Getting engaged is a huge event and probably not a time when insurance is the first thing on your mind! However, over a quarter of women have lost or had a ring stolen and seven out of ten men fail to get engagement rings insured before proposing, a recent survey has shown.
The average engagement ring these days costs around £1,500 but many people forget to make sure this is adequately insured in case of loss or theft and wrongly assume it will be covered by their home insurance. There is a good chance however that if your fiancé has splashed out, it will mean the ring exceeds your policy's single item limit.
You need to acquire a valuation certificate from your jeweller and make sure that the ring (or other item of jewellery) is re-valued and updated on your insurance policy at least once every three years. Ask your insurer to list the ring and any other important items as a specified item on the policy – the cost will depend on the value of the item(s). Once you have your insurance, take a photo of the item as this will help your insurers to process a claim more quickly. Also remember to keep all the original documentation in a safe place.
If you are so unfortunate as to lose your ring, then inform your insurers immediately, and if it is stolen, contact the police and obtain a crime reference number as this is essential for a theft claim.
Remember that a standard home and contents insurance policy will only cover your ring within the home, so if you want to make sure you are covered when away from home, add 'All Risks' cover to your contents insurance. There are some steps you can take to safe-guard your jewellery and here we offer a few tips:
> Have expensive jewellery valued every two or three years
> Tell your insurer about any items which are of particularly high value, and keep any valuation certificates or receipts in case you need to make a claim at any time
> Take photographs of your valuable items as these can help insurers to process your claim more easily
> Don't advertise jewellery to thieves, when not in use, keep your jewellery locked out of sight. Burglars are tricky people and will know where to look for 'safe' places – such as under beds or in bedside cupboards.
> If your jewellery is an heirloom, make sure the valuation is up to date and take out additional 'All Risks' cover
> Don't dismiss jewellery you never wear. It is estimated that British women have a hidden treasure trove of more than £26 billion of jewellery that is rarely worn, or gets forgotten – but still highly attractive to thieves.
Next time you are admiring your ring shining in the light, just think whether or not it is properly insured. Whilst insurance cannot replace the sentimental value attached to such an item, it can ensure you do not lose out financially. Make one quick phone call to Westhill Insurance Services and we can advise if you need to review your jewellery insurance , whether your jewellery will be adequately covered by your home insurance, or perhaps you need to add personal possessions cover. Our friendly team will offer you sensible and professional advice and be very happy to bring a little sparkle to your day!
Contact Westhill Insurance Services, today.