Recommendations for engagement ring insurance?

london00

Hi all,

I've recently bought an engagement ring (and am yet to propose) and have some beginner's questions regarding insurance:

• Can i insure the ring now or should i wait until after I have proposed so my OH can?
• Can anyone recommend a good/cheapest company to go with?
• I also need to sign up to renter's home content insurance. Combine the two or insure separately?
• Generally is there anything I need to know to look for? The jewellers mentioned something about insuring for outside the home today which makes sense.
• How much do you lovely folks pay per month /year to ensure your ring(s)?

Thanks!

LEJC

OOH...lots of questions London...and whilst I know a bit about the insurance of rings/jewellery I know nothing about renters home content...but here goes on what I suggest...
You need to have the ring insured asap...this is to safeguard you if the ring is lost prior to the proposal....you do raise an interesting fact about if your OH should insure it....does she live with you?
if the answer is yes then the insurance is fine to be taken out by you i think(although this may be different under a rental agreement)...if she does not live with you then the value of the ring should be added to any home comtents policy she has...
Shop around for contents or specific insurance...what will be cheaper for some may not be the best deal for others...lots of factors are taken into account with insurance and so there are no best companies as such..Iwould go with the one that offers the best cover for what you want at a reasonable cost....
no idea about renters home contract sorry...so cant advise there but if you livre in rented accomodation you should still be able to get an insurance policy to cover your posessions within the rented accomodation
Generally it is cheaper to take out a policy that covers all your items including the ring as it can get expensive to take out a specialised policy to cover just the ring..so on that basis I would suggest you look for
The option your jeweller mentioned was probably an extended cover outside the home that you pay extra on top of your policy premium for...well worth taking as the ring will be covered whilst being worn outside the home!...strange fact I know but as your OH possibly will want to wrear hre ring out its a good option to take!!!
It really depends on the level of home insurance you have as to how much you pay ...most insurance companies insure a fixed amount whereby they assume none of your singular posessions are worth more than a certain amount...this varies from policy to policy but is usually around £1500 for a single item...if the ring is worth more than the set single item limit then it needs to be declared to the insurance company and they will possibly add a little more to the price to cover it...they will possibly need proof of value but your receipt should be fine as you have not long purchased the ring...your ring once specified on your policy will be covered by the full amount if you ever need to make a claim...
Jewellery insurance can be very expensive as there are only a few companies that do it specifically....the majority of people specify any higher value jewellery within their home contents policies so that is probably the best route for you to go down...
it all seems a bit mind boggling but if you phone a few major insurance companies you will soon get the feel for the type of cover you need
hope that helps

misscoupon

LEJC wrote: »

they will possibly need proof of value but your receipt should be fine as you have not long purchased the ring...your ring once specified on your policy will be covered by the full amount if you ever need to make a claim...

Good advice there.
Regarding the proof of value, this could be different from the price you paid for the ring depending on your circumstances.
What would be better: a certificate with the renewal / appraisal value for the ring you purchased.
If something happened to the engagement ring, you want to make sure you can purchase a similar ring from a shop on the high street, not necessarily from the shop you purchased the original ring from (this is the way insurance usually works).

I hope i make sense,
Good luck with the proposal!

london00

Many thanks, both!

I've got a signed valuation from the jewellers I bought it from (they cheekily bumped it up by £500 too... fair enough!) so I think I'll ring around a few places and get some quotes.

LEJC

Just watch out that the increase in valuation from the price you paid dosen't take you over the single article limit on the policy you choose as it will end up costing you more in premium....earlier in the year I bought a pair of earrings and jeweller gave higher value to them than the price I paid...when putting them on our home insurance policy the extra value because it was over the single limit was an increase in premium of £90.00 per year....I decided to return to the jeweller to ask for a valuation that matched the price we paid!