Wedding ring insurance

Does home insurance cover wedding rings?

Your contents insurance should provide some cover for your wedding ring, but just how comprehensive that cover is will depend on both the ring’s value and the terms of your contents insurance.

Don’t assume that because you have home insurance, your wedding ring is properly covered.

Most insurance providers have a strict single item limit – in other words, the maximum you can claim for any one item that’s not listed separately on your policy. This amount varies among policies but is usually £1,500.

If your ring is worth more than your policy’s single-item limit, you’ll need to tell your insurance provider, who’ll be able to cover it separately. This may cost more.

Also bear in mind that most standard home insurance policies only cover items that are damaged or stolen inside the home.

What does wedding ring insurance cover?

Home insurance policies will typically cover your wedding ring for loss or damage due to fire or theft. You should be able to add cover for accidental damage and wearing your ring outside the home for an extra cost. Specialist insurance may include this cover as standard.

Is my wedding ring covered if I go abroad?

Personal possessions insurance will often 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 policy to find out.

You might also find your travel insurance covers your wedding ring and jewellery. Again, you’ll need to check the policy for any limits or exclusions. As with contents insurance, travel insurance policies often have a single-item limit for valuables, so you may need to list your wedding ring separately to make sure it’s properly covered.

How much should I insure my wedding ring for?

To get the right level of cover, you’ll need to know how much your wedding ring is worth. The price of precious metals like gold and platinum changes over time, so visit a jeweller for an up-to-date valuation.

Always insure your wedding ring for its current market value, especially if you’ve been married for a long time – gold usually increases in value over time.

Getting your wedding ring valued

A professional valuer will give you a jewellery valuation report that describes the ring, confirms its market value and explains how that’s been decided. Talk to the jeweller about how you’d replace your ring if it was lost, as this can affect the type of valuation given.

The report 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 have to make a claim, to ensure you get an equivalent replacement. Your insurance provider may ask to see a copy of your wedding ring’s valuation report if you need to make a claim.

The National Association of Jewellers (NAJ) suggests having items revalued every three to five years to make sure you have a current value. But your insurance provider may specify how often your jewellery needs to be valued, so check your policy.

How can I cut the cost of insuring my wedding ring?

To help lower the cost of your home contents insurance, you could:

• 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 when you’re not wearing them.
• Pay for your insurance upfront if you can – you’re typically charged interest on monthly payments.
• Increase your voluntary excess – just make sure you can afford to pay it if you need to make a claim.