A simples guide

Adding an engagement ring to your home insurance

Of course your engagement ring is one of your most treasured possessions and is irreplaceable, but accidents do happen. So should the worst happen then you need to know that you can get a new ring. To make sure that happens then you may need to get a proper engagement ring cover. 

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Does my home insurance cover my engagement ring?

You can simply hope that the ring is covered by your home insurance, but there is often a specific clause in the policy that limits the value for a single item of jewellery. When a man is going to propose he often goes to town with the ring and spends anywhere between one and three months’ salary on the ring itself.

As the typical claim limit for a single piece of jewellery is often between £1,500-2,500, there’s a good chance your engagement ring may simply be too expensive for proper cover on your standard home contents insurance policy unless you have specified it as a higher value item. And with research from Halifax Bank revealing that 15% of women have lost their engagement ring, it’s probably worth taking a closer look at your insurance cover.

We don’t offer a comparison service for specific engagement ring insurance, but most home insurance policies will offer protection for loss or theft to items within your home. But do carefully check the level of cover you have and see if it meets your needs. Some companies exclude personal possessions outside the home altogether, others have strict limits on the amount you can claim for a single item, or for the total claim, and it can be as low as £1,000. An engagement ring can easily exceed that. 

engagement ring
engagement ring

Naming valuable items

You may be able to get that extra peace of mind by naming specific valuable items of jewellery as part of your home contents insurance cover. You will need to ensure the ring is named (or declared as is it sometimes called), that it has a valuation certificate and that you have met the criteria. And you can also take out an extra layer of cover called personal possessions insurance which will cover you for loss or theft outside of the home. You may face a fresh fight if you have been married a long time, too, as the value of precious gems and gold has risen significantly over the decades.

So, even if you have the original receipt, which would be a surprise in itself, the actual cost of a replacement would far exceed the original cost even if the company accounted for inflation. Some companies won’t ask for a certificate of valuation until you make a claim on your insurance for an engagement ring, by which time it’s too late. So make sure you have a valuation certificate in a safe place.

So if you have an engagement ring insured on your home contents insurance and it is fully covered, get it valued regularly as you may find it is worth significantly more than you thought. Otherwise if it is lost or stolen, you simply will never know how much it could have been worth and you may be in for a shock when you go shopping for replacements. 

How affordable is it to add my engagement ring to my home insurance?

Of course your engagement ring is worth more to you than the valuation. At the end of the day the insurer will treat it the same as any piece of jewellery. When it comes to insurance premiums, this is a good thing.

 It shouldn’t add much on to your home insurance policy to add on a high value engagement ring as a specified item but it’s worth shopping around and doing a home contents insurance price comparison with us to find the best  policy to cover your engagement ring. Your engagement ring might well be your most treasured possession, so it pays to insure it properly and then you can just enjoy showing it off, safe in the knowledge that you can replace it if the worst happens.

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