You’ve just say yes and you absolutely adore your beautiful new engagement ring – but how do you feel confident about wearing it out in the big bad world every day? Engagement rings are often be a costly investment but the sentimental value they hold is priceless. This precious possession is a physical symbol of your commitment and a reminder of those cherished memories from the day you got engaged. And while we understand that if your ring is lost, damaged or stolen, a new ring may not hold the same sentimental value, insuring your engagement ring is a wise decision. Knowing the price of a replacement ring is covered will mitigate the financial (if not the emotional) sting, or will pay for replacing a precious stone that goes AWOL. Most importantly, insuring your ring gives you that extra peace of mind. But there are some tricky situations to navigate around insuring it, which is why we’ve laid it all out here in our guide to insuring your engagement ring.
Is it Covered Under House Insurance?
If you already have house insurance with contents cover, don’t assume that your engagement ring is automatically covered. You need to check that your existing insurance plan covers the value of your engagement ring both inside and outside the house. The best way to do this is to get in contact with your insurance provider, and check your policy cover. This is the only way to know for sure – and remember to get any assurances from them in writing! With some policies, your engagement ring could already be covered on your house insurance if it is under a certain value. If your ring exceeds the value of your normal cover, then you need to add it onto your plan as a specified item to make certain it is properly insured if it is lost, stolen or damaged anywhere.
Whose House Insurance Policy Covers Your Ring?
This is where things can get a bit murky, and we’re going to break it down for you. Basically the engagement ring belongs to the person who is proposed to. If you don’t share a home insurance policy (ie. living together but it’s in the name of the person who doesn’t own the ring) or, if you aren’t living together, you will need to get in contact with your own insurance company, or your partner will have to ring up their own service provider to see if it can be added to their policy. Alternatively you can go with a separate provider to your house insurance provider.
What Happens if You Lose your Ring or it’s Stolen Outside the Home?
Some policies might only cover damages that occur within the home and you need to double check that you have an added ‘outside the home’ or ‘all risks‘ policy. This ensures that if your engagement ring is stolen, if there is any damage to it, or if you lose your ring while out about, you’re still insured. Some policies have specific guidelines on claims, whilst abroad and are subject to specific conditions while travelling in Europe or the rest of the world, so be wary if you’re a frequent globetrotter. We’ve lost count of the number of times people have lost their engagement rings and wedding bands on honeymoon! Again, and we cannot emphasise this enough – go through all scenarios you need to be covered in with your policy provider.
What Do You Need to Get it Insured?
Some insurance companies might ask for proof of your engagement ring’s value in order to be insured. Oftentimes, depending on how much the ring originally cost, you may need to get your ring appraised and valued before setting up an insurance policy. Some insurance providers advise you to re-appraise your ring every two years due to changing markets, to make sure your ring’s value is up to date. As proof of purchase, you need to show the receipt from your original transaction or you may need to provide a diamond certificate. Different companies can have different requirements and protocols to fully insure your engagement ring. The good news is that you can of course also apply all of this advice on how to insure your engagement ring to your wedding ring when the time comes around!
Making sure you’re covering all the bases? Find more frequently asked wedding questions here including Is Wedding Insurance Worth It?