An engagement ring goes everywhere with you. It’s worn on the commute, on holiday and in the garden, and of everything you own, it’s probably the most valuable thing you wear every day. That also makes it one of the easiest things to lose.
So yes, an engagement ring is worth insuring. Before the paperwork, check the ring itself: loose claws are how stones go missing, and our guide to looking after your jewellery shows what to look for.
At Anupam, we arrange independent insurance valuations with Shirley Mitchell FGA DGA FJVA. Jewellery valuations explained covers how a valuation works and the full fee schedule; this piece is about insuring a ring.
Is it worth getting an engagement ring insured?
Think about what it would cost to replace the ring today, and whether you could pay that yourself if it were lost or stolen. If you couldn’t, it’s worth insuring.
Policies differ in what they cover. Some cover loss, theft and accidental damage, including a stone lost from its setting; others cover less. Read the policy wording rather than the summary, and ask your insurer if anything is unclear.
Does home insurance cover an engagement ring?
It may, but check three things before you rely on it:
- The single-item limit. This is the most the policy will pay for any one piece of jewellery. An engagement ring can easily be worth more than it.
- Cover away from home. Some policies only cover what is lost or stolen at home unless you add personal possessions cover.
- The proof it asks for. A receipt, a certificate, a valuation, or all three.
If the ring is worth more than the single-item limit, or isn’t covered when you’re wearing it, ask your insurer to list it as a specified item, or look at specialist jewellery cover. Either way, an insurer will often ask for a valuation first.
Is a receipt or a certificate enough?
That depends on your insurer, so ask. It helps to know what each document shows, because they do different jobs:
| Document | What it shows | What it doesn’t show |
|---|---|---|
| Receipt | What you paid, where and when | What the ring would cost to replace today |
| Diamond certificate | The centre stone: its shape, measurements, carat weight and grades, and whether it is natural or lab-grown | A price, or anything about the rest of the ring |
| Insurance valuation | The whole ring, described and photographed, with its replacement value and the date it was assessed | What you could sell the ring for |
Our engagement rings have an IGI or GIA certified centre stone.
What does an insurance valuation include?
An insurance valuation is a written document that describes your ring in enough detail to identify it and replace it, with a figure for what that would cost. For an engagement ring, it should include:
- the metal and its hallmark, for example 18ct gold (750) or platinum 950;
- the centre stone’s carat weight, shape, colour, clarity and cut, whether it is natural or lab-grown, and the IGI or GIA certificate number if it has one;
- any smaller stones in the setting or along the shoulders;
- the ring’s weight and measurements;
- clear photographs;
- the replacement value, and the date it was assessed.
Bring the certificate, the receipt and any earlier valuation with you if you have them. They’re useful, but the valuer assesses the ring itself, so you can still arrange a valuation without them.
What is replacement value, and why isn’t it what you paid?
Replacement value is what it would cost to buy a like-for-like ring, new, from a jeweller today. It isn’t what you paid, because prices move. It isn’t what you could sell the ring for, which is usually lower. And it isn’t the scrap value of the metal.
It’s the figure to insure for. If the sum insured is too low, a claim may not be enough to buy the same ring again, and some policies pay only in proportion to the shortfall.
Keep the valuation, the certificate, the receipt and a few clear photographs together, with a copy somewhere other than your home, such as an email to yourself. They’re what an insurer will want to see if you ever need to claim.
How often should you have it revalued?
Metal and stone prices move, and the price of gold has risen sharply in recent years, so a valuation can go out of date faster than you’d expect. There’s no single interval that suits every ring or policy. Review your valuation from time to time, and check with your insurer whether an updated report is needed.
Check sooner if the ring itself has changed, for example a stone reset or a new shank.
If your ring was valued with Anupam within the previous five years, you may be eligible for a re-valuation at a preferential rate: £35 an item instead of £65, plus the £95 report and administration fee.
What does insurance cost, and what does a valuation cost?
We can’t give you a price for insurance. It depends on the sum insured, where you live, the cover you choose and the insurer, so get quotes for the same value and compare like with like.
Shirley’s fees are based on the number of items and the work involved, not on what the ring is worth. All prices include VAT at the current rate.
| Service | Fee |
|---|---|
| Report and administration fee | £95 |
| Each standard item | £65 |
| Single-stone diamonds over 1.00ct | £75 per carat |
| Premium items | From £90 |
For one engagement ring at the standard item rate, the fee works out like this:
| Item | Fee |
|---|---|
| Report and administration | £95 |
| One engagement ring | £65 |
| Total | £160 |
Some rings need more research, such as one with a diamond over 1.00ct or a large multi-stone design, and that can change the fee. We’ll confirm which rate applies before you go ahead.
Arrange a valuation for your ring
Not sure what your ring would cost to replace, or whether your cover is enough? Book a time with us in Ashford. We’ll help you work out whether you need a new valuation or a re-valuation.
Still choosing a ring? Start with how much to spend on an engagement ring, then browse our engagement rings.
Frequently asked questions
How much should I insure my engagement ring for?
For its replacement value, as set out in a current insurance valuation; ask your insurer what evidence they need for the figure.
Does a lab-grown diamond ring need insuring?
Yes, in the same way as any other ring. The valuation records that the stone is lab-grown, and the replacement value reflects current lab-grown prices, which have been falling, so check the figure when you review your cover.
Do I need to insure my wedding band separately?
A wedding band or eternity ring added later needs cover and a valuation of its own. Tell your insurer when you add one, and have it included the next time you arrange a valuation.
What should I do if a claw catches or a stone feels loose?
Stop wearing the ring and have it checked as soon as you can; claw work and re-tipping are done in our workshop in Ashford. Some policies exclude loss caused by wear and tear, so a worn claw is worth putting right before the stone is lost.
How long does a valuation take?
It depends on the number of items, how complex they are and the type of valuation needed. Get in touch before booking and we’ll explain the process and the likely timescale.
