Proposing? Insure the ring!

Monday, February 15th 2010

It is essential that people who proposed to a loved one this Valentine's Day check to make sure the engagement ring is covered under their home insurance policy, according to Defaqto.

Mike Powell, insight analyst at the firm, commented that as the average Brit spends an estimated £1,800 on an engagement ring, it is essential that the item is covered in the event of an emergency.

He pointed out that several insurance policies have a limit on the value of single items that are kept in the home - usually £1,500 - so if a ring costs more, it is important to inform the insurer so full cover can be given.

Furthermore, Mr Powell noted, it would be wise to check where the cover is offered, as some policies contain geographical restrictions or rules about how long personal possessions can be taken away from the main residence.

He said: "You should also consider the cover needed for outside of the home. Typically, most insurance providers will provide cover under ‘personal possessions' either on an unspecified or specified basis."

Mr Powell added that this cover is usually an optional add-on and will likely incur an extra charge.

Household insurance expert at Hiscox Simon Goddard commented recently that couples who have already exchanged vows may wish to regularly have their rings valued, as the fluctuations in the gold and platinum market mean that many rings purchased a few years ago may have now increased in value.