A guide to insuring your engagement ring

An engagement ring is one of the most precious items you may own – not just in terms of money, but also sentimental value. Here’s our guide to making sure your engagement ring is properly insured.

An engagement ring is one of the most precious items you may own – not just in terms of money, but also sentimental value. Here’s our guide to making sure your engagement ring is properly insured.

Chris King
From the Home team
4
minute read
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Posted 15 FEBRUARY 2021

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.

Depending on your ring’s value, you might need to add it individually to your policy. This will depend on something called a ‘single article limit’, which is the maximum amount an individual item can be worth before you have to specifically declare it on your insurance 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 to your contents insurance policy to cover it against loss or theft from your home.

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

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 any receipts. These may be needed by your insurance provider if you make a claim. The photos could also help police trace the ring if it’s stolen.

Will my engagement ring be covered outside the home?

Typically, standard home contents insurance will only cover items while they’re in your home. It’s most likely that you wear your 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 and other items like your smartphone and handbag for loss, damage or theft if you take them outside the home. It will cost a little extra and you’ll need to let the insurance provider know if your ring is worth more than the single article limit set out in the policy. If so, it will need to be listed individually on your policy.

Similarly you can add your wedding dress as a specific item to cover it inside your home and personal possessions cover could protect it outside your home.

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

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

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

Whether a honeymoon or family holiday, you’ll want to make sure your engagement ring is covered when you’re away. Check your contents insurance, as some policies offer cover for your valuables when you take them on holiday. You should also check if personal belongings cover is included in your travel insurance. Make sure you read the small print so you understand any cover limits and exceptions. 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 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 professionally valued again, as it may have increased in value. If the value has changed, let your insurance provider know.

If your engagement ring is brand new, you should insure it for its full replacement value. If it’s an older ring, you should insure it for the amount it would cost to replace with one of similar age and value.

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. 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 1930s. Considering the average Brit earns around £2,344 a month, that means most would have to fork out a whopping £4,688. Luckily for those about to propose today, no one much follows this tradition anymore. According to a national survey, in 2020 the average value of an engagement ring in the UK is around £1,865.

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 right price and cover for you.

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