When it comes to your engagement ring having peace of mind that it is protected is priceless. After all, we know that it’s more than just a ring or a valuable item to you.
Thanks to the jewellers De Beers, the myth persists that you ought to spend at least one month’s salary on an engagement ring. This can be a significant amount!
Get your ring valued
While your partner might prefer to keep the the cost of your ring secret, it’s important to know the value of your engagement ring. Many jewellers can provide you with a written quote, and this will help your insurance provider to cover the ring adequately.
If you are changing insurers or were engaged many years ago, getting a new valuation is a good idea because the value of gold, silver and precious stones could have changed. Your ring may or may not be worth much more than when it was originally purchased.
Specify your engagement ring
It’s important to state the proper value of your ring since most insurance policies have limits on the amount you can claim for a single item unless they are individually specified. You don’t want to be left out of pocket because your engagement ring exceeds the claim limit, so check what the limit is for your policy and specify the ring if it's worth more than this.
Frequently asked questions
I want to insure my engagement ring, is there a limit to the amount I can insure it for?
There is no limit to the amount you insure your most precious piece of jewellery for. Insure your engagement ring for the correct value, i.e. how much it would cost to be replaced. To make sure you don't under-insure your jewellery, have the ring valued by a jeweller at least every 3 years. This is especially important in the case of vintage jewellery.
Note that if your ring is worth less than £1,500, it doesn't need to be individually specified on the policy, but do include the value of it in the total value of contents to be insured.
Are engagement rings covered outside the home?
HomeProtect contents insurance covers your engagement ring against theft outside the home so long as it has been specified on your policy and you have requested cover away from your property.
Are other rings such as eternity rings covered?
All rings, including wedding rings and diamond rings, are covered in the same way as engagement rings.
Is there specific information I should keep about the design of the ring?
It’s helpful if you can provide as many details as possible in the event of a claim, such as the number of stones and their settings, the size and number of carats of each stone, supported by close-up photos. If it’s a family heirloom and so you don’t have these details to hand, it may be worth getting a detailed report and valuation of the ring from a jeweller.
What if I accidentally drop my ring down a waste disposal unit?
Your ring would not be covered in this situation because HomeProtect insurance policies only protect you against theft or, in some cases, physical damage.