A guide to engagement ring insurance

Getting down on one knee is pretty nerve-wracking, but what happens if the all-important ring is lost, stolen or damaged? 

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 insure an engagement ring.

Getting down on one knee is pretty nerve-wracking, but what happens if the all-important ring is lost, stolen or damaged? 

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 insure an engagement ring.

Kate Hughes
Insurance expert
4
minute read
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Posted 15 FEBRUARY 2021 Last Updated 22 JUNE 2022

Does my home insurance include engagement ring insurance?

Maybe. It depends on how much your engagement ring is worth and the level of cover you choose. 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, which is the maximum amount you can claim for an individual item on your home contents insurance, then you’ll need to list the ring individually on your insurance policy to make sure it’s covered. The single item limit varies among insurance providers and could be as low as £1,000, but it’s typically around £1,500-£2,000.

 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 insure my engagement ring only?

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

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 things like: 

  • 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.

Do I need to list my engagement ring on my home insurance policy? 

It depends on how much it’s worth. You’ll only need to list your ring individually if it’s worth more than the single item limit. When you compare with us, you’ll need to add your engagement ring to your quote individually if it’s worth more than £1,500.

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. But you’re likely to wear an engagement ring all the time, so you might want to add personal possessions cover to your contents insurance policy. This can cover your engagement ring, as well as other items like your smartphone and handbag, for loss, damage or theft if you take them outside the home.

You’ll have to pay a little extra for personal possessions cover and 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.

A few home insurance policies include personal possessions cover as standard, so it’s worth checking before you buy to avoid doubling up on your cover. 

While we’re on the subject, you can also add your bridal gown to your contents policy to cover it inside your home, and to your personal possessions cover to protect it outside your home. 

You can also temporarily increase your home insurance for a wedding to protect gifts, your dress and other things related to the ceremony.

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

Whether you’re heading on your honeymoon, a family holiday or a break with mates, you’ll want cover for your engagement ring when you’re away. Check your 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.

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, even accounting for inflation. 

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 with one of similar age and value. 

 Be aware that 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. Some providers will stipulate who they’ll accept a valuation from – the valuer may need to be a member of a professional body, for example – so check your policy to be sure.

Did you know? 

Diamond company De Beers first introduced the idea of spending two month’s salary on an engagement ring back in the 1980s as part of an advertising campaign. Considering the average Brit working full-time earned around £2,652 a month before tax in 2020-2021, according to the Office for National Statistics, that means most would have to fork out a whopping £5,304. 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? 

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. A specialist jeweller will be able to professionally value your engagement ring and confirm the current market value. They will give you an official document, sometimes called a property valuation report, that details the value of your engagement ring and the reasoning behind their valuation. 

Paying for a professional valuation may seem like an annoying expense, but if you under-estimate the value of your engagement ring on your insurance policy 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 report if you need to make a claim, so check the terms carefully.

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 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 providers to make sure you get the right price and cover for you.

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