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What is Engagement Ring Insurance?

Looking for the best engagement ring insurance? We understand that your engagement ring is one of your most prized possessions. Our comprehensive range of insurance policies gives you the peace of mind to wear your engagement ring when and where you want. Whether it’s a purchase from Boodles, Graff, Tiffany, Cartier, Beaverbrooks or any other, it’s essential you have comprehensive engagement ring insurance coverage.

Engagement ring insurance is a specific stand-alone insurance product which comprehensively protects your ring. With Stanhope, you can choose from either a standalone bespoke policy or inclusion within our High-Value Home Insurance policies. We will offer a recommendation depending on your unique needs. In other words, our experienced team will provide you with the policy that best suits your needs.

If you want an indicative premium only, explore our engagement ring cost calculator.

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Why do you need engagement ring insurance?

According to our engagement ring guide, buying or receiving an engagement ring is one of life’s special occasions. If you are going overseas to propose or are planning a long engagement, you must have the right level of cover in place.

A standard home insurance policy will not cover any jewellery outside the home; you must add personal possessions at an extra cost. Additionally, if your item is valued over £10,000, most household products cannot cover it.

An engagement ring is worn every day and is therefore vulnerable to loss, theft, and, above all, accidental damage. A comprehensive engagement ring insurance policy will give you peace of mind so you can enjoy wearing it no matter where you are and regardless of its value.

The main benefits of an engagement/eternity ring policy

  • Instant cover available whilst waiting in the jewellers.
  • Worldwide Coverage of up to 60 days is available.
  • Accidental Damage, Theft, and Loss as standard.
  • Cover available up to £10,000,000.
  • Cash or replacement option.
  • No excess to pay in the event of a claim.
  • The minimum premium is only £109 for the year.
  • Hassle-free quote and buy – takes less than 5 minutes!
  • Replacement of home security, up to £1,000, in the event of a theft from the home

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Our stand-alone engagement ring policies include:

  • Worldwide coverage is the standard, with no limit on travel.
  • Accidental damage and loss cover included.
  • Fire, theft and attempted theft cover included.
  • Cover away from the home as standard.
  • Replacement on a like-for-like basis or variable cash settlement (no vouchers!).
  • The item is fully covered if it is being repaired or restored by an approved jeweller.
  • £0 Excess at the point of claim
  • New acquisitions covered at the point of purchase (see policy limits)
  • Valuations dated within five years of policy inception accepted compared to three years with other stand-alone insurers.
  • Claims service included – as your broker, we will negotiate any claim on your behalf with the insurance company.
  • Replacement of home safe if broken during theft or break-in.
  • Automated documents, sent within minutes of setting up cover.

What is the basis of settlement, and why is it important?

Typically, most household insurance products will replace an engagement ring with a gemcard voucher at the point of claim. You can only replace a lost or stolen engagement ring at certain stores nationwide, reducing the likelihood of a like-for-like replacement. With a specialist engagement ring policy, you will benefit from a comprehensive basis of settlement, including:

  • Have your item repaired or restored if possible, or
  • A replacement of an item, as per the approved valuation document issued to us or
  • A cash financial settlement up to the amount on the schedule if a replacement is not possible (details of cash settlement vary depending on the product selected)

In other words, with a specialist engagement or eternity ring policy, you’ll be put in the same position as before the loss, should the worst happen.

Our claims are handled on a dedicated Stanhope claims helpline, ensuring the best possible service.

Engagement Ring Insurance Guide

For more information about insuring your engagement ring, including whether it is best to do this on its own or as part of your home insurance, you can read our Engagement Ring Guide, written by Matthew Ashton.

Engagement Ring Insurance FAQ’s

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Will you help me keep this a surprise?

In short, yes! Many clients contact us before they propose to their partner. We handle each enquiry carefully, ensuring we do not spill the beans on the big occasion. Whether you have not proposed yet or do not want your partner to know the actual value of the ring – don’t worry; we’ll have your back.

Do you have any safeguarding tips for my engagement ring?

The safest place to keep your engagement ring is on your finger, in a cash-rated home safe, or in a bank safe. We recommend having a safe at home anchored to the ground or wall should it be needed when it’s not worn. That said, a safe requirement usually kicks in when an individual item’s value exceeds £50,000.

Do I need a valuation for an engagement ring?

If you claim an insurance policy for loss, damage or theft, you will be asked to provide a valuation or receipt. It is best to have a valuation certificate for a high-value item like an engagement ring. The price of diamonds and gold often fluctuates, so you don’t want to rely on your receipt to see if your jewellery item has increased in value since you purchased it. We recommend obtaining a professional valuation from a professional guild or union member. You can also get a valuation from a specialist or high-street jeweller.

What are the common exclusions on an engagement ring policy?

Stand-alone insurance policies attract, for the most part, much lower annual premiums than standard household insurance policies. Which, when combined with the high risk of accidental loss away from the home, attracts increased underwriting scrutiny. As a result, stand-alone insurance will typically:

  • Not offer cover for those aged under 21
  • Exclude items when an approved valuation cannot be submitted within 28 days of policy inception
  • Not cover watches on their own but only as part of a jewellery and watch collection
  • Refuse to offer cover if there have been more than two jewellery claims within the previous five years
  • Decline to quote if the item has been owned for many years but has not been insured

Can you cover me if I live at a different address to my fiancée?

Yes, we can. We will put your fiancée as the main proposer on the insurance schedule and their address as the risk address. We will note your address as the correspondence address, alongside your email address and telephone number, to ensure all correspondence gets sent to you!

Can I pay for my policy on a monthly instalment basis?

Yes, you can. We use Close Brother Premium Finance and currently charge 7.75% interest (22.92% APR)—correct as of 20.09.2022. We request a 20% deposit upfront, and the remainder is spread across nine monthly payments.