Does Home Insurance Cover Engagement Rings? – Forbes Advisor UK

Engagement and wedding rings can be among our most treasured possessions and, for many people, the most valuable belongings they carry around with them.

Repairing or replacing a ring that’s lost, stolen or damaged can be expensive, which is Why it makes sense to insure them. 

The right home contents insurance can protect you from having to fork out for a lost, stolen or damaged ring, but there are a few caveats to be aware of if you’re thinking of buying a policy.

Single-item limits

If you’re lucky enough to own a ring that costs more than £1,500 – £2,000, you’ll probably find your contents insurer will ask you to list it separately as a valuable item on your policy – and this will be reflected in higher premiums.

This is because insurers set limits on the amount of money they will pay out on a claim for any single item unless it is identified. This single-item limit is usually around the £1,500 to £2,000 mark.

Items worth less than this figure – which varies from policy to policy, so it is important to check – do not have to be identified or listed when you apply for or renew your policy.

If you had a ring worth more than your insurer’s single-item limit and failed to disclose it, perhaps accidentally, you may find that the insurer either won’t pay out or won’t cover the full cost if you need to make a claim.

So home insurance does cover rings in certain circumstances, as long as they’re either worth less than the insurer’s single item limit or they’re declared as more valuable and paid for in the form of higher premiums.

However, there are circumstances in which your ring would not be covered, regardless of its value. It all depends on the type of claim you’re attempting to make.

Cover and claims

A home insurance policy will protect your rings if they’re stolen as a result of a break in – up to the policy’s single-item limit, unless listed as described above. If, however, your rings are stolen by someone you invited into the premises or who enters your home through an unlocked door, your policy may not pay out because you failed to take ‘reasonable care’ to protect them.

Or, if you were to damage a ring while, for example, doing some DIY, your policy might not pay out unless it specifically provides accidental damage cover. 

Similarly, if you were to lose a ring while outside of your home and gardens, your policy may not cover unless it includes personal possessions cover.

So while there are circumstances in which your rings would be covered by your home insurance, there are a lot of caveats that could mean your insurer would not pay out.

Accidental damage and personal possessions cover are usually offered as optional extras you can purchase. While they will increase your monthly premiums, they’ll better protect your rings against loss and accidents.

If your policy has personal possessions cover, this may or may not extend to countries outside the UK, which means you might want to leave valuable rings at home when travelling abroad. 

Every insurer handles this differently, so it’s best to check a policy’s wording carefully before buying. It’s important to note that any travel insurance policies you have might provide the cover you need, so again it’s important to check. But here to you may be required to list your ring separately if it is above a certain value – and the limits on travel insurance can be lower than on contents policies.

Policy excess

Even when your home insurance policy provides adequate cover for your rings, you’ll need to be ready and willing to pay an excess in order to make a claim.

Your excess is usually set during the quotation process and insurers typically give you a choice of how much you want to pay. Higher excess sums usually translate into lower premiums, but they need to be realistic because it’s how much you’ll have to pay before the insurer steps in with the balance of the claim.

Security measures

If you have very expensive jewellery or other possessions, your insurer may ask that you keep them in a safe or even lodge them with a bank.

If your contents insurer does not have the stomach to offer cover for your expensive items, you may have to search online for a specialist high-value possessions insurer, and buy a separate policy alongside your contents insurance.

How to get the best price for cover

Our home insurance comparison channel can show you quotes from providers across the market, including how much they charge for optional extras such as accidental damage and personal possessions cover.

It’s important not to trade proper coverage for cheap premiums. It might save you money in the short term, but may leave you underinsured or having to foot the bill for any shortfall in cover.