Everything You Need To Know About Insuring Your Engagement Ring

Getting engaged usually means making a pretty significant investment. And not just in your relationship. With the cost of the average engagement ring in New Zealand exceeding $3000, you need to protect yourself from loss, damage or theft.

You may be thinking you're already covered – you've got contents insurance right? Not in some cases. Most insurance policies have a limit on the amount they'll pay out for a single unspecified item of jewellery, and many engagement rings exceed that amount.

So, ensure you’re covered with these steps.

• Know the value of your ring - In most cases, this will be a case of keeping your receipt in a safe place. But if your ring is an antique or heirloom piece, a unique design, or very expensive, you'll need to have it valued by a professional.
• Update your contents insurance - First things first, if you don't already have insurance, you'll need to take out a contents insurance policy. This will cover most of your household items whether they're in the house or out-and-about with you. Most insurance policies won't pay more than $2,000 - $2,500 for an ''unspecified'' piece of jewellery. So, you'll need to let your insurance company know about the ring by ''specifying'' it on your policy. If you already have contents insurance, make sure you get in touch (https://www.state.co.nz/contact) to update your policy.
• Keep it safe until the big moment - Insurance policies say you must take ''reasonable care'' with your items. It pays to play it safe and lock up your ring in a suitable place until you're ready to put it on your loved one's finger.