Your significant other has popped the question and presented you with a beautiful ring for you to wear as a symbol of your commitment. But what happens if you damage your treasured ring? Or it’s lost or stolen? We take a look at the factors you should consider when it comes to insuring your engagement ring.
Statistics released by Manchester jewellers, William May, revealed that the average person spends around £1,470 on an engagement ring, but this amount can quickly rise steeply depending on your budget and preference. While it may be considered taboo to ask your spouse about the value of the ring, it could well be worth your while. If you don’t feel comfortable asking them to relay this information or they’re not sure, simply take the item to a jeweller to seek an expert valuation.
While anyone can lose their engagement ring, this risk increases when you’re working in a role which doesn’t allow you to wear it in the workplace, or you frequently need to remove it for sport commitments or otherwise. Think about where you store your ring when you’re not wearing it and if it’s vulnerable.
If you have contents cover as part of your home insurance, your engagement band may be covered under this policy, but there are some things you should consider before relying on it as a suitable form of protection. Most home insurance policies will have a fixed limit on the amount you can claim for a single item or for your total payout. If the value of your ring exceeds this limit, it may be worth making alternative arrangements.
Extending your home insurance
One of the ways to ensure your engagement ring is adequately protected for its financial value under your home insurance is to list it as a specific valuable item on your existing home insurance policy. Bear in mind that this doesn’t necessarily mean your ring will be covered if the incident happens away from the home. To include this as an add-on to your existing home insurance, call our team on 01243 219333.