After a house and a car, buying an engagement ring can be one of the most expensive purchases you will ever make. However at a time of great excitement arranging insurance for your engagement ring can be overlooked or perhaps not given the attention to detail such a valuable and sentimental item deserves.
Factors to consider when arranging insurance for your engagement ring are:
- Ensure your engagement ring insurance cover is on an international basis
- Make sure your insurance cover includes accidental damage and accidental loss
- Ensure your insurance for engagement ring cover includes theft and mugging
- Usually there is a need to provide a valuation for engagement rings over £5,000 in value
- It is recommended that a scale photograph be taken, in the unfortunate event of the ring being lost insurers may well be able to make a near exact copy from the photograph
- Have the claws checked at least every 3 years by a qualified jeweller – this will reduce the potential for a stone being lost from the ring
How to Insure Your Engagement Ring
Engagement ring insurance can be arranged in a number of ways, however primarily there are two options for engagement ring insurance to consider:
- Arrange a separate insurance for engagement ring policy
- Extend your home contents insurance to include insurance for engagement ring
Separate individual jewellery insurance can be comparatively expensive and comes with a number of limitations and restrictions not seen within contents insurance. A brief summary of the key differences is shown below.
|Points to consider||A leading Individual Jewellery Insurance policy||Sterling Executive Home Insurance|
|At what value do items need to be specified?||£500||£5,000|
|What happens if a claim is made?||If you claim for the sum insured, it is a deemed that you have used the policy and would therefore need to purchase a new policy||No extra premium is charged during the current insurance term to reinstate cover|
|Are jewellery and watches covered in baggage?||No unless the bag is in your personal supervision||Worldwide cover – no restrictions|
|Who can hold the baggage?||Only the insured person||N/a – no restrictions|
|What happens if I take the jewellery abroad?||You only have 30 days cover outside of the EU||Worldwide cover – no restrictions|
|How will claims be dealt with?||Insurers will replace at their choosing||Insurers will allow you to use your existing jewellery or watch supplier or offer a cash settlement|
|What happens if I lose a part or set e.g. earrings?||Insurers will not replace the set in full e.g. earrings if one is lost they will only pay 50% of value||Insurers will settle at the full set value|
|What happens if I am underinsured?||Average will apply||There is no average clause on the policy|
|At what value will I have to provide valuations?||£500||£10,000|
Our Recommendation for Engagement Ring Insurance: – Arrange cover under a Home Contents Insurance!
Our recommendation therefore is to extend a home contents insurance to include your insurance for engagement ring requirements.
Most home contents insurers will include insurance for engagement ring up to a value of £5,000 and if the ring is valued below £1,500 it is likely that the ring will not need to be specified on the policy. However you should ensure that you have personal belongings cover and the sum insured and individual single item limit is sufficient to cover the value of the ring.
For engagement rings over £5,000 in value it may be necessary to arrange a “mid net worth” or “high net worth” home insurance policy. These policies offer wider cover than a standard home insurance policy.
For further advice on extending a home contents insurance to include insurance for engagement ring or to obtain a quotation please call 01489 579808 and speak with Lita or Christina or email us via our webform
For advice on how to get your jewellery valued for insurance purposes, read our post How to Get a Valuation of Jewellery