Picture this: a casual stroll, the beach, a gorgeous sunset, and you’re the happy owner of a shiny new engagement ring. It’s a diamond ring, of course.

Now, we’ve all felt our hearts miss a beat when misplacing our phones. But imagine this with an engagement ring… All those memories, the beach, the sunset – all gone. And then, to top it all off, you’ve got to go and buy it all over again. Well, insuring your engagement ring won’t bring the memories back, but it will save you the expense of having to purchase it again.

If your engagement ring isn’t insured, then you’re probably reading the right blog. Keep reading below for some handy tips on how you can learn more about the different kinds of insurance. Oh, and whether or not you may already be covered by your current insurance.

What type of insurance is right for your engagement ring?

If you’re unaware or un-insured, you probably have loads of questions. What insurance do I need? How much will it cost? How do I claim?

With all these questions, it’s probably best we start with a quick look at the different types of insurance. Firstly, there’s buildings insurance which covers the costs of damage to the property – including the roof, floors, walls and any permanent fittings and fixtures. Then there’s contents insurance – this type of insurance covers all of your personal possessions within your home. It pays for the damage or loss of both personal and household items. So that leaves home insurance – this type of insurance includes both the building and the contents of your home. Excellent – but which one do you need, and which one will protect your engagement ring?

With an increasing number of millennials living in rented housing at the age of 30, we’ve seen the emergence of Generation Rent. So, if you’re recently engaged and still a renter buildings insurance is probably not for you. Home insurance is half way there but not quite – because don’t need to insure the building, you just want to insure your ring. So, that leaves you with contents insurance – this sounds about right.

Will my contents policy cover my engagement ring?

The average amount spent on an engagement ring is £1471. With this in mind, you’ll need to know exactly how much you can claim on your insurance. This is largely dependent on its value, as well as who your insurer happens to be. If you already have contents cover, you may need to declare your ring as a “high-value item”. You’re limited on how much you can claim on a single item with single-item claim limits, so it’s best to check whether the value of your ring falls within this limit.

For example, let’s say your ring costs £3000 but your limit is only £1000. This means that you will only be able to claim 1/3 of your ring back! There’s not much you can do with 33% of a ring! To prevent this from happening, you should separately list all items that are valued over the single-item limit. Better to be safe than sorry.

 If you don’t have any contents coverat all, now looks like your perfect opportunity to get some. Remember, the level of your cover should reflect the total value of all the possessions that you’d like insured. So if your engagement ring costs £1000, for instance, then you need to insure it for £1000 – pretty straight forward, right?

If you’d like an online, digital inventory of your high value items, then buzzvault can help you with this. Buzzvault lets you personalise your entire inventory to fit your needs so that your insurance is unique to you. All of your contents will be easily accessible straight through the app on your mobile phone.

Worried about your engagement ring when you’re out of your home?

Regular contents insurance policies only cover your things when they’re inside your property, which would be ideal for your sofa, but probably not your bike. And considering your engagement ring is going to be on your finger most of the time, you’ll want insurance that covers you when you leave the house. This means you’ll need to add on out-of-home cover for your engagement ring.

If you want to find out a bit more detail about the specifics of contents insurance read our brief guide to contents insurance here.

With all of the different kinds of insurance out there, it can be difficult to understand what you need. So hopefully these quick tips have given you a little more insight.

Get hyper-personalised home and contents insurance with buzzvault. Find us on the app store or visit: https://gobuzzvault.com/