Your wedding or engagement ring may be the most valuable piece of jewellery you own, and its loss or theft might feel like the end of the world. So make a commitment to protect your engagement and wedding rings with insurance should they get lost, damaged, or stolen. In the event of loss, theft, or unintentional damage, jewellery and valuables insurance can cover the costs of repairing and replacing watches, wedding and engagement rings, bracelets, necklaces, earrings, and other valuables where home or contents insurance may fall short.
What is Engagement Ring Insurance?
Engagement ring insurance is a contractual risk management tool that protects you against financial ramifications in the event of physical loss, theft, or damage. The plans usually cover all jewellery goods that are submitted to the coverage scope and result in either replacement, repair, or cost reimbursement.
What if you misplace your ring? What if it is stolen? So, what if it is damaged? You don’t want anything bad to happen to your favourite rock. Whether you’ve mistakenly left your engagement ring on the beach, misplaced a stone at the gym, or had your ring stolen, ring insurance can provide financial security and peace of mind when you need it the most. If you’d be upset if your ring was ever lost, broken, or stolen, it’s worth insuring.
How can I ensure that my Engagement and Wedding Rings are adequately protected?
If your wedding ring, engagement ring, or other valuables are worth more than the single item limit on your policy, you must notify your insurance provider so that they can be listed individually to ensure they are completely insured. The single item maximum is normally £1,500, although this varies by provider, so always double-check. If you do not include your rings or other valuable jewellery individually, you may be underinsured. If you do need to make a claim, you will still have to pay an excess.
How can I Protect my Engagement/Wedding Rings when I’m not at home?
If you wear your engagement and wedding rings all the time, you’ll want to make sure they’re protected no matter where you go. But what if your house insurance policy does not cover objects left at home?
Personal goods insurance is an add-on to your home contents insurance policy. It can include a wide range of objects that you usually carry with you, such as your smartphone, wearables, glasses, handbag, and outerwear. It’s all too seasyto misplace and lose a wedding/engagement ring, so it’s worth considering additional cover for while you’re out and about.
Finally, if your engagement/wedding rings are worth more than the single-item limit, you may need to list them individually.
Will my Engagement and Wedding Ring be protected by Insurance if I Travel Abroad?
Some insurance may cover your personal belongings while you travel abroad, though there may be a time limit on how long you’re protected. Examine your house insurance policy or personal items insurance, if you have it.
Your personal belongings may also be protected by your travel insurance.
Read the fine print of your policies to understand the limitations and exclusions. If you’re travelling away for an extended period of time, you might want to look into specialised jewellery insurance from a specialised supplier.
How can I determine the value of my rings?
Many individuals prefer to contact a specialist jeweller for a professional, up-to-date valuation in order to get a good understanding of how much insurance they really cover. A professional valuer will provide you with a written document that details each piece of jewellery, validates its value, and explains how that value was determined. Discuss with the jeweller how you would replace your belongings if they were lost, as this can influence the type of appraisal provided.
The formal document descriptions will include information about the precious metal as well as the size, colour, cut, and clarity of any precious stones. Typically, a photograph is included. This can come in handy if you need to file a claim and want to make sure you obtain a comparable replacement.
The National Association of Jewellers (NAJ) recommends revaluing valuables every three to five years to verify that the value is current. Check the policy terms and make sure your values are up-to-date. Your insurance provider may also specify how frequently your jewellery has to be revalued. An expert appraisal of your jewellery is required for more than just insurance concerns. Other typical reasons for having your jewellery appraised include:
- For probate purposes (sorting out the estate of a loved one),
- Family dissolution or divorce
- When it comes to selling jewellery,
If you’ve been engaged or married for a long time, you should always ensure your engagement and/or wedding rings are worth their current market value. This is due to the fact that gold and precious stones typically increase in value over time.
What happens if I don’t insure my Engagement/Wedding Rings adequately?
