Abbey Advice: Engagement Ring Insurance
The ‘day of love’ is fast-approaching. Rumour has it that 12% of marriage proposals in the UK actually take place on Valentine’s Day, meaning that come February 15, there’s a lot of extra, expensive bling adorning the fingers of certain lucky folk.
Underneath that loved-up haze it’s easy to forget the monetary value of an engagement ring. With wedding plans underway and ecstatic relatives to inform, who wants to focus on the mundane task of making sure that new sparkler stays safe? But, without putting adequate protection in place as soon as possible, you won’t be covered in the event your ring is lost or stolen, even in those early days.
Whether your ring is ultra-expensive or simply sentimental, we’ve put together a step-by-step guide to determine how you should insure your engagement ring.
Step 1: Start by examining your existing contents insurance package
Any home owner should have home buildings and contents insurance in place. If you own your own property, then contact your insurer first to examine the detail of your policy. What value have you put on the contents of your home? Would that cover the value of your ring? Each insurer has different terms in place when it comes to providing insurance for personal items – be clear on what you already have in place and it might save you taking out an unnecessary additional policy.
Step 2: Think about the ways in which you could do more to protect your ring
Make sure you aren’t likely to carelessly lose your ring because you haven’t already taken simple steps to keep it safe. Start by making sure it is sized correctly and not likely to slip off without you noticing. If you plan on traveling, our advice is not to take rings with you and regardless of how secure your home is, consider installing a safe to protect your ring whenever it’s not on your hand. These precautions could save you a lot of money on a new policy.
Step 3: If your existing policy does not cover your ring, then investigate a specific policy
If your home and contents insurance policy doesn’t cover your ring, then you will need to work with a jewellery insurer to determine the kind of cover you need. Always read the fine print – will you be covered if you drop your ring down the sink, or only if it is stolen and there is evidence of a burglary? If your ring has multiple stones would you be covered if one were to fall out? How much would you receive should something happen to the ring – the full amount or just a fraction? Be aware of all detail to save disappointment down the line.
To summarise, we highly recommend that you invest in insuring one of your most valuable items, but do the research first. As Shirley Bassey said ‘diamonds are forever’… but only if you take care of them.
Abbey Insurance Brokers – Engagement Ring Insurance
Abbey Insurance is an insurance broker, meaning we work with a wide range of insurance providers to find you the best coverage for your needs. Each of our insurance partners offers different terms for covering high-value items, like engagement rings, under a contents insurance policy. To clarify exactly what your policy covers, contact ones of our advisors on 08000 66 55 44.