Home Insurance > Contents Insurance > Engagement Ring Insurance

We’ve all had that moment. You’re leaving the gym or the pub or the office and you pat your trouser pocket – but can’t feel your phone. And your heart skips a beat.

There’s nothing worse than the thought of having to suddenly replace a valuable item and, for many of us, our phone is the most expensive thing we carry around. But, for a happy few, the phone has been usurped by an item more valuable still: by an engagement ring. So, if you haven’t already, it’s probably time you got your engagement ring insured.

Now, certain aspects of your engagement ring are irreplaceable – like the memories of first receiving it or its symbolic value. But for everything else there is insurance. And, with the average UK engagement ring costing around £1471, you’ll be glad to know that you don’t have to fork out for a whole new ring out of your own pocket if you lose it.

Covering your engagement ring is straightforward. And, once you’re covered, you can get back to what being engaged is all about: planning the wedding and flaunting your new ring, worry-free!

Different Options for Insuring your Engagement Ring

Now, generally speaking, there isn’t really any such thing as “engagement ring insurance”. Most rings can be covered either by home insurance or by contents insurance.

If you own a property, the chances are you already have home insurance, which covers both the structure of the building and your home contents, including things like jewelry. All you need to do, in this case, is check that your ring is covered under your existing policy (more on this below).

If you’re renting, then it’s contents insurance that you’re interested in. Except that the majority of “Generation Rent” – a whopping 81% according to our study – do not have any cover in place. And, with more and more people getting engaged before they get on the property ladder, there are more and more uninsured engagement rings out there and, consequently, more and more accidents waiting to happen.

So, if you haven’t already, it’s probably time to get some contents insurance. Thankfully, this has never been easier. Check out our step-by-step guide to contents insurance for tips and info.

Four Steps to Ensure Your Ring is 100% Covered

If you already have home or contents insurance – or if you’re taking it out for the first time – there are a few things you should do to ensure your ring is 100% covered. Insurance is riddled with Ts & Cs, and there’s nothing worse than thinking something’s covered and then finding out that it isn’t.

1. Don’t get caught out by single-item claim limits

While your insurance policy will cover you for the full value of your possessions (this could be £10,000 or £20,000 for example), it will likely come with a single-item claim limit. This is the maximum you can claim back on any single item. For example, let’s say your ring costs £3000 but your single-item limit is only £1000. This means you will only be able to claim 1/3 of your ring back! Which isn’t good news.

To insure an item worth more than your limit, you will need to declare it as a “high-value item”. And while this may result in you paying slightly more for your cover, it does mean you won’t face any nasty surprises if you lose your valuables.

2. Out-of-home protection for your engagement ring

Standard home and contents policies only cover your items while they are in your property. Now, this is great when it comes to protecting something like your fridge or your TV – when was the last time you took your fridge for a walk or went into town with your television? But the truth about your engagement ring is that it’s probably going to be accompanying you everywhere you go, on the end of your finger.

You can bolt on out-of-home cover for your things for a small extra fee – and this will come in handy not just if you lose your engagement ring but if you lose that phone of yours as well! Another policy bolt-on worth considering is accidental-damage cover – which protects items against breaks, knocks and spillages. Though this is probably more relevant for your tablet with its ever-so-fragile screen than for your sturdy engagement ring …

3. Ensure you have the right level of cover

When you take out home or contents insurance, it’s important to ensure you have the right level of cover in place. If you have £10,000 worth of cover for your things but it turns out that those things are actually worth £20,000, then you are under-insured by 50%. As a result of this, some insurers will only pay 50% towards any claim you make, a practice known as “averaging”. If you’ve done everything right by getting insurance in the first place, then you absolutely want it to deliver, and in full, when you need it the most. So, ensure you have the right cover in place to begin with, and update your policy as regularly as you can – that way averaging will never be a problem.

4. Insuring your ring when you travel

A staple of getting married is, of course, the honeymoon, when newlyweds inaugurate their nuptial bliss by jetting off to an exotic, far-flung destination. If your engagement ring is coming with you on your travels, then you will need travel insurance to protect against the risk of losing it. Typical out-of-home contents cover will not protect you beyond the borders of the UK.

Want cover for your engagement ring? Then get insured with buzzvault

We recognised that insurance doesn’t always work as it should, which is why we built buzzvault: hyper-personalised home and contents insurance based on a digital inventory of what you own and its value. So what does this mean for you, the customer?

  1. Our insurance is based on an up-to-date record of what you own and its value, so you always have the right level of cover in place. This means you can’t be hit by “averaging” if you need to claim.
  2. You can add new items to your policy as and when you acquire them, so your cover stays up to date.
  3. If an item is listed in your buzzvault, then it’s covered. End of story. Simply open our app and claim back at the touch of a button.

If you want to learn more about what we offer, then head over to https://gobuzzvault.com. Or jump straight in and get a super-rapid personalised quote now.