Wedding rings are usually not just one of our most high value items you may own, but also hold huge sentimental significance. This is particularly true if your wedding rings are family heirlooms that have been passed down generation to generation. It's difficult to comprehend the emotional strain of losing a wedding ring, and without ample cover to replace it adequately this can be a very stressful situation.

Wedding ring insurance, like many other specialist insurance policies, offers you the peace of mind of knowing that your most prized possessions are covered in the most unexpected of situations. As well as saving you the vast cost of replacing a ring, having this cover will be a significant factor in reducing the stress levels felt while dealing with such a situation.

Whether your ring will be covered on your current home insurance is very much dependent on the value of the ring. Home insurance cover will have an upper limit on claims for a single item, usually ranging from around £1,000 to £3,000 depending on the policy. The best home insurance policies will be around the upper limits of this range, but it's worth checking with your insurer what the agreed amount is. If your ring’s value is greater than this, which will be the case for many (the average UK wedding ring cost is £1,471), you will need to declare the rings on the contents part of your home insurance in order to ensure they are covered.

If you're looking for cheap home insurance, however, it may be frugal to take out a cheaper overall policy, and then insure your wedding rings separately. Take this into account when you compare home insurance policies, as your quotes may differ significantly depending on the valuables listed on your contents list.

Another factor to take into account is where your rings are insured. Some home insurance policies will only insure your contents if they are lost, stolen or damaged inside your home. Make sure to factor this into your home insurance comparison as, if this is the case, you will have the additional expense of taking out personal possessions insurance, which covers your valuables for loss or theft outside of your home address.

You should always try to insure your wedding ring for its current market value, which means regularly having it revalued. This is necessary because precious metals such as gold and silver, and stones such as diamond, generally appreciate in value over time. Most professional jewellers offer a valuation service which will help you decide what level of cover you require for your wedding rings.

This valuation will include documents that describe the style, value and age of your rings, which will allow you to prove the cost of your claim should you lose them. It's likely that photographs and a plan of action to replace the rings in the case they are permanently lost will be included too.

Most policies for covering jewellery will cover you for:

• Accidental loss of the valuables
• Theft
• Damage
• Losing the diamonds or stones
• Away from home cover

This means you will be able to make a claim not just on the loss of a ring but also for scratches, dents and damage to the stones in your ring. Some policies will also cover for resizing the rings at a later date, although it's a good idea to check this with your insurer, as it's not commonplace on all policies.