Is your engagement ring covered?
Over a quarter of women have lost or had a ring stolen and seven out of ten men fail to get engagement rings insured before proposing according to research from Sheila's Wheels.
While nothing can replace the sentimental value when jewellery is lost or stolen, it's important to ensure you don't lose out financially by arranging adequate cover.
The average engagement ring costs £1,412, the insurer claims, but many people forget to get adequate cover in case it is lost or stolen, wrongly assuming it will be included under their home insurance. There is a good chance that it is worth more than your policy's single item limit.
First get your precious jewellery (worth over £1,500) valued by a jeweller, who should give you a valuation certificate. Every three years you should get it re-valued and update your insurance provider if the value changes.
Compare home insurance quotes from more than 80 insurers
Then check if it's covered by your home and contents insurance policy.
Ask your insurer to list the ring (or other important item) as a specified item on the policy – the cost will depend on its value. But always check the terms and conditions as they will vary between different providers.
Even if you have got home contents insurance, you might be better off buying a standalone insurance policy through a specialist such as TH March.
Once you've got your insurance, take a photo of the item, as this will help your insurer to process any claim more quickly. Also remember to keep all the original documentation in a safe place.
Finally, if you lose your ring, inform your insurer immediately, and if it's stolen, contact the police and get a crime reference number, as this is essential for a theft claim.
It's also important to avoid leaving all your jewellery in one place, such as a jewellery box, and consider buying a safe to keep expensive items.
Remember, a standard home and contents policy would only cover your ring within the home, so if you want to ensure you're also covered when you're away from home, add personal possessions cover to your contents insurance.
Asia Yasir, spokesperson for Sheilas' Wheels home insurance says it can be easy to overlook the value of family heirlooms and jeweller, so it's vital to get regular valuations.
"It's crucial not to underestimate the cost to replace your entire jewellery hoard – including items you don't wear regularly just as old watches and inherited items which have sentimental value. That's why it's important to have ample contents insurance, to make sure you're fully covered" she adds.
Six ways to ensure valuable jewellery is fully protected against theft or loss
- Have expensive jewellery items valued every two years
- Tell your insurer about any items of particularly high value, and keep any valuation certificates or receipts in case you need to make a claim in the future.
- Take photographs of your valuable items as these can also help insurers to process your claim more easily.
- Don’t advertise jewellery to thieves – ideally, when not in use, keep it in a safe or lockable cabinet. 'Safe' places – such as under the bed or in your bedside drawers – tend to be the first places burglars look.
- If you are wearing precious items that have been passed down through generations, ensure you get an up-to-date valuation on these and take out additional ‘away from home' cover.
- Don’t dismiss jewellery you never wear. Britain's women have a hidden treasure trove of more than £26 billion of jewellery that is rarely worn, or gets forgotten, according to Sheilas’ Wheel. But this should still be taken into account when estimating the value of your home contents.
A catch-all phrase that can range from assessing the price of a property or vehicle before offering it for sale or the net worth of assets in an investment portfolio to the prices of shares on a stock exchange.
Does exactly what it says on the tin: covers the contents of your home for theft and damage and also may insure certain possessions (jewellery, cycles) outside of the home. Things to watch for include the excess and also the maximum payout on individual items. Another grey area is kitchen fittings, as some contents policies say these are not contents but part of the fabric of the property and covered by buildings insurance and some buildings policies don’t cover them because they regard them as contents.