Under-insuring your jewellery may result in a double sting if you need to file a claim. Not only will you have to deal with the pain of losing your valuables, but your insurance reimbursement will most likely be less than their current value.
However, you should be wary of over-insuring your stuff, or you may end up spending more for your premium than necessary. A current, precise assessment will ensure that your rings are sufficiently protected and that the cost of your insurance is reasonable.
Will filing a claim for a lost, stolen, or broken wedding/engagement ring have an impact on my no-claims bonus?
It most likely will. The vast majority of claims will have an effect on your no-claims bonus, so check your insurance policy’s terms and conditions to be sure.
How can I save money on Wedding and Engagement Ring Insurance?
There are several general steps you may take to reduce the cost of your home contents insurance:
- To discover a better deal, shop around and compare quotes.
- Installing home security equipment such as a burglar alarm and security lighting is a good idea.
- Purchase a safe for your rings and other valuable jewellery.
- Pay in one lump sum rather than monthly instalments.
- Increase your voluntary excess if you can afford to pay it if you need to make a claim.
The best ways to keep your engagement and wedding bands secure
The following helpful hints can assist you in keeping your precious rings safe and avoiding the need to file an insurance claim:
- If you remove your rings at night, keep them somewhere familiar so you don’t forget where you put them—preferably a safe.
- Never leave your rings (or car keys) where they can be seen from the outside. Avoid leaving them on the hall table or windowsill, for example.
- Remove your rings before cleaning the dishes or taking a shower; they can easily slide off and down the drain.
- Get your rings cleaned professionally at least twice a year. The jeweller will also be able to inspect the piece for any damage or loose stone clasps.
Is My Engagement or Wedding Ring covered by My Home Contents Insurance?
The value of the rings will determine it. Most insurance providers have a cap on the amount you can claim for a single item, which is usually around £1,000. If your wedding or engagement ring is worth more than this sum, you may need to declare it separately on your contents insurance to ensure it is protected.
It can also make a difference where the rings are damaged, lost, or stolen, as your policy may only pay out for events that occur within the home – and because rings are designed to be worn, there’s a good chance you’ll be out and about when something happens, so you’ll need personal possessions insurance for this. However, when you purchase the policy, make certain that you understand what, where, and how much you are insured for.
How can I be certain that my engagement and wedding bands are adequately protected?
Because rings can be worth thousands of dollars, check your contents insurance to see what the maximum payout is for each item and the overall amount of cover. It varies per insurance, and if the value of your wedding or engagement ring exceeds this amount, you should contact your insurer and declare the item separately.
Check for any exclusions, such as not being insured for anything outside the home. Paying a little more for specialised jewellery insurance as part of your contents insurance may provide you with better cover and peace of mind for your engagement ring.
How can I get a better deal on Wedding and Engagement Ring Insurance?
- Shop around and compare rates from reputable insurers.
- Increase your no-claims bonus by avoiding making a claim whenever possible.
- Rather than paying monthly, pay annually.
- If you volunteer a higher excess, insurers may offer you lower premiums.
Advice on How to Insure Your Engagement Ring
#1. Get Engagement Ring Insurance as soon as possible.
Your soon-to-be fiancé or fiancée can insure the ring as soon as it is acquired and in their possession, similar to how you would insure a car before driving it off the lot. You might not think of anything happening to your treasured and sensitive memento at first, but the sooner you insure it, the sooner you’ll be covered.
Once purchased, you or your partner can begin looking for ring insurance providers. Coverage can be granted immediately (once the application, appraisal, and sales receipts are filed) or may take two to four business days if an underwriting review is required.
#2. Select a Service Provider
When it comes to insuring your engagement ring (or other precious piece), you have two choices. If you have homeowner’s or renter’s insurance, you can add an extension (commonly known as a rider) that explicitly protects your engagement ring. However, there is one thing to keep in mind.
