Engagement Ring Insurance UK – All You Need To Know About it
7 mins read

Engagement Ring Insurance UK – All You Need To Know About it


You are now husband and wife!

But when you and your significant other say ‘yes,’ the last thing on your mind will be insuring your engagement ring. Yes, I am talking about engagement ring Insurance UK.

The bigger the ring, the bigger the responsibility.

What happens if you lose it?

What if it gets stolen?

What if the stone falls off?

This is where engagement ring insurance UK comes in.

Here’s everything you need to know about engagement ring insurance in the UK:

What is Engagement Ring Insurance UK?

Engagement ring insurance is a risk management contract whereby you protect yourself from the repercussions in the event of loss, theft, or damage of the item. Most policies extend to all jewellery items submitted under the coverage and result in cost reimbursement, replacement, or repair of the said item.

What is The Cost of Coverage For Engagement Ring Insurance UK?

Did you know that 11% of couples have lost an expensive ring in the last 5 years, while 12% report it as damaged?

But these statistics only cover people who know about insurance. Understandably talking about insurance, especially in such a romantic moment or time is pretty low. But it is necessary.

The actual rate is determined based on multiple factors that include the value of the ring, your address (rate of theft in the area), and whether your policy has a deductible. It is good to remember that policies with no or lower deductibles will have higher premiums.

Typically the insurance cost will be between 1-3% of the item value. So, on average the engagement ring insurance UK will be £1 to £3 for every £100. So, if your ring is about £10000 then your premium will be £100 – £300 a year.

Is My Engagement Ring Insurance UK Covered with Contents Insurance?

Yes, in some cases your ring could already be included in your contents insurance. But this depends on whether you have added it to cover out of home, and the valuation of the ring. If you want to know if it is already insured or not, check what the coverage is like for items of similar pricing. Your contents insurance is bound to cover items that are less than the limit decided upon.

Contact your insurance provider to find out about your content policy, and whether an engagement ring is covered in it or not.

Getting Standalone Insurance Coverage:

In case you are unsure about your contents insurance or want that extra support, then go for a standalone policy. Even though this may cost a bit more, this ensures that your ring is always secure. This means that your coverage will be more.

No matter what insurance you get – you need to read the policy.

Choosing the Right Coverage Provider:

When choosing engagement ring insurance UK, you have two options available – purchasing an extension with homeowners or renter’s insurance, or a policy through an independent company.

Specifically for expensive jewellery like an engagement ring, it is best to go through an independent company. This way you are ensured for the exact item instead of a group of items. Also, when you club your jewellery insurance with your homeowner’s insurance it can raise the premium for the entire policy and can even affect the renewal.

How To Find The Value of Your Engagement Ring?

When thinking about insurance for your ring, the biggest question that comes to mind is – what is the cost of the ring?

Now, if you ask people about its value, most will say it is priceless because of the sentiments attached. But for insurance purposes, you need to know the actual cost. If your ring was purchased in a shop recently, then you can find out from the bill (in case your fiancee purchased it, then he/she will have it with them).

But in certain cases, the ring may be an old family heirloom. So, then you will need to visit a few jewellery stores to know the actual price. Once you know the cost of the ring, take the valuation or the bill along with photos of the ring as when it was insured and keep it safe. The photos are key as they are used as the base for the evaluation of the ring and the policy premium.

Getting Your Diamond Certificate or Grade Report

If your stone is half a carat or larger, then you will be provided with a grading report or a diamond certificate. These are given by independent gemological institutions such as Gem-A or the Gemmological Association of Great Britain. This report or grade tells you the diamond colour, clarity, cut, and carat (the 4Cs). Also, each diamond has its own number that is marked in the report. This is a major help in case the ring gets stolen.

Check Your Appraisers Credentials

When getting your ring appraised look for reputable appraisers. Check if they have a degree in gemology and are a member of the National Appraisal Society. Look for their reviews and see some of their own products to make your decision.

Also, make sure that the appraiser does not inflate the value of the ring. Then not only will your documentation be incorrect but it will also increase your premium amount.

The best advice is to get your engagement ring evaluated every three years.

But before you look at buying engagement ring insurance in the UK, here are some questions you need to ask to decide what is best for you:

1. If your ring is damaged, can you pick the repairer for the ring?

2. If your ring is stolen, which jewellers can you go to when buying a new ring?

3. What happens when you don’t find a ring that matches or one that you like?

4. How can you prove if the ring is stolen?

5. In what situations is the ring not covered?

6. Is the ring ensured when you travel outside the country?

7. Does the insurance cover all damages or just theft and loss?

Before you agree to engagement ring insurance UK, make sure that you understand all the policies thoroughly. Do not skim through the policy as it might contain clauses that will not help you in the actual loss or theft of the ring.


Engagement ring insurance UK might not be the most important aspect of your happy engagement. But it is important. So, get it done before you start planning your big day and you won’t have to think about it again until the renewal time. and if you have any further queries feel free to leave them in the comment section and I’ll try to answer them as soon as possible. 

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