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Diamonds are forever - only if they're protected!

Valentine’s Day is here, the perfect ring’s been chosen, and the proposal’s been precisely planned… it’s a wonderful time for you and your partner to celebrate your commitment to each other. Let's protect your happiness by ensuring you know how to find the correct cover for your engagement ring.

Now, your excitement may be overflowing, but before breaking out the wedding binders and searching up potential honeymoon destinations, you should make it a priority to protect your shiny new engagement ring. As even though insurance can’t prevent the heartbreak of something happening, it can certainly help to soften the blow and provide options for repair or replacement.

The importance of taking out the correct insurance policy

With the average engagement ring costing up to £2,100 in the UK in 20231, it’s important to make sure that this significant investment has proper financial protection. Without taking out the correct policy, should your ring be lost, damaged, or stolen, you’re unlikely to receive any support or assistance in replacing it.

It's a common misconception that all personal possessions are automatically covered under Home and Contents Insurance, but this isn’t always the case. Home and Contents will typically cover you for loss or damage to items inside your home, including your jewellery if it's below the single item limit listed on your isnurance policy. This will keep you covered if your possessions are stolen in a burglary, or damaged by a fire or flood.

However, to cover precious jewellery from damage and theft when you’re out and about in the big wide world, you may need to add an extension to your Home Insurance to include either Personal Possessions Cover or specified Jewellery Cover.

How to insure your engagement ring

Once you’ve purchased your ring and received either a GIA Certificate or an equivalent proof of value, there’s a few steps you need to take to get covered:

  1. Research insurance options: The correct insurance policy for you will depend on the level of coverage you need, so it’s important to have a search around for the most suitable policy.

    Often, when buying an engagement ring, you’ll be encouraged to purchase an insurance policy in the jewellers – perhaps placed by one of their partners. However, don’t feel pressured to settle for the first insurance policy that you come across. Speak to your insurance broker who’ll help you compare the different options available, paying attention to coverage details, terms and conditions, and any exclusions.
  2. Consider additional coverage: Depending on your lifestyle and preferences, you may want to consider additional coverage options. Some policies offer features such as worldwide protection and cover for repair or restoration.
  3. Review regularly and revalue: Life changes, and so do insurance needs. It’s essential to periodically review your insurance policy to make sure that it still fulfils your requirements. If the value of your ring has increased, or you've made significant life changes, such as moving or getting married, you need to remember to update your policy accordingly.

Revaluing your jewellery roughly every 3 years should keep your policy up to date, but make sure to check in with your insurer for their opinion as they’re the ones who maintain your policy.

If you’re looking for any additional details on the best way to protect your engagement ring and other jewellery, or you’d like to know more about how our experts can help to protect your happiness, get in touch with our team on 0330 008 5555


1. Browns Family Jewellers, 2023 | How much to spend on an Engagement Ring

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Category: Sutton Winson News

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