A guide to engagement ring insurance
Your engagement ring is likely one of the most precious, expensive and sentimental items you own. Here’s how to protect it with engagement ring insurance.
Your engagement ring is likely one of the most precious, expensive and sentimental items you own. Here’s how to protect it with engagement ring insurance.
60-second summaryJust want the basics? Here’s your quick guide to engagement ring insurance:
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How to insure an engagement ring
First, check to see if your engagement ring is covered by your existing home contents insurance policy. If your engagement ring is covered under your home contents insurance, it will typically cover you for loss, theft and damage.
If it isn’t, you can either pay extra to add your engagement ring to your policy, or take out a standalone engagement ring insurance policy. This could be suitable if your engagement ring is particularly valuable or you want broader protection. But you’ll need to factor the cost into your decision.
Does my home insurance include cover for my engagement ring?
Your home insurance policy might include jewellery insurance cover for your engagement ring. But it depends on how much the ring is worth and the level of cover you have. You’ll need to check your policy documents or speak to your insurance provider to find out.
For example, most policies only cover items inside the home unless you add personal possessions cover for protection away from home.
Also, if your engagement ring is worth more than your policy’s single-item limit, then you’ll need to list it individually to make sure it’s covered. Sometimes known as the single-article limit, the single-item limit is the maximum amount you can claim for an individual item on your home contents insurance. It varies among insurance providers and could be as low as £1,000, but it’s typically around £1,500-£2,000.
You’ll typically pay a higher premium if you want to list items, such as expensive jewellery, that are worth more than the single-article limit covered by your policy. However, some insurers charge a flat fee per item rather than significantly raising the overall policy cost. Always compare prices and policies before deciding.
At Compare the Market, we ask you to individually add any valuables worth more than £1,500 to your home contents insurance quote to make sure they’re covered.
What are the benefits of specialist engagement ring insurance?
If your engagement ring is particularly valuable or you’re looking for broader protection, you can find specialist jewellery insurance policies that offer protection for your ring. Specialist insurance for engagement rings may cover additional things that your home insurance won’t, such as:
- Accidental damage: This includes unexpected incidents that result in damage to your ring, such as dropping it on a hard surface
- Loss of diamonds or precious stones: For when stones fall out of their settings, which can happen with regular wear
- Accidental loss: If you misplace your ring when you’re out and about
- Cover in the UK and abroad: Your ring is protected no matter where you are, whether you're travelling domestically or internationally
- Theft: If your ring is stolen, you’ll receive financial protection and assistance in replacing it.
One benefit of standalone insurance for an engagement ring is that it won’t affect the no-claims discount on your home insurance if you make a claim. It may be more expensive than listing your ring on an existing home insurance policy, but it often includes higher single-item limits, worldwide protection and accidental loss cover, which home insurance may not.
We don’t offer a comparison service for specialist engagement ring insurance quotes. But you can add your engagement ring to your home contents insurance policy to cover it against loss or theft from your home.
Did you know?According to the Office for National Statistics, there were 1,806,484 theft offences in England and Wales in the year ending September 2024. This highlights the importance of protecting valuable items like engagement rings with the right insurance. Insuring your engagement ring can provide peace of mind and financial protection. |
Will my engagement ring be covered outside the home?
Standard home contents insurance usually only covers items while they’re in your home. Because you’re likely to wear your engagement ring all the time, a specialist engagement ring insurance policy or personal possessions cover would be needed to cover it while you’re out and about.
Personal possessions cover can protect your engagement ring, as well as other items like your smartphone and handbag, for loss, damage or theft outside the home. You’ll normally have to pay a little extra for personal possessions cover, but some comprehensive home insurance policies do include it as standard.
How much is engagement ring insurance?
The cost of engagement ring insurance can vary based on several factors. These include:
- The value of the ring: High-value jewellery insurance attracts higher premiums
- The level of cover you choose: More comprehensive policies with broader coverage will generally be more expensive
- Your location: Areas with higher crime rates may result in higher insurance costs.
Adding a high-value item could increase your premium. But losing something with such sentimental value can be hard enough, without having the additional pain of then finding out it’s not insured.
With that in mind, we can compare a variety of home insurance providers to make sure you get the right price and cover.
Compare home insuranceHow to keep your jewellery safe
Keeping your jewellery safe at home is crucial to prevent damage and theft. Here are some tips:
- Store jewellery in a secure location: Use a safe or a locked drawer to store your jewellery when it’s not being worn.
- Avoid exposure to harsh chemicals: Remove jewellery before using cleaning products or swimming in chlorinated pools to prevent damage.
- Regularly check for wear and tear: Inspect your jewellery for loose stones or clasps and have them repaired quickly to avoid loss.
- Keep an inventory: Maintain a detailed list of your jewellery, including photos and valuations, to assist with claims if needed.
- Improve home security: Install alarms and cameras to deter potential burglars.
How much are engagement rings?
How much you’re willing to spend on an engagement ring is a very personal and emotive decision that only you can make. Some people have their hearts set on a dazzling diamond ring, while others would rather spend the money on a honeymoon.
The question of how much an engagement ring should cost was first asked by diamond company De Beers in the 1930s as part of an advertising campaign. DeBeers introduced the idea that an engagement ring should cost one months’ salary, before later increasing it to two.
According to the Office for National Statistics (ONS), the average Brit working full-time earned around £706 a week in October 2024. That means most would have to fork out around £6,354. However, according to a 2023 survey by Bridebook, the average price of an engagement ring in the UK was £1,929 – better news for those looking to propose soon.
