Engagement Ring Insurance – What You Need to Know

While insuring an engagement ring might not be one of the first things that pop into your head upon receiving your shiny new sparkler, it is definitely one of the most important.

Engagement Ring Insurance

You never know what might happen as such getting engagement ring insurance is a good idea to provide you with peace of mind in the event that your ring is lost, stolen or damaged. Insuring your ring not only protects the diamond rings financial value it also safeguards its sentimental value as well. Regardless of the cost of your ring, having it insured can ensure you are able to have it replaced if the worst ever happens.

Insurance Options on Your Ring

There are two ways you can choose to insure your engagement ring.

The first option is to add your ring as an extension to your home and contents insurance. The second is to take out a separate policy through a company that specialises in jewellery insurance. Your jeweller may have an arrangement with an insurance company that they can refer you to so it is always best to consult them if you are considering having your ring insured separately. If you decide to add your engagement ring on to your home and contents insurance it is important that you read the fine print, as your home insurer will not specialise in jewellery insurance especially as specific as ring insurance.

Man extending engagement ring to girlfriend

You will need to provide your insurer with a receipt as well as an appraisal. Having your ring valued can ensure you get the right amount of cover needed. Taking photos of your ring for documental purposes is also an important step.

When reading the fine print of your policy you need to determine what kind of loss is covered. Some general examples include having your ring stolen while travelling or losing your ring at the beach. You need to make sure everything is completely transparent so that there are no circumstances when you think you are covered and it turns out that you’re not.

Diamond engagement ring zoomed

You should also find out as part of your diamond ring insurance how you will be compensated if the ring is lost. Will they provide you with a new ring or offer you a cheque? Will they cover the amount you paid for? Or what your ring was appraised at?

Each of these questions and the ones listed below must be answered before you commit to a policy.

Questions you should be asking about your policy before signing on the dotted line

  • Are you covered if your ring was lost overseas?
  • If you’re ring was stolen from your house, but there are no forced signs of entry and it is deemed    they entered through an open window, are you still covered?
  • Do you know the amount you will receive? Is it the entire value of the ring?
  • What is the excess?
  • Will your insured value be updated to reflect the market each year?
  • What does the process involve for making a claim?
  • Any situations that aren’t covered? Are you covered for damage in the event of natural disaster?

It’s also important to know whether they will reflect the market as the value of your ring can substantially rise.


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