Insurance for engagement ring?

Jonesy_McJones

Hi :-)
Quick question... My OH put a deposit down on a ring at the weekend (yay!!) to order the right size in, and the sales assistant mentioned insurance. From memory, it was about £30 for 2 years, £40 for 3 years - covers it if the stone falls out, the claws break etc.
Just wondering what others have done? Would our contents insurance cover it?
Thanks

Stephb1986_2

My step sister put her ring on her contents insurance she went out shopping and lost it in the Trafford Centre they said they wouldn't pay out as it wasn't in the house. So my FBIL asked if she lost it in the house would they pay out and they said no because it wouldn't be lost as it was in the house.

Steph xx

gadgeteer_2

Call your insurance company up and have it listed under 'all risks' for in & out of the home. It will usually be much cheaper than taking out a separate insurance policy.

74jax

Our household only covered single items up to £1k each (in or out of house) and you had to name the item.

When my OH asked for a quote for the ring, he said as it was well over the specified amount it would cost a fortune.

It's now on a jewellary insurance found by a google search, so my advice would be to shop around and get a few quotes.

you should find though that where you buy it from will give a year or two's free insurance on claw fixing etc.

lazer

I had mine insured by a company called T.H March last year - was cheaper than putting it on house insurance - as its over the £1k limit and had to add all risks to everything, they couldn't include accidental damamge for one item only.

lovecake

Ours cost buttons to add to the home insurance and is insured for in and out of the house (including on holiday!). With our policy we are allowed to adjust our limit for personal possessions so we just made sure we set it for the value of the ring. Depends on the insurer though I suppose...

kazd

It depends on the value of the ring, i need to get my jewellery valued, don't have much but the jeweller who made my earrings told me that the replacement value now is about £4/5k. I think insurance quotes are usually 10% of the value and you have to get these renewed every couple of years which is a rip off really. If you have the initial valuation then they should be able to advise on the increase in value over the years.

Jonesy_McJones

Thanks everyone for your replies - most helpful :-)

Looks like adding it to our contents insurance will be the best thing for us - it's due for renewal next month so the timing couldn't be better!