Things you didn’t know about insuring your engagement ring

There are few things more romantic than getting engaged over the festive season…

Engagement Ring
Photo Credits Shutterstock 

 

There’s good cheer in the air, family and friends have gathered from far and wide, and the atmosphere is filled with happiness. There are also so many unique opportunities to pop the question in a memorable way during this time of year, like using a Christmas tree ornament to hide the ring in or reciting a festive poem to propose. You can’t do that in May or August, but it makes perfect sense in tinsel-covered December.

Once you’ve bought the ring and placed it on your beloved’s finger, there’s a small matter of making sure that you’ve insured the sparkler itself. By and large, around 42% of South Africans spend less than R12,000 on an engagement ring. Some people spend a lot more and some spend less. The thing is, if you’ve forked out any amount that you’d find hard to cough up again if the worst happens, then it makes sense to get insurance.

They might say that diamonds are forever, but the reality is that they’re actually easily stolen or lost. That’s why it’s important to explore your options, which we can help with. Here’s a decent rundown on how to insure an engagement ring, plus some great proposal ideas (in case you’re still in the planning stage).

The policies suitable for engagement rings

There are typically 2 policies to choose from: Home contents insurance and portable possessions insurance. In both cases, you’ll need to specify the ring on the policy to insure it for its replacement value against theft, accidental loss or damage.

It’s worth noting that home contents insurance tends to be a bit more expensive, because a lot more is covered under the policy. Also, when it comes to home contents, you’ll need to check with your insurer to see if your ring is covered when you wear it away from home or while traveling overseas. You might only have cover if the ring stays in a safe, so it’s good to check these things out.

If you do plan on traveling or you don’t want (or need) home contents insurance, then portable possessions insurance could be your answer. It’s often less expensive and a policy like this 1 here will enable you to specify your sparkler and cover your ring wherever you go.

How much to insure your ring for

The second thing that you need to know, is how much you should insure the ring for. We recommend that you choose the ring’s accurate replacement value. This way, if something happens, you’ll be able to replace it with a new, similar ring of the same quality.

If you don’t know the ring’s value, then you can get it appraised by a jeweller. This is handy to know, because actually, your ring’s value will most likely change over time, so it makes sense to get it appraised every 5 years. Then you can update your policy with the new value so that your ring is always correctly insured.

The documents your insurer needs

Now that we’ve spoken about a ring’s value, we need to sort out what it is that you need to have in order to insure the ring. The first thing you’ll need is your ring’s appraisal document. When buying a ring, an appraisal or valuation certificate should come with your receipt. If you don’t get this when you buy the ring, you can take it to a jeweller for an appraisal and the proper certificate.

Not only will your insurer require a copy of this certificate to prove the ring’s value, but they’ll also need to know if your ring is 1 of a kind or if you had it designed, as well as the details of the ring and who the jeweller and designer are. Without these details, any claim you make could be in jeopardy.

Having given you the main points about insuring an engagement ring, we figure that we should also help you with some festive proposal ideas. Just to make sure that this is a truly wonderful experience that you’ll remember for the rest of your life.

Here are some festive proposal ideas

  • The present proposal: Pop the ring in a gift-wrapped box and hide it under the tree, or place the ring box inside a larger box, inside an even larger box for added mystery.
  • The family gathering: Sharing this moment is sure to make it even more special, especially if you both or either of you have children and want to involve them in the proposal, so gather the troops and bend the knee when you’re all together, celebrating the season.
  • Christmas gift treasure hunt: Hide the ring box and hand out clues, or even hide many fun and meaningful little gifts that lead up to the main present.

We understand that planning your insurance pales in comparison to the romance around getting engaged and planning your honeymoon, but it’s just as important. If you want to get a head start on sorting this out, then start here. Click here for jewellery insurance that’s as good as gold and super cheap.

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