When planning a wedding, there are several unexpected costs that you need to account for. Wedding day insurance is just one useful extra an increasing number of couples are budgeting for. Insurance however could be integral long before you get married. A recent survey found that whilst the average amount of money spent on an engagement ring has doubled, the vast majority of couples still choose not to protect their dazzling investment. Discover why it pays to take out ring insurance.
The cover doesn’t cost as much as you think
Engagement ring insurance is relatively inexpensive and could get you out of a tight spot if your sparkler gets lost, damaged or stolen later down the line. Policies are available from a wide range of suppliers, each of which may provide differing levels of cover. Some couples choose to cover their engagement ring as part of a wider wedding insurance policy.
Many wedding insurance policies provide ring cover, with the maximum cover provided far exceeding the average engagement ring cost. The biggest wedding insurance providers deliver up to £15,000 of ring cover, which can be used to protect your engagement ring and wedding rings. Many policies are also available at a one-off premium.
It may not be covered by your home insurance
Many people think that their engagement ring is already covered by their home insurance, but this may not be the case with some policies. As Compare the Market explains cover depends on the value of your engagement ring:
“Most insurance providers set strict limits on the amount you can claim for a single item, or for the total payout. With the average value of an engagement ring in the UK topping £1,471.01, you may need to list your engagement/wedding ring on your home contents insurance and ensure it’s adequately covered.”
Home insurers have their own limits regarding the coverage of individual items. Standard policies tend to have single item claim limits of between £1,500 and £2,000. Depending on your provider and the value of your sparkler, your existing home contents insurance policy could be tweaked to provide appropriate cover.
Protect both inside and outside of the home
Alternatively, you may want to insure your engagement ring and other jewellery separately to get the cover you’re looking for. Jewellery cover is generally more comprehensive than the single item cover provided through your home contents insurance. Most standalone jewellery insurance policies also provide cover both inside and outside of the home. This means you’re covered wherever your proposal takes you – see our rundown of the best places to propose around the world.
If your engagement ring becomes damaged and must be repaired, selected insurers will pay for any loss in its market value.
Seek an independent valuation
Whether you’re using the blanket protection of wedding insurance to protect your ring, beefing up your existing home contents policy or taking out standalone jewellery cover, be sure to get your engagement ring valued.
Valuations are available from a variety of jewellers but shop around to find the valuation fee and supplier reputation that suits you. Your current or a potential insurer may be able to point you in the direction of a reputable jeweller for valuation purposes. Obtaining written valuations from two or three jewellers is recommended.