engagement ring insurance

Why you should protect your high value items with insurance this Valentine’s Day.

High-value items that you need to organise additional insurance for include jewellery, watches, pictures, paintings, books and antiques.

Proposing on Valentine’s Day can be incredibly romantic, after all it is the most romantic day of the year. However, the ring you propose with often costs a lot of money. According to Brides.com (https://www.brides.com/story/proper-cost-of-engagement-ring) the purchaser should spend about three months’ salary on the ring. During the American Great Depression De Beers started running a campaign suggesting that men spend one month’s salary on the ring, the idea has stuck.

Whatever the amount you spend, it is an investment piece of jewellery to you and a valued gift for your partner. It is therefore important that you get the ring insured as soon as possible, we recommend organising this even before you present the ring to your intended.

Here’s why.

  1. You could lose the ring, or it could get stolen even before you propose.
  2. Be careful where you propose, the ring can so easily drop out of the box or if you are both nervous drops out of your hand into water below or off a cliff edge.
  3. If the ring doesn’t fit properly and your intended still wants to show their ring off, it could slip off their finger and be lost.
  4. The stone can drop out of its setting and disappear.
  5. The ring gets stolen. Sadly, there are people who you let into your home who take things.
  6. The ring just gets lost. Sometimes this just happens. One minute it’s there, the next time you look you can’t find it.
  7. Rings are often lost in cold weather when fingers shrink or getting caught on coats or gloves.
  8. Do you take your rings off to go swimming? Not many people do, it’s a classic way to lose a ring.
  9. Sometimes rings get lost doing manual task such as gardening or even cooking the dinner!

It’s not all doom or gloom. There are some wonderful stories of the above things happening and the ring or stone being found again. But what if that isn’t the case? By insuring your engagement ring, or any other high-value items will protect you from any financial loss.

There are a number of ways to do this. You can increase the limit on your policy for your personal items or obtain broader protection through a floater or endorsement which itemises each item individually.

Don’t rely on your home contents insurance, this generally just protects furniture, carpets, entertainment systems and gadgets. Items over a certain value, often £1000 or above are not covered, so you need to add them on separately.

We wish you luck with your pending proposal! Before you do, our specialist team can help you to ensure that your engagement ring and other high-value items are fully covered. Give us a call today, 01905 21681.