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A guide to insuring your engagement ring

A guide to insuring your engagement ring

Research from Halifax reveals that 15% of women have lost their engagement ring. If you’re ever one of them, you’ll want to be properly covered. This is our guide to making sure your engagement ring is insured.

Chris King
From the Home team
minute read
posted 19 FEBRUARY 2020

Does my home insurance cover my engagement ring?

You’ll need to check your policy documents or speak to your insurance provider to find out.

Diamond company De Beers first introduced the idea of spending a month's salary on an engagement ring in the 1930s – and in the 1980s this became two months. Thereby creating a tradition, meaning many now own an expensive piece of jewellery.

Depending on your ring’s value, you may need to add it individually to your policy. This will depend on something called a “Single Article Limit”, which basically means the maximum amount an individual item can be worth before you have to specifically declare it on your policy to make sure it’s covered. This varies by insurance provider and could be as low as £1,000. At Compare the Market, we ask you to individually add any valuables worth more than £1,500 to your quote to make sure they’re covered.

Can I only insure my engagement ring?

We don’t offer a comparison service for engagement ring insurance specifically. But you can add your engagement ring onto your home insurance policy to make sure it’s covered in and outside your home.

Can I name my engagement ring on my home insurance policy?

You can name specific valuables, such as your engagement ring or wedding ring, on your home insurance policy to give you added peace of mind. We will ask you to add your engagement ring to your policy individually if it’s worth more than £1,500. If your ring isn’t worth that much but you still want to insure it outside the home, you should consider adding personal possessions cover, which covers you for loss or damage to items you carry with you when you leave the house.

Similarly you can also take out cover for your wedding dress or even get cover for the whole wedding.

I insured my engagement ring years ago – am I still properly covered?

Maybe not. Gold and precious gems have risen sharply in value over the decades. So even if you have the original receipt for your ring – which is unlikely – you may find that the cost of replacing your ring would far outweigh what you paid, even accounting for inflation. 

So, it could be worth having your engagement ring valued again, as it may have increased in value. Over the years our engagement rings have got more bling: in 1939 only 10 per cent of engagement rings contained diamonds. By 1990 that figure had shot up to more than 80 per cent.  

Also, some insurance providers won’t ask for a valuation certificate until you make a claim, so be sure to keep yours in a safe place.

How expensive is it to add my engagement ring to my insurance?

The good news is that your insurance provider will treat your engagement ring like any other piece of jewellery. Adding a high value item could increase your premium, but losing something with such sentimental value, like an engagement ring, can be hard enough without having the additional pain of then finding out it’s not insured. We compare a variety of providers to make sure you get the best price and cover to meet your needs.

Do a home insurance contents price comparison with us and find an insurance policy to cover your engagement ring. 

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