Wedding and Engagement Ring Insurance
How to insure an engagement ring and wedding rings
Your wedding and engagement rings are two of the most important in sentimental terms and, notwithstanding a house or a car, possibly expensive items that you'll ever buy. The question is, how do you go about insuring your engagement rings and wedding rings and whats the best way to do so.
General Engagement Ring And Wedding Ring Insurance
Many general companies who offer domestic cover and home insurance will happily put your wedding rings and engagement rings on your policy. This is fine, but there are a number of things that you should be aware of when placing jewellery items on a generalised insurance policy.
Firstly, whilst they are quite happy to take your insurance premium for your engagement ring and wedding rings on the house insurance, many general companies will not simply give you a cheque when you lose them. Its much more likely that they will either:
- Arrange for your ring to be remade for you by their own designated jewellers overseas.
- Offer you vouchers which can only be spent in certain high street jewellery shops.
- If you insist on having cash (which is your right), they will take into account the wear and tear of the items and give you a cash settlement which on average amounts to around 40% of the value they may offer for A or B above.
In many situations this may not result in you getting the wedding or engagement ring back that you started out with, or indeed had insured at the value you thought it was worth. Before actually giving you any settlement, they will normally assess the value of your loss using their own appointed loss assessor or company dedicated to these types of losses. These companies usually value on the low side for a cash settlement despite what your valuation might say.
Many victims of crime feel that not only have you been robbed of your personal possessions in one of the most invasive ways possible, you have also been ripped off by your general insurer when it comes to your jewellery insurance payout.
Why is wedding and engagement ring insurance such a nightmare?
Well, most insurance companies like to get the items that you have insured with them replaced as cheaply as possible as in many cases this means that your wedding ring insurance or engagement ring insurance policy will dictate that your replacement is made in an overseas workshop, sometimes with inferior metals or stones, and may not adhere exactly or even at all to the original design specification. Replacing new for old therefore means you can be getting something quite inferior to your original.
Additionally, the majority of high street stores have their rings made overseas too as this is the cheapest way to get items manufactured; this why high street stores stock them as the profit margins are high. So actually getting vouchers for the designated stores in lieu of your loss will have the same effect. Of course, your jewellery insurance in this case is such that the insurance company makes a deal with the stores they prefer and they are getting a huge percentage off whatever the face value of the store vouchers are worth.
If you do choose to use a domestic insurance company to insure your wedding or engagement rings then make sure you read the small print on your policy which will tell you what to expect if you do lose your rings. Also you will need a fair valuation which represents the actual worth of your wedding and engagement rings for insurance purposes. You don't want to be over insured or under insured so make sure the jeweller who values your rings for insurance purposes is capable of doing this.
Insuring engagement rings and wedding rings using a specialist jewellery insurance company
There are specialised jewellery insurance companies in every country and they can be found relatively easily. Normally these companies will require an up to date detailed valuation from a reputable jeweller, and they may charge a slightly higher premium than normal for insuring your wedding and engagement rings but in the long term this will be well worth the cost. This is particularly the case if you have bespoke wedding or engagement rings that were made especially for you or have intricate designs or rare stones. In these cases an insurance company will pay a jeweller directly to remake your ring for you, often with your input and consultation. In most cases, it will (or should) be the same jeweller who made your rings for you in the first place. This means that your precious rings can be replaced as exactly as they were before loss. Perfect wedding and engagement ring insurance, just like it should be.
General advice for insuring engagement rings and wedding rings
No matter whether you choose to use a general or specialised wedding ring insurance company, there are some things you can do which will make things much easier if the worst does happen and you lose your rings; or indeed may indeed help stop loss of your precious rings in the first place.
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1. Get regular insurance valuations for your rings.
Most wedding and engagement ring insurance companies will ask for these annually or bi-annually as a matter or course, but it doesn't hurt to keep on top of this yourself. With rising metal and precious stone prices your wedding and engagement ring valuation can change very quickly, sometimes in a matter or a few months. When your rings are valued, make sure, wherever possible that the following are included:
- A. All stone sizes in millimetres or carats as applicable. If your ring has stones then, if you have one, give your gemological laboratory report to the valuer. If this is not feasible, then adequate appraisals and grading of diamonds or other stones should be carried out by the valuer.
- B. Metal weight, hallmarks and dimensions. A simple description of the ring alone is not suitable - more than a few jewellers seem to think it is.
2. Take photographs
Take photographs of your rings, or if you cannot do this, ask your jeweller to do so (they may charge for his service). Photographs will help a jeweller recreate your insured wedding rings or engagement ring exactly if it is lost.-
3. Keep Rings Safe to Reduce Insurance
Take measures to keep your wedding and engagement rings safe when in the home, not just when you are wearing it outside. Most jewellery is lost as a result of house thefts, and so its worth considering a safe to keep your jewellery in. Its also worth overseeing locks on windows and doors in your home to make sure that its secure. Your insurance premiums will normally be reduced if you can show you have an insurance grade safe installed. -
4. Update Ring Valuations
If you own antique or vintage engagement ring, keep an eye on auction results and make sure your valuations are updated accordingly. Look around for a jeweller who specialises in antique and vintage jewellery valuations who can give you expert advice on the value of your pieces. -
5. Check Ring Stone Settings
Ask your jeweller to check stone settings in your engagment rings on a regular basis. This will help identify any stones which have become loose before they run the risk of being lost. Also, if you lose weight, get your jeweller to check that the size of your wedding or engagement ring, and if necessary resize it to help prevent loss. -
6. Registered Valuer for Jewellery Insurance
Make sure anyone that is working on your ring or jewellery insurance valuations is up to the job. In the UK there is the National Association of Goldsmiths' Registered Valuer Scheme which gives you some assurance that the jeweller valuing your rings for insurance purposes knows what they are doing. However, in some cases where your rings are not standard, then you might want to seek out a specialist in that area - for example a bespoke jeweller can give you a valuation based on how mush it would cost to remake your ring.
All in all, with your most precious jewellery, as well as taking precautions to safeguard against loss, obtaining good wedding and engagment ring insurance will ensure that if the worst happens you aren't left high and dry, disappointed and very upset. Take the time to explore the best options for your jewellery insurance and you'll be well covered!!