What is engagement and wedding ring insurance?

Key takeaways

• You should get a professional valuation from a specialist jeweller to avoid underinsuring or overinsuring your engagement and wedding rings

• If your engagement and wedding rings exceed your home contents insurance policy’s single item limit, you’ll need to list them separately

• If you want cover outside your home you’ll need to extend your personal possessions cover or take out specialist wedding ring insurance, which may also cover accidental damage and incidents worldwide

Does home insurance cover wedding and engagement rings?

Your home insurance might not automatically cover your wedding or engagement rings . To know for sure, you’ll need to check your policy documents to see if you have personal possessions cover.

This generally covers your belongings up to a certain amount, known as a single item limit, which is often around £1,000-£2,000. This means if one of your rings is worth £3,000 and it’s stolen you will only receive the single item limit not the full replacement value.

If your wedding ring is expensive, check to see if it will come under your single item limit. If not, you’ll need to inform your insurer so it is listed separately. This will increase your premiums but means you are covered for the full value of your rings in the event of a claim.

Be aware that you can’t claim for wear and tear to your rings on your home insurance as it’s meant to cover unexpected events.

Does home insurance cover my rings outside the home?

Your standard contents insurance might not protect your rings when you’re out and about or away on special occasions. To cover them for accidental loss, damage or theft beyond your front door, you’ll need personal possessions cover, which you can generally add to your policy for a higher cost.

Be mindful of exclusions however, as some policies may not cover items:

• In certain locations. For example, outside the UK, unless you take out European or worldwide cover.

• Under specific circumstances. For example, you might be required to keep your rings in a locked safe when you’re not wearing them and if you fail to do this and your rings are stolen your insurer might not pay out.

Does home insurance cover my rings when I'm abroad?

It will depend on the details of your policy whether your rings and other valuables are covered while away on holiday so check with your provider before travelling. If you don’t have the right level of cover you can consider:

• Adding personal possessions cover or personal belongings cover to your home insurance policy

• Adding personal possessions cover or personal belongings cover to your travel insurance policy

• Taking out separate specialist jewellery insurance, which means that if you need to make a claim it won’t affect your home insurance

The right option for you will depend on where you are travelling and for how long. For example, personal possessions cover may only cover you for a certain number of days abroad per trip whereas specialist jewellery insurance may have worldwide cover as standard.

💡 Top tip: Check for any insurance policy requirements, such as putting your rings in a hotel safe when you’re not wearing them.

Are my antique rings covered by jewellery insurance?

Antique or vintage rings require special attention when it comes to insurance. These pieces often have historical value and can fluctuate in worth over time.

To make sure you have the right cover you’ll need to provide proof of provenance and value. This could include:

• Giving your insurance provider documents such as original receipts, wills or family photos showing your ancestors wearing the rings if they’re family heirlooms

• Getting a valuation certificate from an antique jewellery valuer

Ideally, you should get your antique rings revalued every two to three years but check with your insurer about how often they require a revaluation.

If you don’t get a valuation regularly you risk not receiving the full cost of replacing your antique rings if they’re lost or stolen.

Do I need specialist ring insurance?

A specialist ring insurance policy can offer a number of extra benefits compared to standard home insurance cover, such as:

• Comprehensive protection, including cover for accidental damage and incidents that occur wherever you are in the world

• Protecting your no claims discount on your home insurance

How much does it cost to cover wedding rings?

The cost of covering your wedding ring will vary depending on:

• Your ring’s value

• The type of cover you want to take out

• Whether you include it on your standard home insurance or find specialist cover

While adding high value items will usually increase your premiums, it’s likely to be worth the cost to know it’s insured if the worst should happen.

How often should I get my wedding and engagement rings valued?

It’s a good idea to get a professional valuation from a specialist jeweller every three to five years due to changes in inflation and exchange rates. However, check with your insurer in case they require more frequent valuations such as every two years.

An accurate valuation is important because:

• If you underinsure your rings or have an outdated valuation you might not have adequate funds for repairs or replacement in the event of a claim

• Overinsuring your rings can result in unnecessarily high premiums

📣 Did you know? According to recent MoneySuperMarket data, the average replacement cost for jewellery items on home insurance policies is £3000^{^} .

Can I get insurance for a lab-grown diamond ring?

Yes, insurers will cover lab-grown diamonds but be aware that the payout you receive may be lower than for a natural diamond as the value of lab-grown diamonds is usually less. As with a natural diamond, you’ll need to provide documents such an insurance valuation certificate.

If you’re unsure whether your insurance policy covers lab-grown diamonds, speak to your insurance provider or insurance broker.

How can I cut the cost of insuring my wedding and engagement rings?

Finding the right cover for your wedding and engagement rings shouldn’t break the bank - here’s how you can try and lower the cost of your insurance:

• Compare quotes: Shop around and compare quotes from different insurers to find the best deal. But make sure you are comparing like-for-like quotes. For example, one insurer might have a single item limit of £1,000 while another might go up to £3,000

• No claims discount: Build up a no claims discount by avoiding small claims

• Annual payments: Pay your premium annually rather than monthly to save on costs

• Higher excess: Opting for a higher excess can help you receive lower premium offers but be sure to choose an excess amount that is affordable for you in the event of a claim

How can I compare home insurance quotes?

While MoneySuperMarket does not offer specialised jewellery insurance quotes, we do provide a platform to easily compare quotes from leading home insurance providers that can include cover for your rings, and give you peace of mind that your rings are well-protected.