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How do I insure my engagement ring?
Now that you’ve got a wedding to plan, finding engagement ring insurance might not be at the top of your to-do list. However, because engagement (or wedding) rings are often big-ticket items, making sure they’re covered in the event of damage, loss or theft may be something worth considering.
Luckily, that’s where we come in! Here at AAMI, we know a lot about insuring the things that matter to you. We’ve put together this list of useful tips and tricks about engagement ring insurance.
So, without further I do…
Home and contents insurance will cover your engagement or wedding ring from insured events at your home up to a specified amount. With AAMI, jewellery (including watches) has a flexible limit of $2,000 per item or set, up to a total of $5,000. If your ring is worth more than $2,000 you can choose to increase this limit for an extra premium. Your ring will then become ‘specified contents’ and be shown on your certificate of insurance.
If you’re after a little more peace of mind, consider adding the optional Accidental Damage at Home cover to your home insurance for an added premium. Whether you damage the band or lose it down the drain, while at home this optional cover will protect one of your most precious items from accidental damage and loss.
If the unforeseen happens at home, AAMI’s Home and Contents Insurance is on your side. You may sleep a little easier knowing your engagement or wedding ring is insured.
Insuring your ring away from home
More often than not, you’ll be wearing your ring when you leave the house. Home and contents insurance is just that – insurance for your home and the items within it. But what happens when those items are outside the home?
If you’d like to know your ring is covered for accidental loss, damage or theft while you’re out and about, portable contents insurance may come in handy (it could even cover your camera, laptop or phone!). With AAMI Home and Contents Insurance, you can add Portable Valuables Cover as an optional cover. Jewellery you leave home with will automatically be covered up to $1,000 per item, pair, set or collection, but you can specify items worth more than this. So if your ring cost $5,000, you can cover it for this amount for an additional premium.
What’s more, Portable Valuables Cover has your back if your ring is affected by an insured event anywhere in the world. This feature applies for up to 30 consecutive days, while your ring is being worn or kept in a secure safe.
Getting an engagement ring valuation
If you find yourself in a position where you need to make an insurance claim for your engagement or wedding ring, you’ll need to be able to prove that it’s yours and establish its value for replacement. To be able to do these things, you can supply documentation to your insurer in the form of:
- the purchase receipt for your engagement or wedding ring;
- photographs of your ring taken from different angles; and
- a certificate of valuation from a jeweller.
It also doesn’t hurt to have a family member or friend keep copies of these documents, whether in digital or paper form. If you think that your ring has been stolen, it’s important to notify the police and include a copy of their report with your claim.
A note on valuations
If your engagement ring has been purchased from a jeweller, they’ll often provide proof of valuation as a free service if it’s over a certain amount. If your ring is particularly valuable, and you decide to insure it, it may be worth having it assessed every few years to ensure the amount for which it’s covered is accurate.
Generally, if you need to have your ring valued, you’ll be able to seek a free appraisal from a dedicated valuer at an auction house or jeweller. However, the valuation itself may attract a fee for services provided. Be sure to look at the accreditations of your valuer; some providers will have more experience and qualifications than others.
Replacement of one-of-a-kind rings
Most insurance providers will offer bespoke replacement if your engagement ring is one of a kind, and its value is specified on your policy. If this is something you require, your insurer may be able to allow a jeweller to assess the specifics of your claim and ring to suggest a solution for replacement. If it is identified that your ring can be remade bespoke, the jeweller will either reproduce the ring using existing moulds or from scratch.
This is an instance where having photographs of your engagement or wedding rings is a good idea, as they’ll assist the jeweller to replicate the item as best they can. Some jewellers are even able to offer 3D scanning services, which can simplify the recreation process further. Using blue light technology, these scanners create a digital representation of your ring so it can be remade as closely as possible to the original.
Finding your ring after you’ve made a claim
Occasionally it happens: you’ve lost your engagement ring and lodged a claim with your insurer, only to find it again a little while later. So, what can you do if you find your ring after you’ve made a claim? You have two options in this instance:
- If we haven’t replaced your ring already, you’ll be able to keep the original.
- If we have replaced it, we’ll give you the option of either swapping the original ring for its replacement, or, if you’d like to keep both rings, you may be able to buy the original back and have both.
So, there you have it! AAMI’s guide to engagement ring insurance. If you have any questions, visit the AAMI Help Centre to chat with our virtual assistant.
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Insurance is issued by AAI Limited ABN 48 005 297 807 trading as AAMI. Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available.