It may seem to take the romance out of your proposal but it’s important to get your engagement ring insured as soon as possible after he gets down on one knee. Your engagement ring is probably the most valuable piece of jewellery you own, both in terms of sentimental and monetary value, and so you should protect it against all eventualities. While you're at it, you should probably look into wedding insurance to make sure you're covered for all eventualities.
What you need to know
There are two ways to get your engagement ring insured:
- Put it on your household insurance or under contents insurance
- Get separate insurance from a broker that specialises in jewellery
Either option are perfectly fine, but it all comes down to price and what is covered under the policy. Alternatively, if you’re getting wedding insurance, you can ask if your engagement ring can be included, but it usually isn’t.
You will need an appraisal and certificate detailing the value of the ring. It’s also worth your while having a few decent photos of the ring kept safe with your appraisal if the inevitable happens.
Adding your engagement ring onto your household insurance adds roughly €20-€50 onto your premium but this cost depends on the value of the ring.
Check if the ring is covered if you lose it accidentally or only if it’s stolen.
What if it gets damaged?
Check if the ring is covered when you’re on holidays abroad or just in Ireland.
Find out if there is an excess on your policy.
Will you get a repair, a replacement, or a cash settlement? In most cases, insurance brokers will replace or repair it rather than offer a cash settlement. Therefore it is very important not to over-insure you’re ring, as you won’t get the extra money back.