What Is Engagement Ring Insurance?

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Engagement Ring Insurance Ireland

If you’ve recently gotten engaged, getting insurance for your engagement ring should be part of your financial planning. Engagement ring insurance provides protection if your ring is lost, stolen or damaged.

It may not be the most romantic topic ahead of the big day, but engagement ring insurance will protect that precious sparkler in case something happens to it.

If you wish to insure your engagement ring, you can either take out specialist engagement ring insurance or include it in your home contents insurance policy.

What Is Engagement Ring Insurance?

Engagement ring insurance covers you financially in case your engagement ring is lost, stolen, or damaged.

Your engagement ring can be costly and often has significant financial and sentimental value.

However, with special engagement ring insurance cover, you will have peace of mind that you’ll at least have the option of repairing or replacing your ring should something happen to it.

What Does Engagement Ring Insurance Cover?

Specific engagement ring insurance is available which protects your ring in Ireland and for 30 days abroad.

Engagement ring insurance covers you for:

  • Loss – Because rings are small, they’re easily misplaced. Insurers will require a detailed account of the circumstances before paying out for loss claims, and will require a detailed explanation of the circumstances before approving a loss claim.

  • Theft – If your ring is stolen, you will need to provide documentation detailing how the ring was lost, and report the theft to the gardaí.

  • Accidental damage – If you accidentally damage your ring, your insurer may pay for the replacement costs provided the damage was sudden and unforeseen rather than due to wear and tear.

Insurance providers will cover the repair or replacement costs for your engagement ring in these circumstances, taking into consideration any excess you have included in your policy.

Adding Your Engagement Ring To Your Home Insurance

Protecting your engagement ring on your home insurance is another popular option in Ireland. Your home contents insurance (or tenant’s insurance if you are renting) allows you to insure a high value item as a ‘specified item’ on your policy.

Most home contents policies include a single-item limit. If your ring exceeds this limit, it must be specified individually to ensure full cover.

It is also essential that you ensure that your engagement ring is covered by your home contents insurance on an ‘all risks’ basis. This means that you will be protected when you wear the ring outside your home. You should check with your home insurer whether your ring is covered for accidental damage as well as theft and loss.

Who Offers Engagement Ring Insurance In Ireland?

Voltaire Diamonds offer a ‘Diamond Guard’ insurance policy, which is specific engagement ring and jewellery insurance. 

This policy covers you for repair or replacement of your engagement ring by this company should it be lost, stolen or damaged.

Home insurers will also protect your ring as part of your home contents policy. Insurance providers in Ireland include: 

AXA - Home Insurance
Aviva - Home Insurance
AA - Home Insurance
AIG - Home Insurance
Allianz - Home Insurance
An Post - Home Insurance
FBD - Home Insurance
Liberty - Home Insurance
AIB - Home Insurance
Zurich - Home Insurance

How Does Engagement Insurance Work?

First off, it is essential that you have a receipt for a new ring or a current valuation for an older ring from a reputable jewellery valuer. 

Insurers typically require a purchase receipt or professional valuation. Photographic evidence can also assist in the event of a claim.

This will give you the current value of your engagement ring and your insurer may require it, especially for higher value pieces.

Remember: It is important not to under-insure your ring and to ensure that you are protected for its full value.

If you are including your engagement ring on your home insurance, you must check whether your ring is covered for theft, loss, and damage as well as ensure that you have all risks covered. It is also important to clarify whether your ring is covered when you are abroad, and for how long.

It is also a good idea to check how much the excess is on your policy for your engagement ring. This is the amount you must pay yourself before you are covered by your home insurance. Specific engagement ring insurance may not have an excess.

What Factors Affect The Cost Of Engagement Ring Insurance?

The amount you pay for engagement ring insurance will depend on the following factors:

Generally, the more expensive or valuable your engagement ring, the more you will pay for insurance. Have your ring valued – as jewellery values can fluctuate and it may be worth more than you think.

If you are including your engagement ring on your home insurance as a specified item then you will want all risks covered. You will pay more for options such as accidental damage protection on your policy.

Check what excess is included in your policy. In many cases, you can choose a higher voluntary excess which will mean your insurance is cheaper but be aware that you will have to pay this excess each time you need to claim on your policy.

Your insurer may require a high value item to be stored in a safe, and you may pay less for home insurance if you store valuables in a safe. In any case, the security of your home, such as having security locks fitted and/ or having an alarm will mean that you pay less for home insurance.

If you have made previous claims on your home insurance, you may pay more for insurance cover. It is important to ensure that your home is secure in order to minimise the need to claim on your insurance.

Engagement Ring Insurance FAQs

Sometimes, but you need to check the terms of your policy. Engagement rings can sometimes be included in your home contents insurance, but if the value of the ring is higher than the single item limit set out in your policy, it must be covered specifically.

Not automatically. If you include an engagement ring on your home contents insurance, you may need to include ‘all risks’ cover which will protect you financially if something happens to the ring when you’re not at home.

It depends. Specialist engagement ring insurance may cover repairs, but wear and tear would not be covered on your engagement ring insurance unless you regularly have your ring maintained. This may be a condition of your insurance cover. 

A home insurance contents policy may not cover your ring for repairs, although you would be covered for loss or theft of your ring.

You may be able to add your older (but much loved!) ring to your home contents insurance. It is likely that you would need a current valuation for the ring in order to insure it.

Ideally, you should insure your ring as soon as it is purchased. Whether your fiancée chooses their ring or you buy your ring(s) together, it is best to arrange insurance protection straight away in case the ring is lost or stolen.