Do I need engagement ring insurance?

If someone’s popped the question recently, and you said yes – congratulations! You’re probably showing off a gorgeous engagement ring as you share your wonderful news.

Enjoy the moment, but don’t leave it too long to make sure it’s part of the family and covered on your home insurance policy, like all your other precious and cherished things.

What insurance do you need for an engagement ring?

Your home insurance may well cover your new ring as part of the contents policy, but there’s probably a limit to the value of individual items. Check your documents and see if you have to tell your insurer about it as a ‘specified’ or more expensive item.

You might want to think about how much time your engagement ring won’t actually be at home too. There could be an element of ‘out and about’ cover with your contents policy – look for something called personal belongings or personal possessions insurance.

Again, there may be a limit to the amount of cover each item has and a limit per claim as well. For example, if your watch, rings and necklace disappear into a swimming pool filter, there’ll be a maximum figure for each ‘event’.

If your ring is a specified item on your policy, it may be covered for loss, theft, damage and accidental damage worldwide, which obviously includes when you are abroad.

Although travel insurance policies may have baggage cover, check the single-item and valuables component of it to check it covers the cost of your engagement ring.

Is an engagement ring a specified item?

Specified items aren’t decided by what they are; it’s what they’re worth that counts. Some home contents policies will say that items worth up to a certain amount don’t have to be specified or declared.

There will be a set figure, and anything valued over that needs to be specified – at Saga Home Insurance it’s £2,500. Anything over that value needs to have its own listing on your schedule of insurance.

A specified item might also be treated differently to the general contents and belongings on your policy. There may be a couple of extra T&Cs and, of course, a raised value that won’t apply to anything else.

Speak to your insurer or check your policy documents to find out more.

How much is my engagement ring worth?

For newly bought engagement rings where you don’t know how much was paid or a family treasure, the first thing to do is get the ring valued. You won’t just be told a price – a proper appraisal will include photos of the ring, a description of its design and age as well as identifying the quality of the stones and metal.

Many high street jewellers offer a valuation service. Some offer walk-in open days, but otherwise book an appointment.

Also check whether the valuation fee is a percentage of the value or a flat charge.

The value of an engagement ring can depend on:

• Diamond clarity and carat weight
• The manufacturer
• Weight and type of precious metal.

Once you’ve got your valuation, keep it safe as you’ll need it for claims or when getting a quote. If you only get a paper valuation, photograph it so you have a digital version you can retrieve if the paperwork goes missing.

What can I claim for with engagement ring insurance?

To be absolutely sure, check with your insurer. For example, if your ring comes under your general contents policy that doesn’t have accidental damage, your ring’s only covered for loss or theft. If you’ve declared it a specified item under your general contents policy, it still might not be covered for accidental damage.

However, if you’ve asked for your ring to be a specified item and covered for when it’s not on your property, it could be covered for all scenarios – including accidental damage.

Does insurance cover for loss of an engagement ring?

If it’s listed on your policy or under the single-item limit, you will be covered to buy a new engagement ring if you lose it. This is why it is crucial to get regular valuations, so you are certain you’d be covered to buy an engagement ring of a similar quality.

Also, if a ring is specified on your policy and insured for £3,000, you won’t necessarily get £3,000 cash if you don’t want a replacement – it’s not like a savings bond. You’ll be paid what a replacement ring would cost now, up to that amount.

Should I insure all my jewellery separately?

Take a look at our jewellery article, which goes into detail about this. If you have any high-value pieces, they probably need to be specified. Even if each piece is within the single-item limit of your contents insurance, it’s a good idea to have a stock-take every few years.

Photograph each item well and create a list of item descriptions. This will help if you ever have to make a claim – recalling every individual ring, necklace and pair of earrings is tricky when you’re not seeing them all together in their usual box.

Engagement ring insurance basics

• Get your ring valued
• Check the single-item limit on your contents policy
• Make sure you have cover for it when you’re out and about