It’s an expensive item which is easily lost – but is your engagement ring fully insured? Here’s some data from Pandora
Engagement rings and wedding rings are some of the most treasured items we own, but one in six (15%) married Brits admit to losing theirs, according to a new study carried out by jewellery retailer, Pandora UK.
Almost two-fifths of married Brits (37%) say they take their wedding or engagement ring off at least once a day. Whether for showering, sleeping or cleaning, removing your ring increases the chances of losing it, but there are ways to minimise the risk. Pandora UK’s jewellery expert, Emma Fox says:
“It’s natural that people want to remove their rings when they’re working out, doing a messy activity or showering for fear of damaging or losing it – it’s often one of our most prized possessions so taking care of it is important.
“That being said, taking it off often means you have a bigger chance of losing it. If you’re worried about this or are particularly forgetful, creating designated ‘ring spots’ for your jewellery when you’re doing a specific task can help you to keep track of it. That might mean buying a jewellery dish or box to keep on your bedside table for when you’re sleeping or showering, choosing a spot on your kitchen counter that feels safe when cleaning, or having a secure zipped pocket in your gym bag.”
Many people worry about losing their wedding or engagement ring on holiday – especially when taking part in activities they wouldn’t normally do at home. Emma explains some of the dangers:
“It’s a particularly good idea to remove your rings when you’re doing anything in water – whether that’s cleaning, showering or swimming as the water can cause your fingers to become more slippery. Chlorine and saltwater can also cause significant damage to gold rings, or those made from platinum or silver. That’s why I’d always advise taking jewellery off while swimming on holiday.”
UK Google searches for “travel ring” have surged 161% in the past three months, as more people opt for dupe rings to be safe whilst away.
“Buying a travel ring to wear when you’re on holiday is a really clever hack to avoid losing or damaging your actual ring. It allows you to switch things up and play around with different styles and shapes if you’d like, or you can opt for an almost exact replica of your own ring. Travel rings are usually relatively inexpensive, so you won’t feel as worried about losing them.
“Increasingly, we’re seeing people propose with dupe or travel rings whilst abroad to avoid any potential disasters. This is particularly helpful if you’re unsure on ring sizing, as a ring that is too large is also more likely to be lost. They also make a great option if you want to choose the ring together post-proposal, as you can use it as a stand-in.”
Despite their financial and sentimental value, almost a third (32%) of married people said they don’t have insurance for their or their partner’s ring.
So, Pandora UK has partnered with Anna Thunstrom, Head of Saga Home Insurance to explain how best to insure your engagement or wedding ring, revealing that your home insurance might already be protecting you.
Anna says: “If you’re worried about protecting your engagement or wedding ring, there’s a chance your existing home insurance policy already covers you.
“Loss or accidental damage in the home (i.e. losing the ring or losing a stone within it) is usually covered by accidental damage, which is an optional extra on many policies and often included as standard within top tier covers. Loss, damage or theft away from home would only be covered under personal belongings cover, again often an optional extra but included as standard in some top tier covers. Damage caused by ‘standard perils’ such as fire, flood, or theft in the home would be covered under standard contents insurance.
“It’s therefore important to check your insurance documents to know whether you have the cover you need. These should also confirm whether you need to tell your insurer about a higher value item as this may need to be specified individually.
“’Specified items’ are valuables worth above a set figure, usually jewellery, furs, watches, or art. At Saga Home Insurance, for example, our set figure for specified valuables is £2,500. Anything worth more than this set value must be listed as a specified item separately on your home insurance. If your ring costs considerably more, past the £15k to £20k mark, you may want to look into taking out a specific jewellery insurance.
“Of course, everyone’s home insurance policy is different so check with your home insurance provider to know the value of the valuables you need to declare.
“To claim for your engagement or wedding ring on your home insurance, you’ll likely need to have had an official valuation done. A valuation can be performed by most jewellers and allows them to check the value of your rings by the stone, metal, and craftsmanship.
“If you do lose or damage your ring, just because you’ve had it valued doesn’t mean your insurer will give you a cheque for that amount. Most Contents policies give the option of a repair (where appropriate), a like for like replacement (where possible), or cash settlement. That’s why it’s important to get regular valuations performed on your most important pieces of jewellery.”
For more ring care advice, or to shop engagement rings, visit the Pandora website.
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