Engagement Ring Insurance - Everything You Need to Know

Getting engaged is a truly special moment in anyone’s life, but many people forget to protect their investment by taking out an engagement ring insurance. 

As experts in diamond engagement rings, here at Bigger Diamonds 4 Less, we know a thing or two about insuring engagement rings, which is why we have put together this useful guide to help you get the correct insurance for your precious ring. 

Why is Engagement Ring Insurance Important? 

A diamond engagement ring is an important and expensive purchase so naturally you should make sure your investment is protected should it be lost, stolen or damaged. Getting a specialist insurance policy for your engagement ring will give you peace of mind and comprehensive protection in the event of accidental damage or out of home loss. 

What is Covered by Engagement Ring Insurance? 

Depending on the exact policy you choose, your ring insurance will cover a number of different scenarios. Those can include: 

• Accidental Damage

• Accidental Loss

• Theft

• Loss of Stone

• Travel Cover Abroad 

Does Home Contents Insurance Cover Engagement or Wedding Rings? 

In some cases it might, however, this depends on the value of the ring. Many insurance companies have a limit on the amount you can claim per item. The figure may vary but usually it’s around £1000, which is higher than the average price for engagement rings. 

To make sure your ring is covered you may have to list it separately on your content insurance.

Whether your ring is covered may also depend if your ring is damaged, stolen or lost as some home content policies only cover events that occur within the house. Given that an engagement ring is worn every day, there is a very high probability you will be out and about should an incident happen. This is why it’s a better idea to get personal possessions insurance rather than including your ring on the home insurance policy.  

What Happens if I Under-insure My Engagement Ring? 

If your engagement ring is insured for less value than what it’s worth, you might find yourself having to pay the full cost of repairs or replacement should it be damaged, lost or stolen. 

Alternatively if you declare it’s worth more than it actually is you will be over-insured and will have to pay an excessive amount in premiums. 

Before you take out an engagement ring insurance policy it’s a good idea to have the ring professionally appraised to make sure you’re getting the right level of coverage. 

What is the Cost of Engagement Ring Insurance? 

The precise cost of your insurance policy will be determined depending on various factors, including the value of the ring and stone, if there are high rates of theft in your area and whether or not the policy has any deductibles. In general, diamond ring insurance tends to be about one to three percent of the value of the ring, however, this varies between insurance providers.

Having a home security system or a secure jewellery safe in your home can help bring down insurance costs. If you want to get the best insurance rates make sure you shop around and compare quotes, instead of going with the first one. There are multiple online tools you can use to compare quotes such as comparethemarket or Go Compare. 

Buy Affordable Engagement Rings With Bigger Diamonds 4 Less 

If you are looking for the perfect ring for your big proposal, here at Bigger Diamonds 4 Less you will find some truly stunning and affordable engagement rings. Browse our outstanding range of diamond engagement rings online or arrange a visit to our Hatton Garden showroom in London. 

Should you have any queries please don’t hesitate to get in touch with our team.