Engagement rings are beautiful jewellery pieces and significant symbols of love and commitment. Not only are they often a substantial financial investment, but they typically hold immense sentimental value. Protecting such an important item is essential, and engagement ring insurance offers peace of mind if something goes wrong.
This collection of jewellery and engagement ring FAQS has been put together to highlight the importance of insuring your jewellery. It highlights what steps you need to take to ensure your ring is appropriately protected.
Won’t my home insurance policy pay out if I lose or damage my ring?
This depends on the cover offered under the contents section of your home insurance policy. People often assume that insurance for their engagement ring and other jewellery is automatically included within their home insurance cover.
And while some risks may be insured (e.g., theft of the ring) other risks may not be – for example, accidental damage.
Plus, claim limits will typically apply, meaning that in event of a successful claim, you may not get the full value of your engagement ring back.
Our blog has covered this topic in more depth: Is jewellery covered by home insurance policies?
Do I need engagement ring insurance?
Only you can decide whether you need insurance for your engagement ring. If your valuables are not covered by home insurance, you may wish to get a quote for jewellery insurance.
Engagement rings are often quite expensive and carry deep, emotional significance. If the ring is lost, damaged, or stolen, it can be devastating because of its price and what it signifies.
Without insurance, replacing or repairing the ring can be costly and stressful – especially so if you have a custom-made ring.
My ring will always be on my finger – do I need jewellery insurance?
Even if you plan to wear your ring all the time and never take it off, there are still occasions when something could happen to it. For example:
- Your ring may be made of a durable metal, but things like knocks and dings can still happen, which can spoil the look of your ring. And even when doing household chores, it can be possible to damage an item. Please note though that wear, and tear and natural aging are not covered an insurance policy
- Daily things we do without thinking, like putting our hands into drawers or even clapping, can bend the metal or loosen stones - causing precious gemstones to fall out from the ring setting.
- While it is a frightening thought, you could be confronted by a thief who demands you hand over your ring.
- It can be surprisingly easy to lose a ring – even if it is on your finger. For example, if you wear gloves (whether for washing up, gardening or just when it is cold outdoors), if your ring doesn't fit snugly on your finger, it could be lost when you remove your gloves.
That is why ensuring your jewellery is adequately protected with ring insurance may be necessary.
What does engagement ring insurance cover?
Engagement ring insurance policies and the features, benefits and terms & conditions can vary depending on the provider and the level of cover you choose. Typically, an engagement ring insurance policy may include protection for the following scenarios:
- Theft: If your ring is stolen, your insurance will cover replacing it.
- Loss: An insurance policy will help cover the replacement cost if you accidentally misplace or lose your ring.
- Damage: Accidental damage, such as cracks, chips, or other harm to the ring, is generally covered by most insurance policies.
Some jewellery insurance policies (such as those we offer at Assetsure) also include worldwide cover, giving you peace of mind when you travel.
Ensure you clarify with your insurer what your policy covers so you can feel confident you have the most appropriate ring insurance.
What are the different types of engagement ring insurance policies?
Generally, two ways to insure your ring are through your home contents insurance or by purchasing a separate, standalone engagement ring insurance policy.
Home contents insurance
As mentioned before, some home contents insurance policies allow you to add high-value items to the cover, such as an engagement ring. This can be either on a specified or unspecified basis. On a specified basis, the ring is actually listed on your schedule of insurance. On unspecified, the ring will not be listed on the schedule. Unspecified normally has lower sums insured.
This option can be cost-effective since you're adding it to your existing cover. However, do note that home insurance policies usually have an upper limit amount they will pay out for single items, which may not be sufficient if your engagement ring is worth more than the limit. Do check the "single-item limit" on your policy to ensure it will cover the total value of your ring.
You should also note that claims made for your engagement ring will be included in your home insurance claims history, which could result in increased premiums for your entire home insurance policy.
Additionally, you may get less bespoke cover than you would with a specialist jewellery insurance provider.
Standalone engagement ring insurance
Your other option is to choose a specialist jewellery insurance policy for your engagement ring. These policies are designed with valuable items in mind, typically offering higher cover limits and more tailored protection (such as worldwide cover and accidental damage).
If you insure your engagement ring under its own policy, this can also protect any no-claims bonus you’ve earned on your home insurance cover, as this won’t be affected if you make a claim.
How do I know what engagement ring insurance to choose?
There are several things you need to consider to make sure you get the most suitable cover:
Get your ring valued
Most insurers will require a professional appraisal to determine the ring's value, and in some cases, you'll need to provide this when purchasing insurance. If you have just purchased the ring, the jeweller will probably provide you with a valuation.
If you need documentation for your ring and wish to buy insurance with us at Assetsure, we can put you in touch with a service that provides online jewellery valuations.
Remember that your ring's value may increase over time, so do get it revalued every few years to ensure your policy reflects its current worth.
Remember as well that you should insure the ring for its full replacement cost in the United Kingdom. You may have received a good deal if you purchased the ring abroad. However, most insurers will want to replace the ring in the United Kingdom at United Kingdom prices. They will not be able to source a ring overseas for you.
The sum insured
Home insurance policies often limit how much they will pay for a single item if you make a successful claim. If your engagement ring exceeds this limit, exploring other options, such as specialist jewellery insurance, is vital. Be sure to choose a policy that covers the total value of your ring.
Worldwide cover
If you travel often, ensure your insurance policy offers worldwide cover to protect your ring wherever you are - at home, on holiday, or travelling for work. Also check how many days per annum, the insurer will cover you whilst you are abroad.
Check for any exclusions
Check any policy wording carefully especially any terms and conditions and warranties. Make sure you can comply with them.
Do jewellery insurance policies have an excess amount?
The excess is the first part of any successful claim you are liable for – just the same as with car and home insurance claims. With engagement ring insurance from Assetsure, you will not pay an excess if you make a claim. However, you can choose an excess in return for a discount if you so wish.
How can I save money on insurance for my engagement ring?
Investing in engagement ring insurance can give you peace of mind that your precious ring is protected. And while at Assetsure we pride ourselves on offering what we believe are “Fair Value” jewellery insurance policies. Here are some ideas on how you may get more affordable jewellery insurance.
Elect to pay an excess
As mentioned above, with our engagement ring policies, no excess is typically payable in case of a claim. However, if you decide you would like to pay an excess should you ever need to make a claim, this may make your premiums slightly cheaper.
Multi-item insurance
If you have other valuable items that need insuring, multi-item jewellery insurance typically offers discounts for insuring several pieces of jewellery or other valuable items under the same policy. This may reduce the cost of insuring your engagement ring and other assets.
Pay annually
If your insurance provider offers monthly and annual payment methods, opting for the latter may save you money. This is because monthly insurance payment options often attract an additional, small charge.
Next steps
We hope this blog has provided valuable information about engagement ring insurance. Whether you opt for a home contents insurance policy that includes cover for your ring, or standalone, specialist engagement ring insurance, understanding your options may give you peace of mind and allow you to enjoy your jewellery without worry.
Finally, for more general questions about ring insurance, please visit our FAQS page. Or call 0208 0033 190 and one of our team will be delighted to help you.
For a no-obligation engagement ring insurance quote, please click here.
Further reading: Safeguard your jewellery.
