How to insure your engagement ring

26 May 2023

There are a few common ways that engagement and wedding rings – among many people’s most important possessions – can get lost or damaged. Whether your ring is covered in any or all of these scenarios can depend on your insurer and the details of your policy

Luckily, you can insure your rings both in and out of your home with Suncorp Insurance.

The biggest enemies of your engagement and wedding rings

Understanding engagement ring insurance options

Making sure your ring is covered for loss or damage that occurs at home is simple. Just choose a contents insurance policy – like a Suncorp Contents Insurance policy – ensuring your sum insured covers it, and consider specifying it if it’s worth more than $1,000. This covers insured events such as storms, fire and burglary.

For a little extra peace of mind, consider adding Accidental damage at home to your policy. That way, your engagement ring will be covered in the case of accidental loss or damage – like say, if it falls down the sink while doing dishes, or is bent out of whack by a hammer while renovating.

You may still have to be careful when out and about, though – unless you have added personal valuables as an optional cover to your policy, contents won’t be covered away from home. This can be done by adding them as Specified Items.

How personal valuables covers your engagement ring out of home

Your Suncorp Home and Contents Insurance will cover your engagement or wedding ring in case of insured events while it’s at home. But rings have a habit of leaving the home as frequently as their owners do.

This is where personal valuable cover comes in. It provides cover for items that don’t just stay at home – from rings to phones and more. 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 Insurance App or by logging into your online account.

For a list of eligible items, read the Product Disclosure Statement.

Explore Suncorp Home and Contents Insurance

Don’t forget to specify your engagement ring’s value!

Jewellery is automatically covered as an Unspecified Item up to $1,000, but for an item that’s worth more than this, consider specifying it on your policy. To do so, just let us know you want it listed and for how much. If we agree, it’ll be shown on your certificate of insurance and will be covered in exchange for you paying extra on your premium.

For items below $1,000, there may be no need to specify – it’ll be included under “unspecified items” on your policy – as long as they’re eligible.

Consider a proper valuation for your ring

It may be difficult to value a ring that wasn’t purchased recently, such as an heirloom passed down from parents or grandparents. In cases like that, it may be worth having a professional valuer or jeweller examine your ring and provide a certificate of value.

This can be used as a basis to decide the amount you want to have it covered for, and can provide supporting documentation in the event of any potential claim.

This isn’t just for heirlooms – the value of certain items can change over time. So you may want to consider having your engagement ring looked at every few years to make sure it’s valued, and covered, appropriately.

Need to make a claim

If you need to make a claim for a ring, you should have a few documents on hand to help establish 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.

To be extra safe, consider asking a family member or friend to keep copies of these documents in digital or paper form as a backup.

Make a claim

Bespoke replacement

If your ring is unique and you’ve specified its value on your policy, and it’s been lost or damaged in an insured event, Suncorp Insurance may offer you the option of a bespoke replacement.

If you agree to 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.

It can also be useful to have photographs of your ring, taken from different angles, to assist the jeweller – especially if they’re recreating it from scratch. You’ll be consulted at each stage of the design process to make sure it’s going well.

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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. The Target Market Determination is also available. 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.