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Engagement and wedding ring insurance: a guide

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 or wedding ring is insured? Let’s investigate.

Chris King
From the Home team
minute read
posted 26 FEBRUARY 2020

Does my home contents insurance cover my engagement ring 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 average value of an engagement ring in the UK topping £1,471.01, you may need to list your engagement/wedding ring on your home contents insurance and ensure it’s adequately covered.

It’s also important to note that where the rings are lost, stolen, or damaged is likely to influence whether your insurance provider will honour a claim. The vast majority of insurance providers only cover items that are damaged or stolen within the home. Cover for items outside of the home is often available as an optional extra – personal possessions insurance. If you need to list your wedding ring on your home insurance policy, you should have the option to say you take it outside the home. While this might seem obvious, make sure you tell your insurance provider just in case they insure it inside the home only.

How can I ensure my engagement/wedding ring is properly covered?

It’s a good idea to list specific valuable items on your home contents insurance. Insurance providers will have a maximum value an item can be worth before you need to tell them about it specifically so they can list it on your policy. You may need to add any item of jewellery worth more than £1,500 to your policy, but this limit does vary by provider so it’s worth checking with them what the single item limit is.

Be sure you value your ring(s) as accurately as possible more on this in a moment. One in ten couples has lost a wedding/engagement ring in the past five years, so it really could be worth thinking about extra cover for when you’re out and about.

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

You should always insure your jewellery for its current market value. Especially if you’ve been engaged or married for quite a while because gold and items of jewellery usually increase in value over time. That’s why many people choose to visit a specialist jeweller, for a professional valuation. An up-to-date valuation should give you 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. You should discuss with the valuer how you would replace your items if they were to be lost, as this can affect the type of valuation given. The 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 make a claim, to ensure that you get an equivalent replacement.

The National Association of Jewellers (NAJ) suggests having items revalued every 3 to 5 years to  help ensure that the value is current. The NAJ says that you shouldn't "rely on index-linking to keep the replacement value of jewellery up to date; the price of precious stones and metals does not move in line with the general Retail Prices Index".

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 Ts & Cs of your insurance policy, to be sure.

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 insurancequote 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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