Engagement Ring Insurance
Your engagement ring will likely be one of the most special pieces of jewellery you own, and the last thing you want is for it to be lost, stolen or damaged. While engagement ring insurance may not be at the forefront of your mind the moment you get engaged, it’s definitely something that should be considered if you want to protect yourself from any financial repercussions should the worst happen.
What is Engagement Ring Insurance?
Engagement ring insurance, or more broadly, jewellery insurance, allows you to protect a single item for both inside and outside the home. This protects you from any financial burden if the ring is lost, stolen or damaged and will result in either a replacement ring, a repair or cost reimbursement. While insurance can’t protect you from the heartbreak of something happening to your engagement ring, it can certainly help to soften the blow.
You may find that your home insurance covers single items, including engagement rings. However, most standard home insurance policies won’t cover a ring if it was stolen or damaged outside of the home. Plus, depending on the value of the ring, it may exceed the single item limit. So, it’s best to insure it separately for total peace of mind.
What Engagement Ring Insurance Covers
Depending on the policy you choose, your engagement ring insurance will cover you for a multitude of different scenarios. These include:
Accidental loss
If you misplace or lose your engagement ring, your policy should cover you for a replacement or reimbursement.
Theft
Sadly, valuable items such as engagement rings are highly susceptible to being stolen and so, your insurance policy will cover this.
Accidental damage
Accidents happen, and whether your ring gets damaged at the gym or gardening at home, your policy should financially assist with repair or replacement.
Loss of stone
Over time, the stones in your engagement ring may become loose if the claw holding them in place becomes worn or damaged. Taking out insurance will mean you will be able to get the stone replaced if it’s lost.
Cover abroad
Some insurance policies may also cover your ring worldwide, so you can relax knowing that your ring is protected while on holiday. Your ring might already be covered through your travel insurance, so make sure you check the details to confirm.
Single & Multiple Item Insurance
You can easily insure multiple jewellery items, such as wedding rings and eternity rings, at the same as your engagement ring insurance. Or many people choose to add items to the existing policy as their collection grows. Of course, it’s important to remember that your premium will increase with each piece.
If your engagement ring is particularly valuable or a family heirloom, you may want to consider a standalone policy from a specialist jewellery insurance provider. These types of policies will likely offer a higher level of cover and more comprehensive protection. You’ll need to speak to your chosen provider and discuss the level of protection required and your options for family heirloom engagement rings before making a decision.
How Much Does Engagement Ring Insurance Cost?
The cost of your engagement ring insurance will be determined by a number of factors, including the value of your ring, where you live, if there are high theft rates in your area and whether or not your policy has any deductibles. Generally, insurance costs between 1-3% of the value of the ring being insured, but this can vary.
If you want to try and keep insurance costs down, here are some of our top tips:
- Shop around and compare quotes rather than choosing the first insurance policy you see.
- Install home security systems.
- Invest in a small yet secure home safe for your engagement ring and other pieces of valuable jewellery.
- Pay upfront rather than monthly, if you can, as you’re often charged interest on monthly payments.
To find out how much your engagement ring is worth and get it valued, you’ll need to visit a specialist jeweller for a valuation. A professional valuation can take anywhere between a few days to a few weeks, so make sure you hand your ring over at a time that suits you best, and you won’t be needing it for any upcoming occasions.
Once valued, you’ll be given a formal document that describes the ring, confirms its value and how the valuer came to that decision. It also includes information, such as the metal, size, cut, colour, clarity, and any other precious stones featured. A photograph of the ring is usually included, which can be very useful if you ever need to make a claim.
Ideally, you should have your engagement ring re-valued every 3-5 years to ensure it’s correct and up to date.
About T.H. March
Established in 1887, T.H. March is the premier insurance broker for the jewellery trade and specialises in jewellery insurance. As the official broker to the British Jewellers’ Association, trusted as an appointed broker to The National Association of Goldsmiths and authorised and regulated by the Financial Services Authority, they offer unmatched expertise and service to all customers.
Free Insurance Quote for your Engagement Ring
If you need more information about jewellery insurance and want an indication of the premium you are likely to pay, visit the T.H March website for a quick, free diamond insurance quote.
Browse our exquisite selection of engagement rings and choose the perfect piece for your loved one.
Liity meihin @diamondsfactoryworld
