Insurance for your engagement ring: what you need to know

Your engagement ring may be one of the most treasured pieces of jewellery you own. Not only is it an important symbol of your commitment, but it is often a significant financial investment too. As such a precious item, it's only natural that you'd want to keep your engagement ring safe. Much like any other valuable personal item, engagement rings are susceptible to household theft and accidental mishaps.

It could be your most valuable asset, so have you thought about insuring your engagement ring?

The benefits of including your engagement ring in your insurance coverage

The most obvious benefit of jewellery insurance is added peace of mind. There's comfort in knowing that if something were to happen to your engagement ring your insurer will either help you recoup the cost of the ring, fund its repair if it's accidentally damaged or have a replacement or recreation made.

How to include your engagement ring in your insurance cover

If you're specifying your engagement ring under a contents or combined home and contents insurance policy, there are a few things you'll need to do:

1. Get a valuation

The ring's value will help determine the level of cover you need.

2. Check which policy is right for you

Depending on the value of your ring, your existing contents insurance might be just enough to cover the cost of replacement or repair if something were to happen to it. Otherwise, you might need to look into extending your policy or think about specialised jewellery insurance.

3. Apply to have your ring insured

To apply to have your ring insured contact your insurer to add specific cover for your engagement ring. You'll need a valuation certificate so your insurer can work out the value of a replacement and how much cover to provide.

What's covered?

This all depends on the type of cover you choose, as well as the level of cover. However, you may be able to claim the following.

1. Accidental Damage

ANZ Home and Contents insurance offers accidental damage as an automatic inclusion.

2. Theft

Depending on whether you've taken out home and contents, or portable contents insurance, you can claim part or all of the cost if your ring is stolen from your home, or when you’re out and about. 

Find an insurance policy to suit you

At ANZ we offer a range of insurance policy options to help suit your needs. You can bundle your engagement ring or other valuable jewellery with your contents or combined home and contents insurance, or you can add valuable and portable cover to help ensure your precious engagement ring is covered both inside and outside your home.

Engagement ring cover FAQs

How can I cover my engagement ring?

You can specifically list your engagement ring on your contents insurance or combined home and contents policy as a valuable content. But it’s important to note that these two types of insurance are likely to only cover your ring when it’s worn or stored at home.

If you want to cover your engagement ring while you’re out, consider adding on portable contents cover. This can help cover if your ring is lost, damaged or stolen when you're outside of the home.

Does my contents insurance already cover my engagement ring?

In most cases, yes. If you have contents or combined home and contents insurance, you will usually receive some level of cover for your engagement ring if it is accidentally damaged or stolen, but you may need to tailor your cover to ensure the full value of your ring is covered.

For ANZ Contents insurance or ANZ Home and Contents insurance the maximum pay-out is $2,500 for jewellery, unless you have specified Sum Insured for the item on your policy.

It's also important to know whether you want to have cover for just around the home, or while you're away from home as well. To learn more about how home and contents insurance works we've put together a guide to some of the most commonly asked questions. You can also check out our tips for choosing the right home and contents insurance for your needs.

If you want extra protection for your engagement ring outside the home, portable contents cover may be suited. Portable contents cover provides cover for important valuables, such as your mobile phone, laptop, and your engagement ring. 

What isn't covered?

There are a few things that aren’t covered, if you include an engagement ring in your ANZ Home and Contents Insurance. These include:

• general wear and tear
• damage incurred prior to taking out the policy
• alterations or damage caused during cleaning or repairs
• intentional damage by you, your spouse, a family member, or anyone else you live with.

You should refer to your insurance policy's product disclosure statement for specific information on what is and isn't covered by your policy.

What is the cost of specifying an engagement ring in my ANZ Home and Contents insurance?

Factors that may affect your premium include the value of your engagement ring, how much you want to insure the ring for, whether you want to add portables cover away from home to your policy, and if the area you live in is prone to theft.

Making a claim FAQs

How can I claim insurance on my engagement ring?

You can usually make a claim online or over the phone. Before filing a claim, make sure you understand your policy and what is and isn't covered.

In order to claim insurance on your engagement ring you'll need to provide some key information, this includes:

• details on when and where your engagement ring was damaged or stolen, or when you first discovered it was missing
• circumstantial information on what may have led to your engagement ring being damaged or stolen
• a valid valuation certificate or receipts of purchase
• evidence of ownership, such as photos or your ring's original packaging
• the police report number and details and when and where the report was made if your engagement ring was stolen.

For more information on filing a home and contents insurance claim through ANZ make sure to read our handy guide.

What can I do to make the claims process easier?

In order to ensure a smooth and pain-free insurance application and claims process there are a few actions you can take.

• Keep a receipt when purchasing an engagement ring. This will determine the value of your engagement ring to help ensure your insurance policy sufficiently covers it.
• Have your diamond certified as this is crucial if it is particularly valuable. There are a number of reputable organisations that can provide a diamond-grading report to certify the value of your diamond.
• Have your ring valued regularly so you know its current value (assets such as jewellery can change in value over time). This will come in handy if you ever need to make an insurance claim or if you need to update your sum insured (make sure to choose a reputable valuer).
• Keep your insurance provider informed as your premium may need to be adjusted if you move home or if the value of your ring changes.