Should you add an engagement ring to your home insurance policy?

Should you add an engagement ring to your home insurance policy?

Engagement rings are often very valuable objects, but whether yours is recent or you’ve had it for many years, it might not be covered by your home insurance.

It’s generally supposed that people spend a month’s salary when buying an engagement ring, and as cover policies set limits on the amount you can claim for a single item, your ring could very well be in excess of that amount.

Additionally, the value of precious stones, and in particular gold and silver, has risen to the point where if you haven’t had your engagement ring valued for many years it will probably be worth much more than it was. Again, it could mean that it’s worth more than you’re allowed to claim back from your insurer.

So in the event of the ring being lost, stolen or damaged, you might only be able to claim for a fraction of its true worth and have to replace it with an inferior ring.


Check claim limits

Your policy documents should tell you what your individual item claim limits are.

For standard policies this is typically in the region of £1,500 to £2,000. However, the figure will change from insurer to insurer and could be less or more depending on the quality and type of policy you have.

If you can’t see your claim limits in the terms and conditions, contact your insurer or insurance broker and they will be able to provide you with the figure.


Get your ring valued

Most people are probably unsure of what their engagement ring is worth. Plenty of jewellers will provide you with written and email quotes. It’s best to get two or more to be most certain of its value, and if you aren’t sure of which jewellers to use, your insurer should be able to help.

This is a sensible step to take for any jewellery you own that you suspect is of considerable value, not just engagement rings.


Specify that you have an engagement ring

It’s important that your insurer knows you have an engagement ring, whether it’s of a high value which exceeds the insurer’s standard claim limits or not, as the insurer needs to assess you as a ‘risk’. In other words, the greater the number of higher risk items you own, such as jewellery, the higher a ‘risk’ you could be seen as.

This is especially true if the ring exceeds the individual item claim limit of your policy, or a policy you’re hoping to take out. If it does, the insurer will ask if you want to increase it. In most cases, the extra cost should only be small and probably worth it for the peace of mind.

However, if the ring is worth much, much more than the claim limit, the insurer might decide that they can’t cover the item at all as part of your standard cover, and insist that you insure it separately.


Separate, stand-alone cover is available

Separate jewellery cover is available from a number of insurers, and certainly provides you with even greater protection, and for an increased number of circumstances in which a claim might occur, than more general policies.

But you should bear in mind that taking extra cover out means that you’ll have to pay separate, additional premiums, as well as have another policy that needs renewing alongside your existing policy. And you’ll also have an extra policy to potentially claim on, including two lots of policy excess to pay (the ‘excess’ is the first part of any claim that the insurer is expected to pay).

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Published 3 December 2013