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Should I insure my engagement ring?

Insurance 101

They might say ‘a diamond is forever’, but not if it’s stolen or lost. Explore your options for making sure your ring is covered adequately.

Let's face it, an insurance chat isn’t as thrilling as, say, picking out your honeymoon destination. Yet, imagine this: you’re enjoying the sunsets in Mauritius, and your ring decides to take a dip in the ocean, and it's goodbye sparkle. Not insured? Hello, heartbreak.

What you need to understand when insuring your engagement ring:

If you have home contents insurance, simply include it there

The smartest route to take for engagement ring insurance is adding it to your home contents policy. This will protect against theft, accidental loss, or damage. However, it’s important to check if you need to specify your ring under your policy. There might be a limit to the cover if you choose not to specify it.

At Naked, we’ll automatically cover your ring for up to R5 000, whether you're at home or on the go. For jewellery that’s worth more than R5,000, we suggest you simply specify it on our app to cover it for its full replacement cost.

Just double check it’s also covered for when you wear the ring away from home or when you travel with it overseas.

No home contents insurance? Consider stand-alone insurance

No home insurance policy? No problem. You can get a standalone insurance policy for your engagement ring that covers its replacement value, even abroad.

Naked’s Single Items cover is a breeze to get – perfect for those moments when you’re waiting at the jeweller.

Whatever route you take, make sure you know what is and isn’t covered when it comes to your ring

Insurance lingo varies, but generally, your policy will protect your ring from the usual suspects: theft, loss, and accidental damage, including disasters like fires and floods. But it is always good to understand the nitty-gritty details of your cover, here are some of the things you should be aware of

For your ring to be covered when you’re not wearing it, you need to keep it safe

Insurers are likely to turn down claims for rings left in plain sight or lost during adventurous escapades (think skydiving). Some policies even have a ‘safe clause,’ requiring the ring to be stored in a safe when not worn.

Wear and tear? Not covered

Daily wear and tear aren’t covered. So, if those diamonds start to wiggle and you ignore it, you might find yourself out of luck.

Your insurer might only use specific jewellers

Some insurers have preferred jewellers for repairs or replacements. Check how this affects you, especially if your ring is bespoke or part of a set.

Make sure it’s covered if your partner is the one wearing the ring

Even if your partner is the one wearing the ring, it should be covered under most policies, as long as it’s specified. Double-check with your insurer to be 100% sure.

What amount to insure your ring for

Always insure your ring based on its current replacement value. It is also important to update that value regularly as your ring will usually increase in value over time.

If you’ve recently bought the ring, you should’ve received a valuation certificate with it

When buying a ring, an appraisal or valuation certificate should come with your receipt. The certificate usually includes details about the ring: carat weight, cut, clarity, colour, and the metal it’s set in. Be sure to ask your jeweller for this and keep it in a safe place in case something happens to your ring.

The value of this certificate is what you should insure your ring for. It’s also important to let your insurer know if you had your ring designed or if it’s one of a kind. Give the details of the ring and who the jeweller and designer are. With Naked you can load and update all these details right on the app, with no hassles.

If you’ve had your ring for a while but haven’t thought about insuring it until now, have an appraisal or valuation done

The value of your ring may be different now from when you bought it, as the value of jewellery tends to increase with time. We suggest having it appraised every few years. Bring your original appraisal to the jeweller for a new one to avoid extra charges for retesting the ring's properties.

Bottom line: insure your ring for its replacement value. This means that you can replace it with a NEW, similar ring of the same quality.

Choose an excess you can pay at the drop of a hat

Selecting an excess is about balance – finding what you can afford to contribute to your claim versus what you will pay every month in terms of your premium. This means you’ll avoid getting into trouble when it comes to claiming while minimising the amount you have to pay for insurance.

Remember, even though ‘a diamond is forever,’ that only holds if you've got it covered

Ready to protect your precious? Try Naked for a swift quote on your sparkler – it's just 30 seconds away!

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