Wedding ring insurance

Your wedding ring is likely to be the most precious piece of jewellery you own, so losing it could feel like the end of the world. Find out how to check if yours is properly insured with our guide.

Your wedding ring is likely to be the most precious piece of jewellery you own, so losing it could feel like the end of the world. Find out how to check if yours is properly insured with our guide.

Rachel Lacey
Insurance and money expert
6
minute read
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Last Updated 27 SEPTEMBER 2022

Does my home contents insurance cover my wedding ring?

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

Don’t just assume that because you’ve got home insurance, it’s properly covered.

Most insurance providers have strict single-item limits. This is the maximum amount you can claim for the loss of any one item. This varies between policies but is typically around £1,500.

If your ring is likely to be worth more than the single-item limit on your contents insurance, you’ll need to tell your insurance provider who’ll be able to cover it separately.

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

However, cover for items outside of the home (known as personal possessions insurance) is usually available as an optional extra.

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

If your wedding ring, engagement ring or any other valuable you own is 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 but it can vary between insurance providers so check your policy.

If you don’t list your rings or other expensive jewellery individually, you run the risk of being underinsured, which means your payout may not be enough to replace them.

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 – as most married people do – 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 or wear when you’re out and about.

In addition to your wedding ring, personal possessions insurance can also cover 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 your policy to find out what limitations apply.

Your wedding ring and other pieces of jewellery might also be covered by your travel insurance. But again, it’s important to 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 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 can I find out how much my wedding ring is worth?

It’s a good idea to visit a specialist jeweller for a professional, up-to-date valuation so you know exactly how much cover you need. The price of precious metals like gold and platinum can change substantially over time.

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 payout may not be enough to replace it.

However, you should also be careful about 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.

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 when you’re not wearing them.
  • Pay for you insurance upfront and in one go, monthly payments will charge interest on top.
  • 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 a range of leading insurance providers to find appropriate cover for your wedding ring and all 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 your policy’s single-item limit you’ll need to list it when comparing quotes with us. Single item-limits vary but are typically around £1,500.

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 more expensive your insurance will likely 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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