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A guide to engagement ring insurance

Your engagement ring is likely one of the most expensive items you own, especially relative to its size. And the value of your engagement ring isn’t just about price – it has precious sentimental value too. Here’s how to protect it.

Your engagement ring is likely one of the most expensive items you own, especially relative to its size. And the value of your engagement ring isn’t just about price – it has precious sentimental value too. Here’s how to protect it.

Written by
Anna McEntee
Insurance comparison expert
Reviewed by
Kate Hughes
Insurance expert
Last Updated
17 FEBRUARY 2023
7 min read
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How can I insure my engagement ring?

You have a couple of engagement ring insurance options.

You can check to see if your engagement ring is covered by your existing home contents insurance policy. If not, you can pay extra to add your engagement ring to your policy.

If your engagement ring is covered under your home contents insurance, it will typically cover you for loss, theft and damage according to the terms of your policy.

Your other option is 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?

Maybe. It depends on how much your engagement 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.

If your engagement ring is worth more than the single item limit, then you’ll need to list it individually on your insurance policy 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.

At Comparethemarket, 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 insurance policies that offer specialised protection for your ring. Specialist insurance for an engagement ring may cover additional things that your home insurance won’t, for example:

  • Accidental damage
  • Loss of diamonds or precious stones
  • Accidental loss of your ring when you’re out and about
  • Cover in the UK and abroad.

One benefit of standalone cover for your engagement ring is that it won’t affect the no claims discount on your home insurance if you make a claim. But it may be more expensive than listing your ring on an existing home insurance policy.

We don’t offer a comparison service for specialist engagement ring insurance. But you can add your engagement ring to your home contents insurance policy to cover it against loss or theft from your home.

How much is engagement ring 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 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 for you.

Compare home insurance

Top tip

Take photos of your ring and keep them with an up-to-date valuation certificate and the receipt. 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 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, you might need to add personal possessions insurance to your home contents policy to make sure your ring is covered 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.

Pay close attention to the cover limits. You’ll need to let your insurance provider know if your ring is worth more than the single article limit set out in the policy. If it is, you’ll need to list it individually on your policy.

If you choose a standalone engagement ring insurance policy, your ring will likely be covered both in your home and while you’re out and about. Bear in mind, though, that it may be the more expensive option. Weigh up the costs and the risks before you buy to see what’s right for you.

Will my engagement ring be covered if I go on holiday abroad?

Check your home contents insurance, as some policies offer cover for your valuables when you take them on holiday.

Double check if personal belongings cover is included in your travel insurance too, and 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. If your policy doesn’t offer cover for your ring abroad, you may be able to find a specialist provider.

Note that if you decide to buy a specialist engagement ring policy, it’s likely to cover you both at home in the UK and abroad.

I insured my engagement ring years ago. Am I still properly covered?

Maybe not. Gold and precious gems tend to rise in value over time, so even if you have the original receipt for your ring, you may find that the cost of replacing it will far outweigh what you paid.

That’s why it’s worth having your engagement ring professionally valued every now and then to see if it’s increased in value (you lucky thing). 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.

Did you know? 

Diamond company De Beers first introduced the idea of spending two months’ salary on an engagement ring back in the 1980s as part of an advertising campaign. Considering the average Brit working full-time earned around £650 a week before tax in April 2022, according to the Office for National Statistics, that means most would have to fork out around £5,200. Luckily for those on the brink of getting down on one knee, few people follow that particular rule these days.

How can I find out how much my engagement ring is worth?

You might receive a valuation certificate when you buy your engagement ring. Otherwise, a specialist jeweller will be able to professionally value your engagement ring and confirm the 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 annoying expense, but if you want to add insurance for your engagement ring to your home contents policy, you’ll need an accurate valuation to make sure you get the right amount of cover.

Under-estimate the value of your engagement ring on your insurance policy and you run the risk of being underinsured. That means you may not get a big enough pay-out 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.

Frequently asked questions

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 may 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 things related to the ceremony.

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, so make sure you keep it 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 may 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.

How much should I spend on an engagement ring?

Like the ring itself, there’s no one size fits all. Some people have their hearts set on a dazzling diamond ring, others would rather spend the money on a honeymoon.

If you’re struggling to work out a reasonable budget for your personal circumstances, there are online engagement ring calculators that may be able to help.

I lost my engagement ring. Will my insurance cover it?

It depends on the type of insurance you have for your engagement ring. 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.

Anna McEntee - Insurance comparison 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.

Learn more about Anna

Kate Hughes - Insurance and finance expert

As an award-winning journalist, author and broadcast commentator, Kate has been writing about personal finance for more than 20 years. She’s the former Money Editor for The Independent. Her work has appeared across the UK broadsheets as well as a number of international titles. Kate brings her financial expertise to inform her readers on ways to save money. She’s also written a book. ‘Going Zero: One Family’s Journey to Zero Waste and a Greener Lifestyle’ is available now.

Learn more about Kate

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