Getting expensive ring on home insurance

themoffster

Hi.
Can someone tell me what people normally do when adding an engagement ring on to the contents insurance of their policy?
I (the missus) has an expensive ring, which i can't seem to add to the 'personal possessions' part of my quotes as the dropdown doesn't go up to the value of the ring.
I called my insurer (the AA), but they said they were not going to cover it as it is too expensive. They had only one quote from HBOS, but I don't know if it is reasonable as I can't search myself. What's the normal scenario for this?
I can't use the usual search engines and I don't want to have to call people one at a time, but in the same breath, I don't want to take the only offer on the table

Thanks

dogbot

You can search yourself but price comparison websites won't cope with this. You will need to add the ring as a specified personal posession or specified item so getting on the phone will be a good way to do this.

That said, if you use a price comparison website and select, say, the top 5 quotes and go through their websites you may find options to then add the specified item, or gives you a narrower list to phone.

With home insurance you will have the following:
- Your contents sum insured
- A "valuables limit" - either % of the above or specific sum up which is the total amount of "valuables" that can be covered. Valuables will be defined but will certainly include jewellery like this
- A single article limit, this is the amount any one item can be worth within "valuables"

You will usualy be able to specify an item worth more than this single article limit. It will be common for the insurer to require you to have an up to date (no more than 2 or 3 years depending on the insurance contract) certificate or letter of value for the ring. This may be requested at quote or just needed just in case you have a claim. Be sure to photograph it in detail and store the photos somewhere safe, e.g. in a secure webmail internet account.

Insurers like Hiscox and Chubb or brokers like Home and Legacy, who deal with higher net worth individuals, will allow higher value items but will cost a lot more because they also come with much wider cover.

Your best bet may be to approach a couple of local/regional brokers and ask them to arrange some quotes for you.

Avoid individual jewellery insurance as this is likley to have a high markup.

dacouch

A good cheat if you want to use the Internet to get quotes is to run a quote through without the ring. Find out who comes out best for you and then give them a ring to find out if they will cover the ring and what the cost is.

The easier way would be just ring a local broker and they will know who to use and do the running around for you.

P.S Ask if there are any restrictions on the ring as some companies will only cover it "Whilst it is being worn or if it is take off it has to be in a suitable safe or in the same room as you (Eg on your bedroom table while you sleep)" also ask if they want a valuation of not as a valuation could cost you around £100 (It is sensible to get it valued for your own protection).

The_AA_Company_Representative

One of my colleagues has shown me your post in respect of your insurance requirements for your partner’s engagement ring. I work for the AA and thought it may be useful to add a bit more information to this. As you are probably aware, the AA’s insurance arrangement for jewellery, valuables and personal possessions covers single items up to the value of £1,500. When an item exceeds this amount, we are normally able to refer to the current insurer to enquire if they will cover the risk, or seek an alternative if this is not possible - bearing in mind each insurer will differ in regard to the amount they will insure up to.
I’m sorry that it would appear we were not able to offer an alternative however, you may wish to contact the insurance customer service team on [EMAIL="Homecust@theaa.com"]Homecust@theaa.com[/EMAIL] to discuss this further.

lisyloo

I used this site before (no connection except satisfied customer)

https://www.keyconnect.co.uk

and I believe I did add specified items on line.
It is not a comparison site.
I think it's a broker (Heath Lambert) but they do check with a number of insurers to get the best price.
Might be a quick way of getting ball park quotes without ringing round. I know that's a pain.

I would recommend not using read phone numbers or email addresses when using these types of sites (but address must be correct for quote purposes).
I don't recall having spam or phone calls from this particular site, but giving out your contact details is always a risk.

lisyloo

I work for the AA and thought it may be useful to add a bit more information to this

Hello Debaa,

If you want to add impartial information on this site you will be welcome, but if all you want to do (which seems apparent from your other posts) is to advertise your services, then you won't be welcome.
This site is impartial and you cannot use it for advertising but you are very welcome to post balanced and impartial views.

dacouch

Lisyloo me thinks she is spAAming

The_AA_Company_Representative

I am sorry that you feel my response is inappropriate. I certainly have no intention of promoting the AA's services, my only objective here, and any other posts that I may happen to respond to, is to try to offer help where I can to comments that have been posted.

silverfoxuk

To the OP, there are a few policies that have a higher 'single item' limit which might help you, depending on the cost of the ring. One example is M&S Insurance where the online quote can include any single item valued at up to £4,000. AXA Online have an even higher limit on the policy they sell online which might be £12,000 IIRC. However check the policy terms as the AXA one says you have to get the 'precious stone' in the ring checked by a jeweller every 3 years to ensure it is fixed in properly.

tinker1001

Hi, can I ask the value of the ring? I had the same problem with my insurer wanting to almost triple my premium for adding the ring! In the end got a quote that included the ring and was less than i was paying with last insurer. It's with 'First home insurance' I think - if you want the tel no let me know and i'll go look it up. BTW the value of my ring is 5k - if yours is much higher you'll prob need to go to a specialist insurer?

dacouch

Out of interest tinker1001 home insurance cost including the ring