Insurance for your engagement ring

Getting engaged can be a thrilling time, from celebrating the love you share with your partner through to wedding planning. However, insuring your engagement ring isn’t often considered. That sparkling ring can cost a pretty penny, and the cost to replace it if it were lost or stolen could be an unfortunate, unexpected expense.

It may be worth considering whether you want to insure your engagement ring. With a few simple steps, you can obtain contents insurance to cover your ring at home, and potentially upgrade the cover to a Portable Contents option to protect your ring when it’s away from home.

What is insurance for your engagement ring?

While contents insurance can cover your engagement ring when it’s in your home, Portable Contents cover is an option you can add to your contents policy, that can cover your engagement ring if it were to be lost, damaged, or stolen when away from your home. Each policy differs and may have limits, conditions or exclusions that apply, so you should consider what type of protection you wish to have based on your individual circumstances and situation.

How to insure your engagement ring

When it comes to learning how to insure your engagement ring, there are a few steps to complete. You need to consider the replacement value of your ring, where you want coverage and who you wish to obtain coverage through. You can get a quote online or by calling 13 70 11.

How much should I insure my engagement ring for?

If you’re interested in getting your ring insured, you’ll need to know the replacement value of your ring. A professional valuer will be able to give a price valuation for your ring. It’s important to ensure you retain any receipts or valuation certificates, as you may be required to provide proof of valuation and ownership when obtaining ring insurance and in the event a claim is made on the policy. When it comes to the amount you insure your engagement ring for, consider its valuation or replacement cost as it’s important to nominate an adequate amount. The amount you nominate is sometimes known as a ‘limit’ or ‘sum insured’. In some cases, your ring may be covered by a standard policy limit.

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Where will my ring be covered?

With Australia Post, your engagement ring can be covered under your Home and Contents Insurance policy for protection at home. To protect your ring outside of your home, you may consider adding the Portable Contents option for an extra premium to your Home and Contents Insurance policy. If you’re someone who travels frequently or are planning your overseas honeymoon, the Portable Contents option includes cover anywhere in Australia and New Zealand. It also includes cover up to 90 consecutive days anywhere else in the world. So, as long as your travel doesn’t exceed 90 consecutive days you’ll be covered (the full list of exclusions are available in the PDS.

Considering taking out insurance for your engagement ring?

You may be considering whether to take out insurance for your engagement ring, particularly if you intend on travelling. When adding the additional Portable Contents cover to your Home and Contents insurance policy, your engagement ring may be covered when it’s away from home, however, it’s important to read your Product Disclosure Statement (PDS) for full details, including limits, exclusions and conditions that apply.  

Australia Post home and motor insurance is issued and underwritten by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE). Australian Postal Corporation (ABN 28 864 970 579, AR No: 338646) is an authorised representative of Australia Post Services Pty Limited (ABN 67 002 599 340, AFSL 457551) which is acting (under its own AFSL) on behalf of QBE. Any advice provided is general only and has been prepared without taking into account your objectives, financial situation or needs and may not be right for you. To decide if this product is right for you, please read the relevant Combined Financial Services Guide and Product Disclosure Statement. Any reference to value and competitiveness refers to an average market segment and may not include your specific circumstances.