big day), no such cover is available for your engagement ring.
Some sources advise that your husband-to-be should spend around three months salary on an engagement ring. With the average UK salary being around £24,000, he might be expected to pay around £6,000 – quite a staggering amount of money.
Even spending much less (the average is around £1,500), it’s likely that you’ll be wearing a four-figure sum of jewellery on your finger and so you’ll almost certainly want to make sure that it’s adequately insured.
It’s quite possible that your existing home contents insurance policy will cover your new ring. Many policies offer cover for jewellery as standard but you’ll want to check the small print or phone your insurer to make sure you’re properly protected.
Many insurers will only provide cover on a single item up to a certain limit – if you want to increase that cover you may need to pay an additional premium. You may need to specifically list the ring on your policy if it’s particularly expensive.
For a further premium, most home contents policies will also cover your ring for loss or theft away from the home too.
Engagement Ring Insurance
If the cover provided by a home contents policy isn’t right for you, you may want to think about insuring your ring separately with a specialist engagement ring insurance or jewellery policy. A number of specialist insurers can be found by simply searching Google.
You may also find that you’re offered insurance by the retailer when you purchase your engagement ring. It’s worth checking how much this costs and what exactly it covers you for – sometimes it can be competitively priced.
Valuation and Photos
Whichever way you decide to insure your engagement ring, you should regularly get it professionally valued by a jeweller or expert who can provide you with a certificate of that valuation – some insurers even insist on it. Depending on the quality of the stone, it may be worth quite a bit more than the retail price. Make sure the valuation matches the sum that you have the ring insured for.
You should also take photos of your ring and keep them in a safe place along with your valuation certificate and original receipt.
Should the worst happen and you need to make a claim on your insurance policy, both will help your insurer to process the claim more quickly.