Engagement rings have been in the press recently – but not always for the happy reasons one might expect! No, it’s the growing trend for purchasing fake rings (or ‘dupes’) that has caught the attention of the media.
The premise seems simple: in tough financial times, purchasing a cheaper ring – rather than an expensive piece with a precious stone - has obvious appeal. Whether it’s because the proposing spouse is concerned their future husband or wife won’t approve of their jewellery choice; because the happy couple are looking for a way to save money; or because the ring-wearer is worried about becoming a target for theft, there is now such demand for ‘fake’ engagement rings that certain jewellers specialise in selling low-cost pieces (or can even create alternative, less valuable versions of existing engagement rings [also known as ‘dupes]).
But if you have a beautiful ring with a precious stone, what are the risks? Is it really necessary to leave it at home when you are out and about or travelling – or are there protections you can purchase so that you can wear your favourite pieces without worry?
Do I Need Special Insurance for My Engagement Ring?
If you’re asking whether it is safe to wear your real engagement ring when going about your everyday life, the great news is ‘yes, probably’, provided you have Household Insurance! What most people don’t realise is that many valuable items are actually already covered under their standard Contents Insurance, within the ‘Personal Possessions Cover’ section (and that your policy covers you when you’re outside of the home; and, in many cases, even when travelling).
However, there are things to note. Generally, there will be a ‘Single Item Limit’ for Personal Possessions Cover - meaning that you’re only covered up to a certain value per item - and this depends on the insurer and their product, so do read the fine print.
Within Personal Possessions Cover, there are two sections: ‘Unspecified Items’ and ‘Specified Items’. When the value of an item falls below the Single Item Limit, it would be covered under the Unspecified Items section – for which there is a set sum insured. Again, this limit depends on your cover: it might be something you can set, or it might be set automatically. If the value of your engagement ring falls within this pre-determined range, you will not need to list it separately.
Conversely, if the value of your ring exceeds the Single Item Limit, you will need to speak with your insurer and list it separately within your policy for it to be covered for its full worth. In order to do this, your insurer will require an up-to-date valuation of your ring (from within the last five years).
As mentioned earlier, items are covered outside the home as standard. That said, the range of cover will depend on your individual policy; for example, some insurers cover possessions worldwide, whereas some will only be within Europe or the United Kingdom/Channel Islands. In addition, there may be a time limit: sometimes the item will only be covered for a certain period of time when outside of the home (e.g. sixty days). If you’re travelling with your engagement ring and you wish to extend this time period, you will need to speak to your insurer directly.
Regardless of your situation or plans, it can bring great peace of mind to know you’re able to wear the jewellery that you love without fear or worry, wherever you are in the world – so we highly recommend taking the necessary precautions.
Do you have high-value or sentimental possessions and are concerned about taking them out of the house? Don’t hesitate to speak with Cherry Godfrey today. Our expert team are on hand to talk you through our comprehensive Household Insurance options, ensuring that you feel safe and secure whether you’re inside or outside the home.
