Your engagement ring means the world to you. That’s a good reason that you should ensure it. An insurance payout won’t take away the sentimental pain, but it will let you and your partner choose a new ring together.
In this guide, we will explain all you have to know about engagement ring insurance, what it includes and excludes, and how much you might need to pay.
Let’s dive in!
Table of Contents
What is engagement ring cover?
Your engagement ring is a sign of your love and commitment – but it’s also a really valuable item.
The average spend on an engagement ring in the UK is nearly £1,500. That’s often a lot more than both wedding rings! So it is well worth insuring your engagement ring.
But before you take out engagement ring insurance, make sure to get your jewellery valued and to insure it at its proper value. If you’re relying on your home insurance, remember to declare the ring as a valuable personal possession to your insurance company.
What does engagement ring cover can help you with?
Engagement ring insurance under your home insurance policy covers theft or loss of, and damage to, your engagement ring, but most policies will only cover it while you’re at home.
You can decide to add personal possession cover to cover things outside your home. Jewellery thefts often happen outside the home, so this is a sensible thing to do.
You can also decide to take out a specialist insurance for your precious items. A few providers propose special jewellery insurance that has much wider cover than Home insurance and can include:
- Loss of diamond, or stones for example, if it falls out of the setting
- Accidental damage
- Loss of value if the ring has to be repaired
Does home insurance cover engagement ring?
Engagement ring insurance can be covered by your Home insurance.Pay close attention to the Single Article Limit in your contract, as it shows whether your ring will be covered for its full value.
While any policy will cover your ring while it’s in your home, you can also decide to add personal possessions cover to your policy so that it’s covered outside your home. When you’re adding this,be sure to check the claim limit you could ask for in case your engagement ring is lost or stolen.
If you want full and complete protection, you should look for a specialist jewellery insurance, but check how much your home insurance includes (or can offer as extra) first.
How does engagement ring insurance work?
Usually your home insurance will cover you loss, theft and damage that happens to your ring. Your home insurance for your engagement ring works like any other insurance; you will have to pay an excess if you are claiming on your home insurance.
Do I need engagement ring cover?
Jeweller is valuable, but very easy to steal. So taking out jewellery insurance is really useful.
In addition, it’ll take some stress off your shoulders knowing you are insured for your engagement ring.
What are the best insurers to cover engagement ring?
You will find in this table the best engagement ring cover, we also indicated cover limits.
What are the worst insurers to cover engagement ring?
You will find in this table the worst engagement ring cover, we also indicated cover limits.
What should I pay attention to while purchasing engagement ring cover?
When taking out an engagement ring insurance, you must pay attention to:
- The many exclusions that can apply
- The limit proposed by the provider – sometimes it’s just not worth it as the ring is much more valuable than the limit fixed.
- The need to declare the value of your engagement ring in any list of valuable possessions that your insurer asks you to fill in,
- The impact of any claim on your home insurance on next year’s premium, which is certain to be increased.
How much does engagement ring cover usually cost?
Contents home insurance usually cover your engagement ring. The average cost of combined buildings and contents insurance in 2018 was £163, with contents insurance usually counting for a third of the premium (around £60) and building insurance for the rest (around £110).
Adding “personal possessions cover”will cost you around £50 per year and will allow you to be covered if your engagement ring is stolen or lost outside your home. Lots of home insurance companies include personal possession in their content policies as standard.
What are the engagement ring policy exclusions?
Jewellery insurance won’t cover a few things:
- You won’t be covered if you did not take reasonable care of your engagement ring, for instance if you left it on the side of a swimming pool,
- You won’t be covered if damage is caused by a lack of attention on your part
- You won’t be covered if you just forgot your wedding ring somewhere or mislaid it at home.