An engagement ring signifies the promise of togetherness and companionship and so, most of us tend to buy a heavy ring that costs the earth. However, you may end up losing or damaging it and in turn lose a big deal of money spent on buying it. To avoid such a loss, and to ensure that you get a replacement for the ring, you must insure the ring as soon as you get engaged. Most of the time, the ring is considered as part of contents of the home and falls into the expensive items category.
The home insurance cover that includes the ring depends on the cost of the ring and as most of them cost above £1500, the policy considers it an expensive content which generally includes jewellery with a value between £1,000 and £2,000 per item.
The ring would be a part of the contents policy, only thing is that you should inform your insurer if it exceeds the limit stated in the policy. The value limit may vary as per the insurance company and therefore, it is important to check the small print of your content policy to check the details on expensive jewellery.
The policy may not insure the ring if the damage occurs when you are out of the house. For such circumstances, you should choose personal possessions cover as an add-on to your policy, which could be added with a one-off fee of around £30 per year.
One more thing which you should do is to check the value of the ring every three years and update the insurer so that in case of loss, you get the replacement as per the new price and worth of the jewellery. If you alter the ring and it pushes the price above the limit of the cover then you need to inform the insurance company about it. In addition, if the cost of the ring is above the limit of expensive jewellery in your cover then you must inform the insurer and check further procedure for it.
In such cases, there are chances that you have to pay a higher premium but it is worth investing in. Moreover, if you have a really expensive ring then you can buy a special insurance for the ring itself and the premium vary in accordance with the price of the ring.
Some points to keep in mind are that the insurance for the ring would be valid only if it gets accidentally lost or damaged. In other cases like denting or scratching, you may not get benefitted from your content insurance policy. The cover may also include overseas trips but mostly it is limited to a 30 day period in a year. Security measures supposed to be taken in a household or hotel are also an important consideration in the policy. Therefore, you must well-versed with the small print of the policy to have a know-how of all the details.