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Engagement Ring Insurance 101

Q Report Team
Updated on November 11, 2022
3 min read

Engagement Ring Insurance.jpg

 

Getting engaged is such a significant and memorable moment in one’s life. What’s more romantic than deciding to spend the rest of your life with someone? The last thing you want to worry about during this special time is losing or damaging your ring. It’s not just about the monetary value; the sentimental value is immeasurable – after all, it is a symbol of your love and commitment. Here are a few things you need to know about engagement/diamond ring insurance:

 

Why do I need engagement ring insurance?


Engagement ring insurance isn’t necessarily the most romantic topic, but it’s necessary if you want to have peace of mind when it comes to your jewellery. Anything can happen to your ring: you could lose it while swimming on honeymoon, it could get stolen, it could fall down the drain while you’re doing dishes – the possibilities are endless (unfortunately). Having insurance ensures that you can replace or repair your ring should anything go wrong.

 

How to insure your ring


There are two ways to insure your engagement ring: you could take out an extension on your home insurance policy if you have one, or you could get specialist jewellery insurance. A home insurance policy will only cover you for up to a certain amount, and it doesn’t usually cover you outside of the home. This means that as soon as you step outside, you may not be covered. Specialised jewellery insurance will offer more coverage, and will often allow you to repair or replace the ring at your original jeweller.


What happens if you’re not insured


If you fail to insure your ring, then you’ll have to pay for the replacement or repairing if something happens to it. As you know, this isn’t cheap – so it’s better to be safe than sorry.

 

How does engagement ring insurance work?


Getting engagement ring insurance is fairly simple. You’ll need some basic documentation such as a sales receipt, valuation certificate and diamond certificate. Many jewellers work with insurance companies that offer ring insurance, so make sure to ask specific questions about the level of coverage provided.  


What questions should I ask the insurance company?


  • How will you replace or repair the ring in the event of a claim? Do I have to go to a jeweller specified by the insurance company or one of my choice?
  • Is the ring covered for damage as well as loss?
  • Is the ring insured to the full amount or up to a certain amount? Are there any limits or sub-limits for my jewellery?
  • Am I covered inside and outside the house? Are there any restrictions?
  • Am I covered abroad?
  • What is the excess in the event of a claim?
  • Does the insurance company have experience

During this special time in your life, make sure you have peace of mind. Ensure that the sentimental value of your engagement ring is protected by taking out specialist jewellery insurance with Q Report. Find out more about Q Report’s comprehensive, tailored jewellery insurance bloghere.

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