Aside from a house or a car, an engagement ring is likely to be one of the biggest purchases that you ever make, or one of the most valuable gifts that you ever receive. It goes without saying that you’ll do your best to look after it, but even if you’re extra careful, is makes sense to make sure you’re covered in the event that your engagement ring is lost, damaged or stolen. So what’s the best way to make sure that you are protected should you be unlucky?
If you already have a home contents insurance policy, this usually represents the most economical way to insure your engagement ring. However, be sure to check the terms of your policy carefully — it is likely that you will need to add your ring as a named item on the policy. It is also likely that your policy will only cover items up to a certain maximum value. If the value of your engagement ring exceeds this limit you may need to pay an additional premium if you want it to be completely covered. It is also worth checking whether there are any restrictions to the cover provided — for example, it may be that your engagement ring would only be insured in the event that it is stolen from your home. If you’re any doubt, it’s well worth taking the time to speak to your insurer.
If you don’t have a home contents insurance policy, or if you’re not satisfied by the level of cover that your home contents insurance policy would provide, you should consider getting a specialist jewellery insurance policy. T H March is one insurance broker in the UK that specialises in this field
You may find that your insurer requires a written valuation of your engagement ring. Often this can be provided by the jeweller who supplied the engagement ring (we supply these free of charge for our own jewellery), though sometimes insurers ask for an independent valuation. In the UK, we recommend you look for a National Association of Goldsmith’s Institute Registered Valuer.
Whilst it is important to make sure that your engagement ring is adequately insured, it is unlikely that your insurance policy will cover the ring if something happens to it whilst it’s not in your possession. For example, you may not be covered if you pack your ring in hold luggage when you travel; and you’re very unlikely to be covered if you leave your ring unattended in a public place! If you need to leave your ring with a jeweller to be resized or repaired, make sure that they will fully compensate you in the event that your ring is lost, damaged or stolen whilst in their possession.