[Written By External Partner]
Getting engaged can be one of life’s most memorable experiences, but it can also be one of the costliest. These dazzling huge boulders don’t come cheap. So if you or your spouse loses an engagement ring or someone steals your candle during the proposal, you’ll probably want to replace it.
So how should an engagement ring be protected against loss, theft and damage before and after the proposal? It is determined by the value of the item and the type of insurance required.
When should you insure an engagement ring?
You or your partner can insure an engagement ring at any time after purchasing it. However, with something this small and expensive, you might want to keep it from the moment it leaves the jeweler’s shop until it’s placed on their chosen finger. If so, the ideal person to insure the engagement ring is usually the person who gets it first.
How do I buy insurance for an engagement ring?
The first step is to determine its replacement cost. If you are unsure, you could have the engagement ring appraised by a professional appraiser, or if the ring is very new, this may have been part of the buying process. Keep receipts and appraisal certificates in a safe place, as you may need to establish ownership and value of the ring while insuring it and filing a claim.
The next step is to determine the type of insurance you need. Home insurance is a common and convenient way to insure jewelry. Consider where you’ll need it and what you’d like it insured for, as you may have policy alternatives such as accidental damage or portable contents coverage for property outside your home.
Are engagement rings covered by contents insurance?
Contents insurance policies (or home insurance with contents coverage) can provide some coverage for “insured events”, such as if your engagement ring is stolen from your home. Insured events may differ from policy to policy, so be sure to read the Product Disclosure Statement (PDS).
It is also essential to keep in mind that the normal level of coverage may not be enough to replace your ring. This is because content plans may have a cost limit per item or on the total amount you can claim for jewelry. If so, you may be able to insure it for a higher amount by listing it as a specified item on your policy with your insurer.
Check what you’re covered for and what options are available to you, as you may be able to choose from optional upgrades to protect it against accidental loss or damage.
How to insure an engagement ring outside the home, at work and while traveling?
Home insurance may not cover an engagement ring outside the home. That means it might not be covered if it gets lost on a picnic proposal, goes missing while you show it off at a dinner party, or falls into the sea.
You may need to consider a wearable contents cover to protect the engagement ring when it is outside the home. This type of insurance is frequently added to your home or contents insurance policy and can cover you and your family against accidental loss or damage to items as you take them out of the house or, in some cases, in the whole world.
Again, this insurance may have limitations or exclusions, and some of these may require you to list goods over a specific amount, so check the product’s PDS.
Who should insure an engagement ring?
If you and your spouse or partner live at the same address, your home and contents insurance policy may cover you both. In other words, if you live together and have a policy, you will both be allowed to use the coverage provided by your insurance for your ring.
If you do not live together, the ring must be insured by the insured person who owns it. This implies that you will almost certainly have to go through all the engagement ring insurance company coverage and enrollment criteria after submitting your proposal.
Remember that when you buy insurance or make changes to your policy, your insurer will provide you with documents to validate your coverage. So if your partner is also likely to receive the updated papers and the engagement is a surprise, talk to your insurer about your plans to keep it a surprise!!
Important factors to consider when insuring my engagement ring?
- What are the jewelry replacement restrictions under these policies? Are they enough to replace my engagement ring?
- Can I list the ring as a specific item under contents insurance so that its full value is covered?
- Will portable contents insurance cover the ring outside the home? Is it necessary to mention it as a separate item?
- What is the purpose of the ring? Is it protected against accidental loss or damage?
- Can I have the ring replaced or repaired at any jeweler?
- What can I do if the cost of replacing the ring exceeds the coverage limit or the agreed replacement value?
- What proof do I need to make a claim if my ring needs to be replaced or repaired?
If you own expensive or sentimental jewelry, such as an engagement ring, you should insure it against damage, loss, or theft. Engagement ring insurance can give you peace of mind that if your valuable piece is stolen, damaged, or destroyed in an unexpected disaster such as a fire, the financial portion of your loss will be covered.