Insurance for an Engagement ring
When spending money on an engagement ring it is important to consider the cost of insurance of the ring. There are a few options on how you can insure the ring.
Insurance Options to cover an Engagement ring
The first option to insure the ring is in the home. This covers against damage caused by fire or water for example. It also covers against theft by burglary from inside the home.
The second option to insure the ring is with All Risk cover. This type of cover means that the ring is covered outside the home against loss or theft.
What are the requirement to cover the ring for loss or theft
The requirements to cover the ring for loss or theft is that you insure the general contents in the home.
The cost to cover the ring outside the home can be quite expensive if the ring has a high value of over 7000 euros. There is no limit on covering an individual ring, however, only certain companies are willing to quote.
What happens if you do not have the receipt of purchase of the ring?
If you do not have the receipt of purchase of the ring you can get it valued by a jeweler. There are options to cover the ring solely based on photos. However, in order to have a smooth claim and fast payout, we recommend a valuation to be done of the ring.
Is the cover really world wide?
It is very important that you actually see the written clause on the insurance policy. You may be quoted cover outside Spain and think that the coverage is world wide. However it may actually only be Europe. Do not rely on an email stating world wide cover – you MUST see the description on the policy to truly know you have the suitable coverage.