If you’re struggling to work out a reasonable budget for your personal situation, there are online engagement ring calculators that might be able to help.
Top TipTake photos of your ring and keep them with a receipt and up-to-date valuation certificate. This proof may be needed by your insurance provider if you make a claim, and an accurate valuation report will help you get an appropriate replacement. The photos could also help police trace the ring if it’s stolen. |
Will my engagement ring be covered if I go on holiday abroad?
If you take out specialist engagement ring insurance, it’s likely to cover you both at home in the UK and abroad.
Some home insurance policies cover your valuables when you take them on holiday, while personal belongings cover may include your engagement ring with travel insurance too. Make sure you read all the small print, so you understand any cover limits and exceptions.
Your travel insurance will also set a single-item limit for valuables taken on holiday, so if your engagement ring is worth more, you’ll need to add extra cover. Bear in mind that the single-item limit may be lower with travel insurance than home insurance, so make sure you have enough cover.
Is specialist engagement ring insurance worth it?
Specialist engagement ring insurance may be worth considering if your ring is particularly valuable and exceeds the single-item limit of your home insurance policy.
It could offer broader protection, including coverage for accidental loss or damage, both at home and abroad. Additionally, it can provide peace of mind knowing that your sentimental piece is fully protected without impacting your home insurance no-claims discount.
Weighing the cost of standalone insurance against the potential risks and value of your ring can help you decide if it’s the right choice for you.
How much is my ring worth?
There are online “how much is my ring worth” calculators that can provide a rough estimate in answer to this question but, the best way to ensure accuracy is through a professional valuation.
For starters, you might receive a valuation certificate when you buy your engagement ring. Otherwise, a specialist jeweller will be able to value your engagement ring and confirm its current market value. They’ll give you an official document, sometimes called a property valuation report, that details the value of your engagement ring and the reasoning behind its valuation.
Paying for a professional valuation may seem like an unnecessary expense, but if you want to add insurance for jewellery like your engagement ring to your home contents policy, you’ll need an accurate valuation to make sure you get the right amount of cover.
How to get a cheaper jewellery insurance quote
If you’re looking to save on jewellery insurance, consider these tips:
- Avoid over-insuring: – ensure your coverage matches the actual value of your jewellery to avoid paying higher premiums unnecessarily.
- Pay annually: Paying monthly usually charges interest.
- Choose your cover type carefully: Pick a policy that matches your needs without unnecessary add-ons, which can increase costs.
- Increase your excess: Offering to contribute a higher excess could lower your premium. Just make sure it’s an amount you can afford if you need to make a claim.
- Improve security: Installing security measures such as a safe or alarm system can sometimes lead to discounts on your insurance premium.
- Shop around: Compare quotes from different providers to find the cheapest deal available.
I insured my engagement ring years ago. Am I still properly covered?
An engagement ring that you insured years ago might no longer be properly covered.
Even if you have the original receipt, your ring’s value may have increased due to inflation, rising gold prices and demand for certain gemstones. That’s why it’s worth having your engagement ring professionally valued every now and then to see if it’s increased in value.
The National Association of Jewellers (NAJ) suggests having your engagement ring, and other valuable jewellery, revalued every three to five years to check the value listed on your insurance is accurate. If the value has changed, let your insurance provider know as soon as possible.
If your engagement ring is brand new, you should insure it for its full replacement value. If it’s an older, vintage ring, you should insure it for the amount it would cost to replace it with one of similar age and value.
Frequently asked questions
I lost my engagement ring. Will my insurance cover it?
If you lose your engagement ring, cover will depend on the type of insurance you have.
If your ring is covered by your home contents insurance, read the terms carefully to see what’s covered and what’s excluded. It may not, for example, cover you for accidental loss outside the home.
If you have a specialist engagement ring insurance policy, it’s more likely to cover you for accidental loss, both inside and outside of the home, but you’ll likely have to pay more for this extra protection.
Do I need a valuation certificate to insure my engagement ring?
Yes, you’ll likely need to provide a valuation certificate for your engagement ring if you need to make a claim.
Make sure you keep the certificate in a safe place, along with any other valuation certificates or proof of purchase for your jewellery and other valuables.
Be aware that some insurance providers will stipulate who they’ll accept a valuation from – the valuer might need to be a member of a professional body, for example. You may also need to get any expensive jewellery revalued on a regular basis, under the terms of your policy, so make sure you read all the fine print.
What happens if I under-insure my engagement ring?
Under-estimate the value of your engagement ring on your insurance policy and you run the risk of being underinsured.
That means you might not get a big enough payout to replace your ring if it’s lost or stolen. Some insurance providers will also ask you to provide a copy of your ring’s professional valuation if you need to make a claim, so check the terms carefully.
Can I add my wedding dress to my home insurance policy too?
Your bridal gown may already be covered by your home contents policy, although you might need to pay extra to list it separately if it’s worth more than the single-item limit. You’ll also want to make sure it’s covered outside of your home by your personal possessions cover for the big day itself.
You can also temporarily increase your home insurance for a wedding to protect gifts, your dress and other items related to the ceremony.
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Anna McEntee – Home, travel and pet insurance expert
Anna’s all about delivering fantastic insurance products at a great price. Value is the most important thing for Anna, as she cuts through the jargon and finds what’s most important and worth your hard-earned money.
This article is written by a Compare the Market expert, backed by data and enhanced by AI. Find out how we ensure accuracy and quality in our Editorial Guidelines.