Sparkling insurance cover for rings

Getting married is an exciting time for couples, but what happens if a treasured engagement or wedding ring is lost or damaged? Much heartache could be avoided by making sure that these items are insured properly.

In the UK, the average amount that professional couples spend on engagement and wedding rings is £2,600, and one in ten admit to spending more than £5,000, according to research by Hiscox. Despite this investment, more than a quarter of couples said that they have not even considered insuring their rings.

“For those who have popped the question, insurance is unlikely to be a top priority,” says Hiscox Development Underwriter Simon Goddard. “But the value of engagement and wedding rings is often substantial, so once they’ve got the answer they were hoping for, it is time to look at their home insurance policy to make sure they’ve got adequate cover for loss and damage.”

Simon adds that couples should also think about how the price fluctuations in the platinum and gold markets could affect the ring’s value. “Many rings are likely to increase in value, which highlights the importance of having regular valuations to ensure couples are not underinsured or at risk if they need to make a claim,” he says.

How Hiscox protects valuables

• New items are covered by the 606 home insurance policy up to 25% of the amount already insured  –  your client must inform Hiscox about the purchase within 60 days and pay the appropriate premium

• A total of £5,000 of valuables are covered under the ‘contents’ section. Higher amounts should be insured under the ‘valuables’ section, either specified or unspecified

• Items, pairs and sets of valuables worth more than £15,000 must be specified individually

• If your client had a professional valuation in the past three years, the items are insured on an increased value basis