Engagement and wedding ring insurance: a guide

Your engagement or wedding ring might be the most precious piece of jewellery you own, and a loss or theft can feel like the end of the world. 
So, how do you make sure your engagement and wedding rings are properly insured? 

Your engagement or wedding ring might be the most precious piece of jewellery you own, and a loss or theft can feel like the end of the world. 
So, how do you make sure your engagement and wedding rings are properly insured? 

Chris King
Head of Home Insurance
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Posted 14 MAY 2021

Does my home contents insurance cover my engagement and/or wedding ring?

That depends on how much the rings are worth. Most insurance providers set strict limits on the amount you can claim for a single item, or for the total payout. With the value of an engagement ring in the UK averaging in the region of £1,500, you may need to list your engagement/wedding ring on your home contents insurance as a ‘specific item’. 
Most standard home insurance policies also only cover items that are damaged or stolen inside the home. Cover for items outside of the home is often available as an optional extra. If you need to list your wedding ring on your home insurance policy, you should have the option to state whether you take it outside the home. While this might seem obvious, make sure you tell your insurance provider so they can arrange the right level of cover for you. 

Did you know? 

Wearing your engagement and wedding ring on the fourth finger of the left hand is a tradition dating back to ancient times. Early Romans believed the ring finger had a Vena Amoris or ‘vein of love’ that connected directly to the heart – and a wedding band placed on that finger symbolised a union founded in love.  

How can I make sure my engagement/wedding rings are properly covered?

If your wedding ring, engagement ring or any other expensive valuables are each worth more than the single item limit on your policy, you’ll need to tell your insurance provider so they can be listed individually, to make sure they’re fully insured. 
The single item limit is typically £1,500, but this can vary between providers, so always check to make sure.  
If you don’t list your rings or other expensive jewellery  individually, you could run the risk of being underinsured. 
You’ll still need to pay an excess if you do end up having to make a claim. 

How can I cover my engagement/wedding rings outside the home? 

If you wear your engagement and wedding rings all the time, you’ll naturally want to make sure they’re covered wherever you are. But what if your home insurance doesn’t cover items away from home? 
Personal possessions insurance is extra cover that can be added to your home contents insurance policy. It can cover a whole range of items you frequently carry around with you, including your smartphone, wearables, glasses, purse and coats. It’s all too easy to misplace and lose a wedding/engagement ring, so it really could be worth thinking about extra cover for when you’re out and about. 
And just to recap, if your engagement/wedding rings are worth more than the single item limit, you may have to list them separately

Will my engagement/wedding rings be covered if I go abroad? 

Some policies will cover your personal belongings when you go abroad, although there might be a limit on the number of days you’re covered for while away. Check your home insurance policy or personal possessions cover if you have it.  
Your personal possessions might also be covered under your travel insurance
Read the small print of your policies, so you know what the limits and exclusions are. If you’re going away for a long time, you might want to consider dedicated jewellery insurance from a specialist provider.  

How can I find out how much my rings are worth?

Many people choose to visit a specialist jeweller for a professional, up-to-date valuation, to get a good idea of how much cover you really need. 
A professional valuer will give you a formal document that describes each piece of jewellery and confirms its value and how that has been decided. Talk to the jeweller about how you’d replace your items if they were lost, as this can affect the type of valuation given.  
The formal document descriptions will include details of the precious metal and the size, colour, cut and clarity of any precious stones. A photograph is usually included. This can be useful if you end up having to make a claim, to ensure that you get an equivalent replacement. 
The National Association of Jewellers (NAJ) suggests having items revalued every three to five years to ensure the value is current.  
Your insurance provider might also specify how often your jewellery needs to be revalued, so check the policy details and make sure your valuations are up to date.

A professional valuation of your rings isn’t just needed for insurance purposes. Other common reasons to get your jewellery valued are: 

  • For probate (sorting out the estate of a loved one)
  • Family separation or divorce
  • When selling items of jewellery  

You should always insure your engagement and/or wedding rings for their current market value, especially if you’ve been engaged or married for quite a while. This is because gold and precious stones usually increase in value over time. 

What happens if I under-insure my engagement/wedding rings? 

Under-insuring your rings could cause you a double blow if you need to make a claim. Not only will you face the heartbreak of losing your precious items, but your insurance payout will likely be for less than their current value. 
However, you should also be careful about over-insuring your items, or you could end up paying more for your premium than you need to. An accurate, up-to-date valuation will ensure your rings are adequately covered and the cost of your premium is fair.   

Will making a claim for a lost, stolen or damaged wedding/engagement ring affect my no claims bonus?

It probably will. The vast majority of claims will have some impact on your no claims discount, so check the T&Cs of your insurance policy to be sure.  

How can I cut the cost of insuring my wedding and engagement rings? 

There are a number of general things you can do to cut the cost of your home contents insurance:

  • Shop around and compare quotes to find a better deal
  • Consider installing home security systems like a burglar alarm and security lighting. 
  • Invest in a safe for your rings and other expensive jewellery. 
  • Pay upfront annually instead of monthly instalments. 
  • Increase your voluntary excess – just make sure you can afford to pay it if you need to make a claim. 

Top tips for keeping your engagement and wedding rings safe 

The following handy tips can help you keep your precious rings safe and prevent you from having to make an insurance claim:

  • If you take your rings off at night, keep them in a familiar place so you don’t forget where you put them – preferably a safe.
  • Never leave your rings (or car keys for that matter) where they can be seen from outside. For example, avoid leaving them on the hall table or windowsill. 
  • Remove your rings before doing the washing up or having a shower – they could easily slip off and fall down the drain.
  • Get your rings professionally cleaned a couple of times a year. The jeweller will also be able to check for any damage or loose stone clasps.  

Finding home insurance with cover for your engagement/wedding ring

Compare the Market can help you find home insurance cover to suit your needs. Get a home contents insurance quote from a range of leading insurance providers today, and get peace of mind knowing that your engagement and wedding rings are properly covered.

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