Wedding ring insurance
Your wedding ring may be one of the most precious pieces of jewellery you own. That’s why it’s so important to make sure you’re protected with the right wedding ring insurance. Here’s our guide to getting cover.
Your wedding ring may be one of the most precious pieces of jewellery you own. That’s why it’s so important to make sure you’re protected with the right wedding ring insurance. Here’s our guide to getting cover.
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.
Do I need specialist wedding ring insurance?
If your wedding ring is particularly valuable, you may want to consider a standalone policy from a specialist provider. This may give you more comprehensive cover, including accidental damage, away-from-home insurance and worldwide cover.
Insuring your wedding ring on a separate policy means the no-claims discount on your home contents insurance won’t be affected if you claim.
You can’t compare this type of specialist cover with us right now, but we can help you with a home insurance quote.
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.
How can I make sure my wedding ring is covered when I wear it out?
It’s likely you wear your wedding ring all the time, so you’ll naturally want to make sure it’s properly insured when you’re not at home.
Personal possessions insurance is extra cover you can add to your contents insurance policy, typically for a fee. It protects those valuables you take out and about, such as your:
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 may 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.
If you’re going away for a long time or your jewellery is particularly valuable, you might want to consider dedicated jewellery insurance from a specialist provider.
How much is wedding ring insurance?
The more valuable your wedding ring, the more expensive your insurance will be. But it’s worth the extra cost if it gives you peace of mind.
We can help you compare a range of trusted home insurance providers to make sure you get the cover you need at a price that suits you.
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.
What happens if I underinsure my wedding ring?
Underinsuring your wedding ring could cause a double blow if you need to make a claim. Not only will you face the heartbreak of losing a precious piece of jewellery, but your insurance pay-out may not be enough to replace it.
But you also want to avoid over-insuring your ring as you could end up paying more than you need. An accurate, up-to-date valuation will ensure your ring is adequately covered and the cost of your premium is fair.
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.
Finding home insurance with cover for your wedding ring
Comparethemarket can help you find home insurance to suit your needs. Compare home contents insurance quotes from leading insurance providers to find cover for your wedding ring and all your treasured possessions.
Start a quoteFrequently asked questions
Will claiming for a lost, stolen or damaged wedding ring affect my no-claims bonus?
Yes, probably. Most claims will affect your no-claims discount, so check your policy’s terms and conditions to be sure.
Is my wedding ring covered for accidental loss or damage?
It depends on your policy. Most standard home insurance policies only cover loss or damage due to fire or theft. To protect your wedding ring against accidental damage, you may need to add accidental damage cover to your policy for an additional fee. If you want cover for your ring when you’re out and about, you’ll need personal possessions insurance.
Do I need to list my wedding ring when getting a quote?
That depends on how much it’s worth. If your wedding ring is worth more than your policy’s single-item limit, you’ll need to list it separately. When you compare quotes with Comparethemarket, you’ll need to list items worth more than £1,500.
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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.
Rachel Lacey - Insurance and money expert
Rachel’s a self-confessed money nerd who’s been writing about personal finance for more than 20 years. She spent 17 years writing for Moneywise, including a few years as Editor, and likes making complicated subjects like insurance, pensions, investing and tax, easy for people to understand.