Wedding ring insurance

Your wedding ring might be the most precious piece of jewellery you own and if you lose it or it’s stolen, it can feel like the end of the world.

So, how do you make sure your wedding ring is properly insured?

Your wedding ring might be the most precious piece of jewellery you own and if you lose it or it’s stolen, it can feel like the end of the world.

So, how do you make sure your wedding ring is properly insured?

Chris King
Home insurance expert
6
minute read
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Posted 14 MAY 2021 Last Updated 21 JUNE 2022

Does my home contents insurance cover my wedding ring? 

That depends on how much your wedding ring is worth. Most insurance providers set strict limits on the amount you can claim for a single item that’s not listed individually on your policy.

Most standard home insurance policies only cover items that are damaged or stolen inside the home. Cover for items outside of the home (known as personal possessions insurance) is often available as an optional extra.

If you need to individually list your wedding ring on your home insurance policy because it’s worth more than the single item limit, you should have the option to state whether you want to cover 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.

How can I make sure my wedding ring is properly covered?

If your wedding ring, engagement ring or any other valuables are each worth more than the single item limit on your policy, you’ll need to ask your insurance provider to list them individually so they’re fully insured.

The single-item limit is typically £1,500-£2,000. As this can vary among providers, check your policy to be sure.

If you don’t list your rings or other expensive jewellery individually, you run the risk of being underinsured, which means you may not get a full pay-out if you make a claim.

How can I make sure my wedding ring is covered when I wear it outside the home? 

If you wear your wedding ring all the time, you’ll naturally want to make sure it’s 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, typically for a fee. It can cover a range of items you frequently carry around with you outside of the home, including your:

Will my wedding ring be 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 the policy to confirm.

Your rings might also be covered by your travel insurance. But check the policy details so you’re aware of any cover limits or exclusions. As with home contents insurance, travel insurance policies will typically have a single item limit for valuables, so you may need to list your wedding ring separately to make sure it’s covered. 

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 wedding ring is worth?

You might want to visit a specialist jeweller for a professional, up-to-date valuation so you know exactly how much cover you need.

A professional valuer will give you a formal document 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 formal document – called a jewellery valuation 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 the value is current.

Your insurance provider might also specify how often your jewellery needs to be valued, so check your 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 wedding ring for its current market value, especially if you’ve been married for a number of years. This is because gold usually increases in value over time.

What happens if I under-insure my wedding ring?

Under-insuring 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 is likely to be for less than its current value.

However, you should also be careful about over-insuring your ring as you could end up paying more for your premium than you need to. An accurate, up-to-date valuation will ensure your ring is adequately covered and the cost of your premium is fair.

Find out how to make an accurate estimate of your home contents.

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

There’s a number of things you can do to help 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 in one go instead of by monthly instalments. You’re typically charged interest on the monthly payments.
  • Increase your voluntary excess – but make sure you can afford to pay it alongside the compulsory excess if you need to make a claim.

Finding home insurance with cover for your wedding ring

Compare the Market can help you find home insurance cover to suit your needs. Compare home contents insurance quotes from a range of leading insurance providers to find appropriate cover for your treasured possessions.

Frequently asked questions

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

It probably will. Most claims will have some impact on your no-claims discount, so check the terms and conditions of your insurance policy to be sure.

Is my wedding ring covered for accidental loss or damage?

It depends on the policy you take out. Most standard home insurance policies will only cover loss or damage due to fire or theft. If you want to protect your wedding ring against accidental damage, you may need to add accidental damage cover to your policy, for an additional fee. To protect against accidental loss when you’re outside your home, you’ll need personal possessions cover.

Do I need to list my wedding ring when getting a quote?

It depends on how much it’s worth. If your wedding ring is worth more than £1,500, you’ll need to list it when comparing quotes with us.

Should I take out a separate specialist insurance policy for my wedding ring?

If your wedding ring is particularly valuable, you may want to consider getting a standalone policy from a specialist provider. 

A specialist policy may also provide more comprehensive protection including accidental damage, away from home insurance and worldwide cover.  Please note, you can’t compare this type of specialist cover with us.

Insuring your wedding ring on a separate policy also means the no-claims discount on your home contents insurance isn’t affected if you need to make a claim.

How much does it cost to add my wedding ring to my insurance?

The more valuable your wedding ring is, the higher your premium is likely to be. However, it’s worth the extra cost if it gives you peace of mind that your precious ring is properly insured.

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.

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