How to Insure Your Engagement Ring | Jewellery Insurance

#AD. In the interest of disclosure and transparency, the syndication of this article has been
provided and paid for by FBD Insurance.

Keeping Your Sparkler Safe: What You Should Know About Insuring Your
Jewellery

You’ve popped the champagne, toasted with family and friends and you can’t stop staring at
your left hand. You’re engaged! The next step – before you even say yes to the dress – is to
make sure you protect that glittering diamond and keep it safe for many happy years to
come.

For most people, an engagement ring is the single most valuable piece of jewellery they
own. So, like your home and car, it’s vital to make sure it’s insured and stored safely. Not
sure where to start? We’ve outlined a couple of simple steps to help you on your way.

Call your insurer

Many couples insure an engagement ring under their household insurance, such as the
Home, Apartment or Renters’ policies with FBD. Most contents cover will include jewellery,
but depending on its value, the ring might need to be added as a specified item. It’s
important to take your time to go through the details and arrange the right cover for you
and your lifestyle. It might also be a good time to evaluate your overall home insurance,
especially if you’ve recently renovated, built an extension or purchased new additions for
the home. If you’re lucky enough to receive high-value gifts for your engagement or
wedding, you’ll want to make sure that these are protected as well, especially if you’re
planning on heading off for an exotic honeymoon overseas.

Valuation

In the event of a claim, insurance companies will usually ask for supporting documentation,
such as the receipt or an original valuation. The jeweller you or your beloved purchased the
ring from will often provide a valuation without charge. If not, the price depends on the

value of the ring, and can usually be negotiated. You should choose a reputable jeweller
with proper accreditations for this task, as you want to ensure you get an accurate valuation
you can rely on. It’s important also to keep the original document safe, sending it to the
insurance company by registered post and asking for it to be returned when they’re finished
their inspection. Some insurers require you to get the ring valued every couple of years, as
the value of jewellery, especially diamonds, can fluctuate. You don’t want to be under or
over-insured.

Check the fine print

When it comes to special high-value items such as engagement rings, most insurance
policies have certain requirements regarding valuation, maintenance and storage. It’s
always a good idea to read through the paperwork and ensure you’re covered for all
eventualities including loss, destruction or theft. For most people, it makes sense to get
cover for outside the home, as well as inside. Rings can sometimes go missing on holidays –
they can easily slip off fingers slick with suncream – so you should probably check that it’s
insured overseas before you fly. Depending on the value of your ring, you may be required
to keep it in a locked safe when not wearing it. Be careful to take note of these little details
so that you’re fully covered should the worst happen.

Keeping it safe

We’ve all seen those social media posts about rings lost in swimming pools, shopping
centres and even down a lift shaft. You don’t want that to be you, so have a think about
how you can keep your beautiful new ring safe as you go about your daily life. There are
small changes you can make that’ll help protect your ring, such as using hotel safes on
holidays and secure lockers in the gym. Make sure you don’t leave it out on display at home,
and it might be a good idea to leave it on while washing your hands – you certainly don’t
want to leave it behind, or worse, watch it disappear down the sink! It can be tricky too to
make sure it fits properly, depending on how warm or cool your hands are – if it’s a little
loose, you should get it resized or even get a ring-guard fitted. Weddingbee has a handy
guide to making sure it sits just right on your finger.

Maintenance

Depending on your contents cover or your specified item policy, you might find that you
need to get a professional jeweller to check the ring’s settings every two years or so:
nobody wants that precious diamond to come loose. That’s often a good time to get it
cleaned, too, as hand sanitiser, creams and washing-up liquid can build up on jewellery,
dulling the sparkling effect of a precious jewel. It’s important you bring your ring to a
professional, well-recognised and fully insured jeweller to be cleaned or checked, though, so
that it’s in safe hands.

Making sure your engagement ring is protected and insured will help give you the peace of
mind you need to enjoy this special time of your life – all you have to do now is send out the
invitations, organise the party, and show up on the big day!