Why Insuring Your Engagement ring Is So Important
It’s not very romantic is it? You’re on cloud nine, you’ve just got engaged, the ring is perfect and your future is exciting. The last thing you want to think about is something going wrong.
However, things do happen and without warning. Nobody likes insurance, not really. Because it makes us consider that life might not go to plan. Insurance is our safety net should things go wrong. And, things going wrong is hard enough, without also then being financially out of pocket. Having an insurance policy in place will give you peace of mind that should the worst happen and your ring get lost, damaged or stolen, then at least you will be in a position to replace it.
So, it’s a bit dull, but, my advice is to get your engagement ring insured as soon as you can after presenting it (or before, if you can!)
Engagement Ring Insurance Check List
Many quality jewellers will provide you with a detailed valuation at the time of purchase. This should be a comprehensive document and should be enough for your insurance company. Speak to your insurance company to confirm.
If you have inherited your engagement ring, or you’ve bought second-hand and you have no valuation documentation, seek out a quality jeweller or valuer to complete one for you as soon as you can. Ask trusted friends and family for a referral to someone you can trust. Alternatively, check with The Guild of Valuers and find a valuer near you.
Check your home and contents insurance policy to find out if your engagement ring will be covered under the standard cover and contact them to confirm and if needed to get a quote.
Then, contact a few specialist insurance companies for a quote. Should you ever need to make a claim, my experience has proven that the specialists, though perhaps slightly more expensive do help make the claims process stress-free, fast and as painless as possible.
Make sure you update your valuation documentation every 2-3 years. Having an out of date valuation can have a massive impact upon your claim - indeed, I have seen many clients whose claims have been completely denied because they did not have the right paperwork to back up their claim. Diarise a review of your valuation every 3 years and remember to send it in to your insurance company so you covered for the right amount. Should you ever need to claim, you’ll be glad you did.
My experience - both as a jeweller creating bespoke pieces under insurance claims and also as a valuer providing insurance valuations - means I have heard all the stories; the good and the bad. I also know which companies seem to work for their customers and which seem to work against them.
If you are wanting some guidance for an insurance company, I would recommend TH March Insurance Specialists as well as NFU Mutual, who have always seemed very fair and quick when dealing with claims.
Call 01423 523596 to book your valuation today.