Engagement and wedding ring insurance

Key Takeaways

• You should list expensive rings and jewellery as separate items on your contents insurance to ensure they’re fully covered

• Personal possessions cover protects your wedding and engagement rings when they’re outside the home - though this often costs a little more

• Specialist wedding ring insurance offers comprehensive protection, including accidental damage and incidents worldwide

Engagement and wedding rings are not just symbols of love and commitment; they are also significant financial investments. Given their sentimental and monetary value, it's essential to ensure that these precious items are protected against loss, damage, or theft.

While MoneySuperMarket does not offer specialised jewellery insurance quotes, we do provide a platform to compare home insurance policies that can include coverage for your treasured rings.

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. If your wedding ring is expensive, check to see if it will come under your single item limit - if not it’ll need to be listed separately. It will increase your premiums but you’ll have a higher coverage limit to cover your expensive items.

Are my rings insured 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 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 or under specific circumstances.

Are my rings insured 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. It’s always a good idea to check with your provider before travelling to know what you’re covered for, and remember to take out travel insurance to cover your trip away too.

Are my antique rings covered?

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. It's important to have antique rings periodically revalued to ensure that your insurance coverage keeps pace with any potential increase in value.

Do I need specialist ring insurance?

A specialist ring insurance policy can offer a number of extra benefits compared to standard home insurance cover, especially for those with frequently used or high value items. They offer comprehensive protection including coverage for accidental damage and incidents that occur wherever you are in the world.

Having a specialist jewellery insurance policy can also protect 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 the value of the ring, the type of cover you want to take out and whether you include it on your standard home insurance or find specialist cover. While adding high value items will likely increase your premiums, it will likely be worth the cost to know it’s insured if the worst should happen.

Getting your wedding and engagement ring valued

One of the most critical steps in insuring your rings is obtaining an accurate valuation. According to recent MoneySuperMarket data, the average replacement cost for jewellery items on home insurance policies is £3000^{^} .

Under-insuring your rings can leave you with inadequate funds for repairs or replacement in the event of a claim, while over-insuring them results in unnecessarily high premiums. To avoid these pitfalls, it's recommended to get a professional valuation from a specialist jeweller.

Market values can fluctuate, so regular revaluations are advised to ensure your insurance coverage remains appropriate. This ensures that, should the worst happen, you'll receive a payout that truly reflects the value of your ring.

How to cut the cost of insuring 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

• 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 however, be sure to choose an excess amount that is affordable for you in the event of a claim

Compare home insurance quotes

While MoneySuperMarket can't assist with finding specialist ring insurance, we can help you find competitively priced home insurance. Using our comparison tool, you can easily compare quotes from leading insurers to find a policy that suits your needs.

Remember, protecting your rings is about preserving both their sentimental and monetary value. Stay informed about your insurance policy terms, get regular valuations, and explore all available options to ensure your cherished rings are safeguarded.

In the end, whether you're insuring a priceless family heirloom or a modern statement piece, the peace of mind that comes with knowing your rings are well-protected is priceless.

Are you planning your wedding day? It's also worth looking into wedding insurance to protect your big day financially. This covers you against the cost of cancelling or rescheduling your wedding, as well as other common things that could go wrong.