single item insurance

Engagement Ring Insurance – Contents or Standalone?

There’s a lot of preparations that always comes with planning a wedding and often times some couple forget to get engagement ring insurance for their engagement rings. It’s no news that many people have had their engagement ring stolen or accidentally lost. And they would give anything to have their rings returned back to them. I know, nothing can really replace the sentimental attachment of an engagement ring to its owner, but it’s always best to have the ring insured, so that you don’t lose out financially too when the engagement ring is accidentally lost or stolen.

But, let’s get one thing straight first, you’re reading this because you believe in the importance of engagement ring insurance – good decision! The issue you’re having right now is probably the best possible method to get it insured. Whether to include it in your home contents insurance or to insure the ring as a standalone insurance (engagement ring insurance with an insurer that specializes in jewellery insurance). We’re going to be examining these two different methods of engagement ring insurance and help you draw a conclusion on the best option for you.

Home Contents Insurance

Maybe the easiest way to getting an engagement ring insurance for your engagement ring is with your home contents insurance. Home contents insurance does exactly what it said would do – insure the contents of your home, and since your engagement ring falls within that category, it gets insured too. However, is it the best option? – Yes and No. Yes, if your ring is not expensive and you never wear the ring outside your home. No, if you have a diamond engagement ring or other type of expensive ring and you wear it outside of your home, which you certainly would. Who wears their engagement ring only inside their home? – no one! Except maybe you’re one of those ‘freaky’ types.

If you wear your engagement ring outside your home, which you would, then home contents insurance might not be the best option for your engagement ring insurance. Home contents insurance only covers certain valuables like the engagement ring up to a certain amount, say $1,000 or $1500. Which means if your engagement ring gets stolen in a burglary or damaged with a fire in your home, you only get to claim a fraction of the actual value of the ring – not good at all. Additionally, many insurers do not provide cover for your precious ring when anything happens to the ring outside of your home. So, you’re entirely on your own if anything happens to the ring when you’re travelling.

Standalone Engagement Ring Insurance

A standalone insurance is an engagement ring insurance that covers your engagement ring as a single item with a good jewellery insurer. Yes, consider taking out a standalone insurance with a separate jewellery insurer to avoid ‘long stories’ when you accidentally lose your ring or it gets stolen while you’re travelling or away from home. More still, if you have a diamond engagement ring or any other type of expensive ring, then you need to get a standalone insurance right away or else you’ll only have yourself to blame if anything happens to the engagement ring you saved your two months salary to purchase.

The beauty of a standalone engagement ring insurance is that there are no excess deductions. You get a complete pay-out that matches the value for your engagement ring when it’s damaged, accidentally lost or stolen. Plus, almost, if not all separate engagement ring insurers provide coverage for your ring wherever you’re in the world.

So, which one is the better option? Engagement ring insurance with home contents or as standalone? I leave you to be the judge of that! We provide both Standalone and contents insurance for your jewellery so please get in contact with us for more information.

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For a preliminary ring insurance quote, please either enter your details on the contact form or call us.

more information about insuring an engagement ring

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