Proposing on Valentine’s Day is still a very popular thing to do. But it’s vital to not only think about the romantic side of life, but the financial implications too.
Most engagement rings cost around £600, research from the insurer Allianz recently showed, but a lucky one-in-five are given one costing between £750 and £3,000.
So with such a large outlay, it’s worth making sure you can claim on your home insurance if the ring is damaged, lost or stolen.
Are you covered?
Nearly all home cover comes with a maximum claim limit for individual items, as well as an ‘excess’ which is the first part of any claim paid by the policy holder.
With some policies, the claim limit can be as low as £500, and the excess is often around £150 to £200 as standard. So many happy couples would be very much out of pocket if anything happened to the shiny love band.
Additionally, some of the cheapest policies specify lower claim limits for jewellery, which is easily lost and often stolen, or may not even cover items such rings with gemstones at all.
Check with your insurer
Firstly, you need to check with your home insurer your policy’s rules and claim limits for jewellery and, specifically, rings.
Tell them what you spent and what type of ring to see if this is acceptable in relation to the terms of your policy.
It may be that the ring needs ‘specifying’. This may just involve telling the insurer about the item and its value over the phone, but it could also mean sending a picture and receipt.
Old family heirlooms
Many engagement rings are passed down through generations, so it can be hard to know its worth.
However, a trip to a reputable jeweller or antiques dealer should get you a valuation certificate, which your insurer may need a copy of.
Are you covered away from home?
Most policies don’t include ‘away from home’ cover as standard. So if you have a bit of a boozy Valentine’s night, and lose the ring, you might not be able to claim for it!
It usually only costs a few pounds extra a year to have such cover added to a policy, but, again, it’s probably a good idea to mention the ring if it’s fairly costly or unique.
What to do if you need to claim
You must tell your insurer as soon as you think you’ve lost the ring, or it’s been stolen or damaged.
Policies have time limits on claims, and once the deadline passes (usually around 4 weeks) it’s too late to do anything.
If you suspect the ring has been stolen, you’ll need to report it to the police and obtain a crime reference number.
Having proof of ownership, such as pictures and receipts, as well as valuation certificates, will certainly help your claim and some insurers may insist on such proof.
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Published 8 February 2017