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Expert Advice

We love sharing what we know, so here’s some
information we think you’ll find useful.

Insure Your Engagement Ring for Peace of Mind

It’s quite likely that the value of your engagement ring has rocketed over the past few years, diamond prices have increased steadily and gold has gone up by over 500 percent in the past decade. Similar increases apply to other precious metals and gemstones, particularly platinum which is becoming a much rarer commodity. With all these prices on the rise, it’s vital that your diamond insurance is well matched.

Taking a ring along to a jeweller for valuation may end in a pleasant surprise for most, as many women do underestimate the value of their engagement rings. Equally, people tend to underestimate the risk of going without suitable insurance - one in 20 engagement and/or wedding rings end up as lost or stolen, making separate engagement ring insurance a sensible choice.

Although you may be pleased to learn the value of your engagement ring has soared, it is highly advised that you consider it a wake-up call for putting some form of jewellery insurance cover in place.

Insuring your Engagement Ring

Your engagement ring may be covered in the home under any household policy in effect, however, you may find that it's not insured if it's lost or stolen outside of the property. Adding the ring on as a nominated extra to any household policy is one way forward, but can lead to much larger increases to household insurance prices. Further, it's likely the household insurance, unlike dedicated ring insurance, will not include cover for damage, such as the falling out of stones, that daily wear makes a distinct possibility.

It's wise to shop around for the best insurance cover for engagement rings as prices vary tremendously. Many jewellers provide standard insurance policies for engagement rings at the time of purchase, and it's always possible to return to the jewellery shop where the ring was purchased to take out their diamond insurance cover. Insurers may increase the price of monthly household insurance considerably when nominated possessions like this are added to the policy, but it is always possible to take out a separate personal possessions policy.

Find the Best Insurance for an Engagement Ring

Household insurers are very competitive on pricing when it's time for the annual renewal to take place, so it is best to research the provisions and conditions of different providers to help source the best insurance deal for your engagement ring. An eye for detail is crucial here, as often policies that initially appear suitable do not provide the cover needed for continued peace of mind across a wide range of home valuables and are not a viable alternative for diamond insurance.

Once your engagement ring is insured, valuations should be carried out every few years to make sure the ring is insured for the correct amount. Valuation certificates and photographs of the ring should be kept in a safe place, so if the worst does happen you will have plenty of proof of ownership and reliable images that can be used to help source a replacement.

It truly does make sense to take out good jewellery insurance to cover valuables of this nature. No matter what precious metals and gem stones feature in your engagement ring, you are highly likely to be stunned by its valuation. Of course, if your engagement ring is lost or stolen, the sentimental value of your jewellery and the memories attached will never be replaced, but you can rest assured that dedicated ring insurance has your financial losses covered.