With the number of couples due to get engaged this Valentine’s Day in the hundreds of thousands there will be much anticipation and anxiety in advance of the big day but in the midst of all this excitement choosing the appropriate insurance may fall through the cracks.

People typically spend a full month’s salary on an engagement ring and with home insurers setting limits on the amount you can claim for a single item, your ring could very well be in excess of that amount.

Additionally for couples whose engagement has matured, the value of precious stones, and in particular gold and silver, has risen to the point where if you haven’t had your engagement ring valued for many years it will probably be worth much more than it was. So in the event of the ring being lost, stolen or damaged, you might only be able to claim for a fraction of its true worth and have to replace it with an inferior ring.

Adam Powell, Head of Operations, Policy Expert:

“Your engagement ring may hold greater sentimental value than anything you own and getting the appropriate level of insurance is vital to ensuring that you are not forced to accept a replacement of less value”

“If you’ve had a piece of jewellery ruined by a precious stone falling out, you’ll no doubt want to try and replace it with exactly the same type and quality. When looking for the right cover, you should be wary of policy claim limits, clauses regarding restrictive claim circumstances and the rules regarding replacements”.

Top Tips from Policy Expert:

1.     Check your claim limits

Your home insurance policy documents should tell you what your individual item claim limits are. For standard policies this is typically in the region of £1,500 to £2,000.

2.     Get your ring valued

With values constantly changing most people are probably unsure of what their engagement ring is worth. It’s best to get two or more to be most certain of its value.

3.     Specify that you have an engagement ring

It’s important that your insurer knows you have an engagement ring, whether it’s of a high value which exceeds the insurer’s standard claim limits or not.

4.     Separate, stand-alone cover is available

Separate jewellery cover is available from a number of insurers, and certainly provides you with even greater protection, and for an increased number of circumstances in which a claim might occur, than more general home cover policies.

5.     Matching sets

Jewellery that includes gemstones should be considered a matching set because if it loses either the stone, or material surrounding the stone, it wouldn’t be the same. Look for insurance which allows claims for matching sets and what the restrictions are.

About Policy Expert:

Policy Expert, which launched in 2011, is the next generation of insurance provider. It is a customer centric company founded by insurance specialists who understand the industry and the needs of their customers.

The insurance professionals at Policy Expert have genuine passion for making sure people get the cover that’s right for them.  A one size fits all policy doesn’t provide the flexibility that customers want. Policy Expert can adjust cover levels, add features or bolt ons, or even change excesses to ensure customers get the right policy to fit their needs.

Policy Expert speaks the customer’s language, not the industries. Their commitment to clear customer communication saw them awarded a Crystal Mark from the plain English Campaign. They’re the number 1 rated home insurer on reviewcentre.com

As an online and telephone-based insurance provider, based in London and Milton Keynes, Policy Expert has a dedicated customer service centre filled with insurance experts, who keep customer satisfaction at the heart of everything they do.

Policy Expert is a trading name of QMetric Group Limited, registered office 32-38 Dukes Place, London, EC3A 7LP. Registered in England and Wales, company no. 07151701. QMetric Group Limited is regulated and authorised by the Financial Conduct Authority (FCA) FCA registered number 529506.