Congratulations on your engagement! It’s such an exciting time, and while sharing the news with friends and family will be top of your list, there’s one important thing you might not have thought about yet – getting your engagement ring or other engagement jewellery insured.
As we have discussed in previous blogs (The true cost of replacing a lost ring and Engagement ring insurance - FAQs), should something happen and your ring is lost, damaged or stolen, the cost of replacing it can be draining - financially and emotionally.
This is especially so if you have a bespoke or vintage engagement ring which may be difficult to replace or repair.
But you can breathe easy - this is where jewellery insurance can help. It provides peace of mind that, if the unexpected does happen, you won’t be left covering the full cost or struggling to find a similar replacement. Instead, you’ll have the support in place to help put things right as smoothly as possible, so you can focus on enjoying your engagement and planning the next exciting chapter.
Why jewellery insurance matters
An engagement ring is more than a beautiful piece of jewellery – it’s a symbol of your love and commitment. But it’s also something you’ll likely wear every day, making it vulnerable to loss, theft, or accidental damage.
Mishaps can happen more easily than you’d think and certainly thieves will also have an interest in your precious item, the emotional impact of losing such a meaningful item can be devastating.
Knowing your engagement ring is insured allows you to enjoy wearing it every day without constant worry. It’s a potentially small investment that can save a great deal of heartache – and money – should the unexpected occur.
What does jewellery insurance typically cover?
While policy features, benefits, terms and conditions typically may vary among insurance providers, most jewellery insurance policies cover the “big three” risks: accidental loss, theft, and accidental damage.
There are also additional features and benefits that may be available when buying standalone jewellery insurance, so you’ll also want to check for:
- Repair or replacement cover. Ideally, look for one that replaces your ring on a like-for-like basis. That means if you’ve got a bespoke design or a certain brand, the insurer will aim to replace it with something identical (or very close), rather than a basic alternative.
- Travel and overseas cover. If you're planning a honeymoon abroad, this is a must. Not all jewellery insurance policies cover international trips automatically (at Assetsure, you’ll be pleased to know we offer worldwide cover for up to 60 days’ duration), so it’s worth double-checking.
Do you need a standalone jewellery policy?
You may be wondering whether you should add your engagement ring to your home contents insurance or take out a standalone jewellery insurance policy.
Both options have their place. Adding your ring to your home contents insurance might seem like the simplest solution. It’s often quick to do and can work well if your ring isn’t particularly high in value.
But be aware - many policies have single-item limits, and you could find your cover doesn’t fully reflect the true value of your ring. If you need to make a claim, it might also push up your overall home insurance premium.
On the flip side, a standalone jewellery insurance policy is designed specifically for precious items like engagement rings. It often comes with the ability to have higher sums insured, and possibly fewer exclusions. It can also include things like worldwide cover - ideal if you’re heading off on a honeymoon or travel often.
It may also be a good option if you’re renting, living in a house share, or don’t have standard home insurance.
And if your ring is particularly valuable or a bespoke piece of jewellery, a dedicated policy means you won’t have to worry about generic replacements or policy shortfalls.
Our blog Is jewellery covered by home insurance policies? provides further insights.
How to get your jewellery valued
Jewellery prices can fluctuate, especially with the rising costs of precious metals and gemstones. Without an up-to-date valuation, you might find yourself underinsured, meaning your policy won't cover the full replacement cost if your ring is lost or stolen.
What does a professional valuation include?
A thorough valuation should provide:
- Your name and address.
- Date of the valuation.
- A detailed description of the item, including gemstone details, metal type, and any hallmarks.
- Photographs of the jewellery.
- The replacement value based on current market prices.
This comprehensive information ensures that, in the unfortunate event of a loss or other unexpected event, your insurer has all the necessary details to process your claim smoothly.
How to get your jewellery valued
There are two main ways to get your jewellery valued – in-store or online.
At Assetsure, we can put you in touch with a trusted company we regularly use to provide online jewellery valuations. It’s a quick and convenient service - ideal if you’re looking to get a jewellery insurance quote with us (subject to our policy limits and underwriting terms and conditions).
In most cases, a professional valuation report can be completed online within around 48 hours, and it’s all done for a fixed fee.
The process is simple. You just need to gather a few key things - proof of purchase (if you have it), any relevant certificates or documentation, and clear photographs of the item. Once you’ve submitted everything, the valuer will assess your jewellery and send your valuation certificate directly to your inbox.
It could be a great option if you’d rather not visit a high street jeweller.
How often should you update your valuation?
We recommend having your jewellery revalued every two to three years, especially if your item is high value or likely to increase in worth. The prices of precious metals and gemstones can fluctuate over time, and an up-to-date valuation helps ensure you’re properly insured should you ever need to make a claim.
Keeping your valuation current gives you peace of mind - and makes the claims process much smoother if the unexpected ever happens.
Have you had any work done to your ring?
Going forward, it’s also important to update your valuation if you’ve had any work done to your jewellery, such as resizing, resetting, or upgrading stones, as these changes can significantly affect its value.
Even something like a change in currency exchange rates or market trends for certain gemstones (such as coloured diamonds or sapphires) could influence replacement costs.
A recent jewellery valuation ensures that you and your insurer are working with the most accurate figures - helping you avoid disappointment during a claim.
Tips to keep your jewellery safe
There are plenty of ways to reduce the risk of losing or damaging precious jewellery, and a few simple habits can make all the difference. We have several blogs on the subject, but in the meantime, here are some quick reminders.
- Start with smart storage. When not wearing a ring or other valuable item, keep it in a secure place - such as a home safe, a discreet jewellery box, or somewhere out of sight. This lowers the risk of loss, theft, or accidental damage. Remember to pay attention to any policy conditions, if it specifies, your item should be kept in a safe when not worn, that’s what is needed
- Avoid wearing jewellery during risky activities, like going to the gym, swimming, gardening, or travelling. It’s surprisingly easy for a ring to slip off in cold water or get damaged while lifting weights or handling luggage.
- Get into the habit of regular maintenance. Loose stones, worn prongs or clasps, and hairline cracks can all develop over time - so a quick annual check at your local jeweller can help prevent much bigger issues later.
- Please also check your policy conditions, as rings over a certain value will have a settings clause, meaning you will need to have the settings checked regularly to comply with the policy conditions.
- Finally, if you’re planning a move or extended time abroad, let your jewellery insurance provider know. Changes in living circumstances or address can affect your policy, and it’s better to update things in advance than risk gaps in cover or worse, find out you’re not insured.
Further reading: Safeguard your jewellery.
What to do if the worst happens
If you have lost your ring, or it has been damaged or stolen, the first thing you need to do is to contact your insurance provider for the next steps. They will tell you what you need to do (e.g., in the event of a theft, you will need a Police Crime Reference number) and the documentation needed etc. Your policy document will detail the exact procedure to follow.
Insuring your engagement ring isn’t just about protecting its financial value - it’s about preserving the memory and meaning behind it. Jewellery insurance is a small step that may make a big difference in the event of something happening to your precious ring or other jewellery.
Best of all, arranging cover is usually quick and easy, leaving you free to enjoy your engagement without worry.
