Does home insurance cover engagement rings? – Forbes UK Advisor

Engagement and wedding rings can be among our most prized possessions and, for many people, the most prized possessions they take with them.

Repairing or replacing a lost, stolen or damaged ring can be expensive, which is why it makes sense to insure them.

The right home contents insurance can save you from having to shell out for a lost, stolen, or damaged ring, but there are a few caveats to consider if you’re considering buying a policy.

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Single Item Limits

If you’re lucky enough to own a ring that costs more than £1,500 to £2,000, you’ll probably find that your contents insurer will ask you to list it separately as a valuable item on your policy – and it does. will reflect in higher prices. premiums.

This is because insurers set limits on the amount of money they will pay for a claim for a single item, unless it is identified. This single item limit is usually between £1,500 and £2,000.

Items valued below this figure – which varies from policy to policy, so it’s important to check – do not have to be identified or listed when you take out or renew your policy.

If you had a ring worth more than your insurer’s single item limit and you didn’t disclose it, perhaps accidentally, you may find that the insurer won’t pay or will not cover the full cost if you have to make a claim. .

Thus, home insurance covers rings in certain circumstances, as long as they are worth less than the insurer’s single item limit or they are declared to be more valuable and paid for in higher premiums. high.

However, there are circumstances where your ring would not be covered, regardless of its value. It all depends on the type of claim you are trying to make.

Coverage and Claims

A home insurance policy will protect your rings if they are stolen as a result of a break-in – up to the limit of a single policy item, unless stated as described above. If, however, your rings are stolen by someone you invited to the premises or who enters your home through an unlocked door, your police may not pay because you did not take “reasonable care” to protect them.

Or, if you were to damage a ring while doing DIY, for example, your policy might not pay out unless it specifically provides accidental damage coverage.

Likewise, if you were to lose a ring while outside your home and gardens, your policy might not cover it unless it includes cover for your personal effects.

So while there are circumstances where your rings would be covered by your home insurance, there are plenty of caveats that could prevent your insurer from paying.

Accidental damage and personal property coverage are usually offered as additional options that you can purchase. Although they will increase your monthly premiums, they will better protect your rings against loss and accidents.

If your policy has personal effects cover, this may or may not extend to countries other than the UK, meaning you may want to leave valuable rings at home when traveling overseas. ‘foreigner.

Each insurer handles this differently, so it’s best to check a policy’s wording carefully before buying. It’s important to note that any travel insurance policies you have may provide the coverage you need, so again, it’s important to check. But here you may need to list your ring separately if it exceeds a certain value – and travel insurance limits may be lower than contents policies.

police deductible

Even if your home insurance policy provides adequate coverage for your rings, you will need to be ready and willing to pay a deductible in order to make a claim.

Your deductible is usually set during the quote process, and insurers usually give you a choice of how much you want to pay. Higher excess sums usually translate to lower premiums, but they should be realistic, as this is the amount you will have to pay before the insurer steps in with the balance of the claim.

Security measures

If you have jewelry or other very expensive possessions, your insurer may require you to keep them in a safe deposit box or even deposit them with a bank.

If your contents insurer doesn’t have the guts to offer cover for your big ticket items, you may need to search online for an insurer that specializes in high-value goods and take out a separate policy in addition to your contents insurance. .

How to get the best price for a blanket

Our home insurance comparison channel can show you quotes from market providers, including how much they charge for optional extras like accidental damage and personal property coverage.

It is important not to trade adequate coverage for cheap premiums. This can save you money in the short term, but can leave you underinsured or having to foot the bill for any shortfalls.

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