Last updated: 16/09/2020 | Estimated Reading Time: 4 minutes
Your big day has come and gone. The vows have been made and the rings exchanged. So now what do you do with that extremely valuable piece of jewellery on your finger?
For the foreseeable future, your wedding ring will be one of the most symbolic and costly items you own, and it would be a real pain to lose or damage it. That's why so many of the British public are insuring their wedding rings against loss. With more than 250,000 home burglaries in the UK from 2018 to 2019, you may be interested in ensuring your most highly prized items are covered, whether it's on your home insurance policy or on an individually tailored policy of their own.
In This Guide:
- Why get wedding or engagement ring insurance?
- Will my home insurance cover my wedding rings?
- How do I find out the value of my wedding ring?
- What does wedding ring insurance usually cover?
Why get wedding or engagement ring insurance?
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.
Will my home insurance cover my wedding rings?
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.
How do I find out the value of my wedding ring?
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.
What does wedding ring insurance usually cover?
Most policies for covering jewellery will cover you for:
- Accidental loss of the valuables
- 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.