If you don’t have homeowner’s or renter’s insurance, you can get coverage via Jewellers Mutual, an independent organisation that specialises in jewellery insurance. If your wedding ring insurance provider does not provide the specific coverage you desire, look into independent companies like these. Most homeowner’s insurance policies cover jewellery to some level, however, coverage is often limited by the conditions covered, the obligation to employ jewellery replacement firms, and the coverage value limits.
When assessing insurance alternatives, make sure you have all of the facts and information you need, even if you’re just adding a rider to your current policy. Call your homeowner’s or renter’s insurance company and ask for specifics; never assume you’re covered.
#3. Pose the Correct Questions
It is critical to be well informed when picking which insurance option or provider is most suited to your needs. Important questions to ask a potential insurance provider include:
- Do you have a say in who repairs your ring?
- Where can you buy a new ring if you’re insured for replacement rather than cash?
- What happens if a suitable substitute is unable to be found?
- If you file a claim, how will you show the ring vanished?
- Is there anything that hasn’t been covered?
- Will you be insured if you leave the country?
- Are you insured for damage or only for loss and theft?
- Will the policy be adjusted in response to inflation?
- What kinds of repairs count towards the deductible?
When insuring something precious, the most important thing you can do is properly understand your coverage. As you receive responses to these questions, you will have a clearer idea of which company can provide the best ring insurance.
#4. Obtain an Appraisal
You can’t protect your ring’s value if you don’t know how much it’s worth. An appraisal will take into account all of the essential factors of value, such as diamond carat weight, cut, colour, clarity, and quantity; metal type and weight; shape and carat weight of other stones; and any distinguishing markings, model numbers, or stamps. Current retail prices in the region, the origin of the materials used, and the craftsmanship of the piece are all considered.
Most insurance companies will require an assessment for higher-value products (such as rings worth $5,000 or more), although an invoice or receipt will suffice for lower-priced items. Having jewellery evaluated at the time of purchase ensures that current market prices are reflected and that distinguishing traits are taken into account.
#5. Obtain a Diamond Certificate or a Grading Report.
If your centre stone is half a carat or larger, your jeweller will almost always provide a diamond certificate or grading report from an independent gemological laboratory, such as the Gemological Institute of America (GIA), the organisation that established the “4 Cs” used to evaluate diamonds: colour, cut, clarity, and carat weight. While not an appraisal, this quality assessment contains all of the measurements your appraiser will need to make the most accurate value judgement.
#6. Check that your appraiser has the necessary credentials.
Find a trustworthy appraiser with glowing recommendations, especially one with a doctorate degree in gemology and membership in a national appraisal society. (These associations are recognised by the GIA.) Also, ensure that the assessment value is correct and not exaggerated. Sure, you could be ecstatic when your partner’s $2,000 sparkler appraises for twice as much, but you could end up losing money in the long term. For a ring worth $4,000, you’ll have to pay a larger monthly premium.
#7. Keep it in mind to reassess.
The good news is that your engagement ring was a wise purchase. Because the value of your ring has most certainly increased since you purchased it, you should have it appraised every two to three years for insurance purposes. Most professional appraisers will keep a copy of your first appraisal and will be able to work from that rather than beginning from scratch (this also helps to cut costs). Bring a copy of your original appraisal with you just in case they don’t keep records for that long.
Engagement Ring Insurance FAQs
Who is supposed to insure the engagement ring?
Whoever has possession of the engagement ring first is the best person to insure it. Before you leave the jeweller, you can even apply for jewellery insurance on your phone.
How much does it cost to insure an engagement ring?
The standard norm for wedding and engagement ring insurance is $1 to $2 per $100 of value, paid annually. Insuring a $5,855 ring, for example, would cost between $59 and $118 per year. If you reside in a city where the danger of theft is higher, you should expect to spend a little extra on your insurance.
How does insurance work on jewelry?
If your protected gems are lost, stolen, go missing, or become damaged, jewellery insurance will reimburse you. Jewellery insurance does not cover products that are faulty or show signs of wear and tear. A jewellery warranty guards your possessions against flaws.
