Why It Makes Sense To Insure Your Wedding Ring

When you are first presented with your engagement ring, the last thought on your mind in that moment is that something terrible might happen to it one day. However, accidents do happen, and sometimes belongings end up getting lost or stolen despite your best efforts. Be prepared for all eventualities, and you’ll find you’re ready for anything. Many celebrities are a fan of the diamond ring and in the news recent Tamara Ecclestone had millions of pounds worth of jewellery stolen. It is for this reason that many high profile individuals will seek the services of an Executive Protection London company.


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The ring will naturally have a material value, and given the nature of the piece, it will also have a huge sentimental value for everything it represents. For tips and tricks on choosing diamond engagement rings and other types of engagement rings, visit The Guardian. There are various options available to you when it comes to insurance.


Take your ring to a gemologist for an official documented valuation of the piece that can then be used by whatever insurer you choose. Your insurer might even be able to accept the receipt from purchase, so check what you need. Do not hesitate when it comes to getting your insurance, as every day without cover is risky.


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Choosing The Insurance Policy

Many home insurance policies will cover your engagement ring, but you might need to list it as a special item on a separate schedule. Check the small print on your existing policy to see if your ring would be covered, and make enquiries about the possibility of adding it to your schedule. You’ll want to know whether you are covered for theft as well as loss, and whether loss covers disasters like fire.

There are specialist insurance companies that might be able to offer much more comprehensive cover. Specialist policies might be able to offer very niche cover, such as the price of recreating a ring in the event of losing it, or specific repairs as required.

An engagement ring ranks as one of the biggest purchases you’ll make, so take it seriously and ensure you have adequate cover for it. Whichever option you choose, be clear at the outset how you make a claim and what information you will need to provide. Will it be a cash settlement, for example, or a like-for-like replacement from the same jeweller? Getting all of this information in advance will help ensure that you are prepared for all eventualities.