Why Should You Get Jewellery Insurance for Your Engagement Ring?

Solitaire engagement ring

Your engagement ring is one of the most important and expensive items you’ll own. Engagement ring insurance tends to be at the bottom of your priority list when purchasing this type of jewellery. However, it’s important that you are prepared for all scenarios, in case your ring gets damaged, stolen or lost.

When it comes to engagement ring insurance, Diamond Heaven have partnered with the top jewellery insurance company in the country, T.H March. Once you’ve made your purchase, T.H March can insure your ring so that you are prepared and covered against any unexpected situations.  

In this article, we will cover why you should get jewellery insurance for your engagement ring.

Do I Need Engagement Ring Insurance?

Yes. Once you’ve bought your engagement ring, you should get it insured as soon as possible. 

There are a couple of options you can choose from; you could look at whether your ring is covered by your home contents insurance policy. The other option is getting a standalone engagement ring insurance policy. 

Whichever insurance option you decide to go for is entirely up to you. It's worth doing your research and looking at different insurers to compare different quotes and policies so that you get the right price and cover for you.

How Does Engagement Ring Insurance Work?

Engagement ring insurance works in a similar way to insuring other types of jewellery. However, it’s worth noting that no two insurance policies are the same. You want to make sure that you ask questions with several different insurers so that you get the right policy to cover your engagement ring.

When comparing what insurers would usually cover for an engagement ring, it should include the following:

  • Accidental damage
  • Loss and theft – Lost your engagement ring at home? Within the engagement ring insurance policy, you need to make a claim with the provider and make sure that the policy you have ensures that you have enough money to replace the ring.
  • Loose stones or diamonds

The loss of an engagement ring may involve several scenarios, which includes wearing the piece of jewellery while gardening, swimming or cooking. With theft, it could involve someone stealing your partner’s ring at home or abroad, whether that’s at a hotel or the beach. 

Knowing what’s not covered with your engagement ring insurance policy is just as important as what’s included in the policy. Here’s some of the things that may not be covered;

  • Cosmetic damage (scratches and dents)
  • General wear and tear
  • Losing your jewellery at home – your insurer is likely to view this as ‘misplaced’.

Will My Engagement Ring Insurance be Covered if I go Abroad? 

One of the things you need to consider, particularly if you want to pop the question abroad, is if the policy you have for your ring is covered overseas. If you decide to go with a specialist engagement ring policy, then it will give you cover both inside and outside the UK.

How Much is Engagement Ring Insurance? 

The cost of engagement ring insurance is dependent on various factors, but it’s mainly dependent on the cost of your ring. If you’ve spent a lot of money on your engagement ring, then it will cost more from an insurance standpoint to replace.

You should make sure that you appropriately cover the value of your engagement ring and have it valued annually by a reputable jewellers to ensure your ring is fully covered in the event that your ring is lost, stolen or damaged.

Insure Your Engagement Ring with Diamond Heaven

Getting the right insurance for your engagement band can be tricky, but it can give you peace of mind, knowing that your ring is protected. 

Buying your engagement ring soon and wondering whether to get it insured? Let our experts in our showrooms across the UK answer any questions you may have around getting jewellery insurance for your engagement ring.

Book an appointment at a showroom near you and we’ll make sure you have the right insurance so that your ring is protected from being lost, stolen or accidentally damaged.

Can’t afford to buy your engagement ring in one payment? Our 0% finance option allows you to spread the cost of your jewellery for up to six months with a minimum 10% deposit.