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Engagement and wedding ring insurance explained

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You can list your engagement or wedding ring on your contents insurance policy if it’s under a certain amount.

You could also get personal possessions insurance or list it as a high-value item.  But when you list it as a high-value item you might not be covered if it gets lost or stolen when you’re away from home.  

There’s also the option of getting a separate ring insurance policy. Let's look at the different ring insurance options.

Wedding rings

Yes - your contents insurance should cover your wedding or engagement ring if it’s stolen or lost in your home and it’s worth under £1,000. This can vary between providers though, so check to make sure. 

If your ring is worth more than £1,000 you need to list it as a high-value item on your contents insurance. Sometimes these have value thresholds. For example, some insurers might not cover high value items over £6,000.

When you get a quote for home insurance with us, we'll ask, 'do you want to insure any other items worth over £1,000?'

If your wedding or engagement ring is over £1,000 you then:

  • Select jewellery from the drop down menu
  • Add a short description of your wedding or engagement ring
  • Give its value to the nearest pound.

At this point you can specify whether you want cover away from home too.

Just over half of people getting a quote with us declare their jewellery. The average value of jewellery added to contents insurance policies is £2,900*.

You can also get personal possessions insurance and accidental damage cover as an extra to your content insurance policy. This comes at an added cost, though. 

But these 3 options might not protect your wedding or engagement ring in every circumstance. For example, some policies might not cover your wedding or engagement ring if it’s lost or stolen while you’re on holiday. 

This is where a specialist wedding or engagement ring insurance policy could be useful.

We don’t compare this type of cover, but as standard, most specialist ring insurance policies cover:

  • Accidental loss
  • Accidental damage
  • Theft
  • Loss of stones or diamonds
  • Away from home cover (UK and abroad)

Usually, specialist policies offer cover for rings that exceed most insurers' high-value item limit too.

The cover doesn't usually include cosmetic damage, like scratches and general wear and tear. 

These types of policy can also cost more than the standard cover offered by your contents insurance. But it’s often more comprehensive, so it might be worth considering for more peace of mind.

If you want to insure any other expensive jewellery that isn't your engagement or wedding ring, you can get jewellery insurance, which offers similar levels of cover.

A specialist jeweller should be able to give an up-to-date valuation on how much your engagement or wedding rings are worth.

A valuation should give a complete description and verification of what the ring is and confirm its current value.

The valuation also helps to make sure you're properly covered, and you're not over or under insured.

It's recommended that you revalue your ring every 2 to 3 years to make sure it's up-to-date. This is because the price of precious stones and metals can change over time.

Your insurer might also say how often your jewellery needs to be revalued, so check your policy details.

You risk not being adequately covered if you under-insure your wedding or engagement ring. This means if you lose your ring your payout might be less than what your ring is worth. 

For example, if you've said your engagement or wedding ring is worth £1,500 but it's actually worth £3,000, you're 50% under-insured. So if you were to make a claim, insurers might only pay out, at best, 50% and you'd need to pay the other half yourself.

This is why it's important to make sure you regularly get your rings valued with a specialist jeweller.

If you've covered your ring on your home contents insurance, contact your insurer as soon as possible.

Get as much information as you can gather to help settle the claim quicker. If you’ve been burgled and your wedding and engagement rings have been stolen, you should speak to the police and get a crime reference number. 

Making a claim for your wedding or engagement ring might mean you lose your no claims discount. Check the terms and conditions of your policy to be sure.

If you've added an wedding or engagement ring to your policy and you'd like to lower your costs, take a look at these tips to make your home insurance cheaper:

  • Compare quotes for the best insurance deal for your type of cover.
  • Carry out safety measures to protect your home from being burgled. For example, installing smart home security or investing in a safe.
  • Avoid making a claim if you can, and building up your no claims discount.
  • Pay annually rather than in monthly instalments.
  • Pay a higher voluntary excess if you can. Insurers are likely to offer cheaper ring insurance costs, but bear in mind you then pay more towards the cost of a claim.

For more tips, read our guide on how to reduce the cost of your home contents insurance.

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