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Engagement ring insurance: what you need to know


Published 9 August 2019

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

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.

While the emotional fallout of losing your engagement ring can be distressing, you can offset further worry and the financial burden of replacing it by taking out an insurance policy.

How can I cover my engagement ring?

You can specifically list your engagement ring on your contents insurance or combined home and contents policy. 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 taking out portable contents insurance, also known as portable valuables insurance. This can cover you if your ring is lost, damaged or stolen when you’re outside of the home.

The benefits of insuring your engagement ring

The most obvious benefit of jewellery insurance is 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, pay to have it repaired if it’s accidentally damaged or have a replacement or recreation made.

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. For ANZ Contents insurance or Home and Contents insurance the maximum payout is $3000 per item for valuables, so if your ring is worth more you may want to consider taking out the Specified Valuable option so as to ensure you are getting the right coverage for the right amount.

It’s 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 insurance is the way to go. Portable-contents insurance allows you to cover important valuables, such as your mobile phone, laptop, and your engagement ring. At ANZ we offer cover for portable possessions, and you can set a specific value for certain items, such as your engagement ring, up to a maximum of $40,000.

How to insure your engagement ring

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

  1. Get a valuation as the ring’s value will help determine the level of cover you need.
  2. Check which policy is right for you because 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 thinking about specialised jewellery insurance.
  3. 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 is covered?

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

Accidental Damage

ANZ offers the option of including accidental damage of the ring at or away from the home.

Theft

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

Loss

ANZ offers the option of including accidental loss or damage within your policy as an extra add on. To be able to claim for this you’ll need to ensure you have this level of extra cover, and then to provide information on how the loss occurred in order to claim.

What is not covered under engagement ring insurance?

There are a few things that aren’t covered by engagement ring 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.

How much does engagement ring insurance cost?

It depends on which insurance policy you choose, as well as the level of cover it provides. For example, portable-contents insurance will usually cost more than simply including your engagement ring in your existing contents or combined home and contents insurance. Other 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 accidental loss or coverage away from home to your policy, and if the area you live in is prone to theft.

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 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 you can do to make a claim 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 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 (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.

Find an engagement ring insurance policy to suit you

At ANZ we provide a range of insurance policy options to 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 portable-contents insurance to specify items worth over $3000 to ensure your precious engagement ring is covered both inside and outside your home.

Find out more about ANZ Contents Insurance

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This information is current as at date of publication and is subject to change.

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