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A guide to insuring your engagement ring

04 June 2019

It’s easier than you might think to damage or lose your engagement ring. Whether you just got engaged or you’ve been married for years, there are a few culprits you should be aware of and prepared for. 

The biggest enemies of your engagement and wedding rings

Fingers often shrink in cold weather, so rings can easily fall off and become lost. The same goes for during a swim!

People lose their rings after taking them off to do things like gardening, exercising, showering, cooking or working. There’s even been reports of faithful Fido mistaking a ring for a snack! So, it might be a good idea to insure your ring at home (or away).

With Suncorp, all you need to do is add personal valuables optional cover to your Home and Contents Insurance policy.

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How to add personal valuables cover to your Suncorp Home and Contents Insurance policy

Your Suncorp Home and Contents Insurance will cover your engagement or wedding ring while it’s at home. But what happens when these items are out and about?

This is where personal valuables insurance can come in handy (and it can even cover things like your camera, laptop and mobile phone!). All Suncorp Home and Contents Insurance policies offer personal valuables cover as an optional extra, which you can add at any time via the Suncorp App  or by logging into your online account.

Don’t forget to specify your ring’s value

Your insurance policy and personal valuables cover will only insure unspecified jewellery items up to a limit of $1,000. However, if your engagement or wedding ring is worth more, it might be a good idea to name it as a specified item on your policy. This will enable you to cover it for its full value. Your premium will probably go up, but you’ll rest a little easier knowing your ring can be remade, repaired or replaced.

If your ring is particularly valuable, it can be a good idea to have it valued every few years, as the cost of precious metals and stones can change over time.

Making a claim

If you need to make a claim for your ring, you should have a few things handy to reflect its value and prove it’s yours. These can include:

  • a receipt from the time of purchase
  • a certificate of value from a jeweller
  • photographs of your ring taken from different angles (or, better yet, a 3D scan), and/or
  • a copy of a police report if you suspect your ring has been stolen

You could also consider asking a family member or friend to keep copies of these documents in digital or paper form as a back up.

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Bespoke replacement

If your ring is one of a kind and you’ve specified its value on your policy, Suncorp may offer you the option of a bespoke replacement if it’s affected by an insured event.

If you take us up on this offer, we’ll ask a jeweller to assess your claim and suggest a solution. If your ring can be reproduced bespoke, the jeweller will either recreate it using a 3D scan (if available), existing moulds, or from scratch, and you’ll be consulted at each stage of the design process. In this instance it can also be useful to have photographs of your ring, taken from different angles, to assist the jeweller to replicate it to the best of their ability.

Though there are a few enemies of your engagement or wedding ring to watch out for, it doesn’t mean you need to fear them. By taking a few steps to cover your ring from damage, loss or theft in an insured event, you may find that you’re able to set your mind at rest.

For further information, take a look at our frequently asked questions.

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Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.