Insuring Your Diamonds & Jewellery

Insuring Your Ring

Home and High Value Jewellery Insurance


Will my new purchase be covered by my existing household insurance policy? It's one of the most common questions asked by customers who purchase from England Diamond, but surprisingly, many leave it until accidental damage occurs before taking out a policy. Aside from the monetary value of your ring, there is a sentimental attachment that can never be replaced, which is why insurance cover should be high on your priority list once the engagement celebrations are over. Many companies make special amendments for expensive items of jewellery, so even though everything else in your home may be insured, there's a possibility your ring won't be!

The Importance of Regular Valuations

According to British statistics, the value of diamonds has increased by over 44 percent since 2007. Despite these rising values, relatively few consumers are altering their insurance policies in line with changes, meaning, they could effectively suffer huge losses if a ring is lost or stolen. Nothing can ever truly compensate for the sentimental value of your wedding and engagement rings, but with regular valuations, you'll at least have the peace of mind you'll be compensated in the event of theft, loss or accidental damage.

Home Contents Insurance

If you are thinking about insuring your recent engagement or wedding ring purchase, there are numerous options open to you. Firstly, you could list the ring as an item of high value on your home contents insurance policy. Some companies may require you to pay an additional premium for this addition, however, it will usually include cover for loss and damage both within, and outside your home. If you travel abroad often, its worth checking whether your insurer offers cover for overseas travel. Again, some may charge an additional premium for this (increasing your overall policy by as much as 20%), whereas a specialist jewellery insurer would not. Lastly, you should ask your insurer whether your policy will cover damage caused by a medical emergency – that is, an emergency which necessitates the ring being cut away due to swelling or injury. Not all policies will encompass such incidences, so it's always worth checking how much cover you'll actually get for your money!

High Value Jewellery Insurance

A growing number of diamond jewellery retailers now offer insurance in addition to your ring purchase - often underwritten by a nationally recognised, specialist insurer. If you consider your diamond ring to be an investment or possible family heirloom in the future, high value jewellery insurance may be a better option, since policies usually encompass far more than theft and loss.

There is a marked difference between the criteria for home and high value jewellery insurance policies, which is why we always recommend reading the small print. Some insurance providers have strict rules concerning the minimum value they will insure, so if your ring alone does not meet this, it would be wise to consider including other items of jewellery on the policy too. Consumers should also be aware that high value jewellery insurers may have stipulations regarding regular ring valuations, and should be prepared for this small annual outlay, in return for an affordable premium. Key benefits of most high value jewellery insurance policies include 'worldwide' cover (for overseas travel), accidental damage, and insurance against car theft and mugging.

If you are interested in taking out a high value jewellery insurance policy, consult with an expert here at England Diamond. We'll be happy to point you in the direction of accredited providers who can offer competitive quotes.

For further tips on caring for and storing your ring, visit our invaluable page on “Diamond Ring Care and Cleaning” here.





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