How to insure an engagement ring

How to insure an engagement ring

This blog is general information only. It isn’t advice and isn’t an insight into the views of TSB or any of our Partners.

The average cost of an engagement ring is now £2,657 – not quite the outdated guide amount of three months’ salary, but still a hefty sum. Considering an engagement ring is often worn every day, small and usually a bit flashier than standard jewellery, it’s easy to see how it could easily be damaged, lost or stolen. We look into whether you should consider insuring your engagement ring and explain our top tips on how to get insured.

Do I need to insure an engagement ring?

This depends on your own circumstances and, like with most insurances, it’s optional. But being insured does mean you’re protected financially in case the worst were to happen.

The first thing to consider is whether you want your ring to be insured outside the home, in addition to inside the home.

If you’re sure that you only want to insure your ring when it’s in the home, then you can likely cover it with just your standard home contents insurance. Check your policy schedule to see whether there is a “single item limit” on things such as expensive jewellery (e.g. an engagement ring) and whether you need to extend the cover. For example, if your single item limit is £1,500 and your ring is worth £2,500, then you’ll only be covered for the first £1,500. If unsure, always check with your provider.

If you’d like cover away from the home too, then you need to consider personal items insurance. This is sometimes known as personal possessions cover and is often provided as an add-on to standard home insurance policies.

What is personal items or personal possessions insurance?

This typically insures things like your clothes, jewellery (including engagement rings), watches, luggage, musical instruments and books anywhere in the world – not just within your home. So, you’re insuring a lot more than simply your engagement ring.

Depending on the policy and what you ask for, the overall cover amount could range from a couple of hundred pounds to tens of thousands of pounds. The single item limit typically starts from a few thousand pounds as standard; if you need more cover, just make sure you declare it with your insurer.

Usually, this type of cover protects against accidental loss & damage (though not wear and tear), as well as theft – giving you total peace of mind when you’re out and about.

Top tips on insuring your engagement ring and other personal possessions

Once you’ve decided what type of insurance you want, here are some top tips to getting insured:

  1. Check your existing home insurance provider and see how they stack up with providers on comparison websites. It’s tempting to only look at price, but make sure the policy provides all the features and level of cover you need.

  2. Declare the personal possessions you want covered, whether that’s an engagement ring or any other valuables you own.

  3. Keep a record of receipts and any up-to-date valuations you have.

  4. Take photographs of your personal possessions.

  5. Secure your personal possessions as best as you can when you’re in the home.

Doing all this will help you get the right insurance cover, and to help your insurance provider in the event of a claim.

After getting engaged, most people find themselves inundated with questions about how it happened, what the ring looks like, and when the wedding is. Very few people – understandably – will ask whether you’ve insured your engagement ring. But taking a moment to check your home contents insurance policy, you’ll be able to protect your new piece of jewellery, giving you financial peace of mind.

Everything we publish on Straightforward Money is provided as general information only. It isn’t advice and isn’t an insight into the views of TSB or any of our Partners.
Please think about getting independent financial advice if you want help with your personal situation.
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