The
 average engagement ring costs £1,500, according to esure, yet many of us forget to get adequate cover in case it is lost or stolen. Johanna Gornitzki offers some tips on ensuring your rings – and other jewellery – is covered.

While you can never replace your ring’s emotional value, there are ways you can insure its monetary value.

David Rochester, head of underwriting for Halifax Home Insurance, says many people assume jewellery will be included under their home insurance – but this isn’t necessarily the case.

“When planning a romantic proposal, insuring a valuable gift is not necessarily the first thing that springs to mind, so we are reminding people to make sure expensive jewellery is fully covered both inside and outside the home,” he adds.

First, get your ring valued by a jeweller, who should give you a valuation certificate.

Then check if it’s covered by your home and contents insurance policy.

Julie Owens, head of home insurance at moneysupermarket.com, says: “The single-item cover limit on your policy may be set at a high enough level to cover the ring.”

Remember, a standard home and contents policy would only cover your ring within the home, so if you want to ensure you’re also covered when you’re away from home, add personal possessions cover to your contents insurance.

Ask your insurer to list the ring as a specified item on the policy – the cost will depend on its value. But always check the terms and conditions as they will vary between different providers.

Even if you have got home contents insurance, you might be better off buying a standalone insurance policy through a specialist such as TH March.

Brits spend an average of £1,800 on an engagement ring, according to M&S Home Insurance. However, if your ring – or another item of jewellery – is worth more than £1,500, then it might be worth taking out additional specified items cover to ensure it is fully protected.

Once you’ve got your insurance, take a photo of your ring, as this will help your insurer to process any claim more quickly.

Finally, if you lose your ring, inform your insurer immediately, and if it’s stolen, contact the police and get a crime reference number, as this is essential for a theft claim.

By Johanna Gornitzki, MoneyWise.co.uk

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