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They can be some of your most precious and valuable possessions, so vow to make sure your engagement and wedding ring are covered should they be lost, damaged or stolen.
It will depend on how much the rings are worth. Most insurance companies set a limit on the amount you can claim for a single item – usually around £1,000.
If your wedding or engagement ring exceeds this amount, you may have to list it separately on your contents insurance to make sure it’s covered.
It can also matter where the rings are damaged, lost or stolen, as your policy may only pay out for events within the home – and given rings are made for wearing, there’s a high chance you’ll be out and about when something happens – so you’ll need personal possessions insurance for this.
But make sure what, where and how much you’re being specifically covered for is clear when you take out the policy.
Because rings can be worth a four-figure sum, check your contents insurance to see the maximum pay-out provided for each item and the total amount of cover.
It will vary from insurer to insurer, and if the worth of your wedding or engagement ring exceeds this, you should contact your insurer and list the item separately.
Also check for any exclusions, such as not being insured for the item outside of the home.
You may find that paying a little extra for specialist jewellery insurance as part of your contents insurance will give you better cover and peace of mind for your engagement ring.
A specialist jeweller can give you a professional and up-to-date valuation so you can work out how much cover you need.
You’ll be provided with a formal document and photographs that describe each item of jewellery, including details of the size, colour, cut and clarity of any precious metal and stones.
You should also consider what type of replacement you want should your rings be lost or stolen. If the item has dropped in market value since purchase, then it would be worth discussing new-for-old cover.
The National Association of Jewellers (NAJ) suggests revaluing items every few years to help ensure that the value is current, especially because the price of precious stones and metals can fluctuate.
Most claims will have some affect on your no claims bonus, so check the terms and conditions of your policy.
Finding cheaper insurance is quick and easy with MoneySuperMarket. We’ll compare prices from our leading panel of insurers, and you’ll get a quote within minutes.
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