Engagement rings and insurance - what do you do?

[Flowers321]

Have recently been lucky enough to have a lovely new engagement ring which is insured as a seperate item on our home insurance. However I have now found out that if the ring gets lost/stolen/broken that our insurer either repairs it themselves or gives vouchers that can only be used at a couple of high street jeweerern

Sorry posted to soon!

As I was saying... I have now found out that if the ring gets lost/stolen/broken that our insurer either repairs it themselves or gives vouchers that can only be used at a couple of high street jewellers! Apparenlty if they do ever agree a cash payout it is minimal compared their value of the ring.
My ring is a diamond my fiancé chose which I have had set in a bespoke setting. If I had to replace it with vouchers I would be devastated as I would never be able to replicate it or buy something which would compare in my eyes. So, I was wondering what everyone else does? Have you found a policy that pays out in full/isn’t so restrictive? Or has anyone ever been through the loss of their ring or diamond and can recommend a good insurer?
Thank you

I had to provide a valuation certificate to my insurer, so I'd get the value stated. Do you have a valuation certificate?

We have insurance through a broker due to our house being of nonstandard construction (Norwegian style wooden house) and when I lost my wedding ring we were given money and had it remade at the bespoke jewellers we originally bought it from. I’ve never heard of any insurer giving vouchers?? Who on earth are you with?

As for value, if you insure it separately on your policy, that value is what they should pay out? The value you put should be the value it cost to replace as new, not the price you paid. It means you do need to get valuables revalued for insurance purposes every few years.

We’ve just had to reassess our contents insurance/value and had to increase it substantially. The average online comparison insurance was suggesting £35k for a 4 bed house, we’re now insured for £75k - things like Le Crueset cookware my granny gifted me 15years ago are an unbelievable cost if bought brand new. Likewise I couldn’t believe the cost of leather sofa’s today!

Our insurance is through a local broker with Royal Sun Alliance.

I will be getting a valuation certificate as the ring is an old diamond set in a new setting! I’m with one of the main insurers you would think of for home insurance and when I questioned this with them they told me this was standard with most insurers!

I checked with our home insurance before we insured my ring to ensure we'd be given the equivalent value in cash as what we paid for it. I think we'd just need to show the receipt and the diamond certificate to prove it, in case of a claim.

I'd be gutted if I was ever forced to buy a replacement from a specific place on the High Street as my ring is from my favourite jeweller..

Forgot to add.. ours is a new for old arrangement and we have to have it valued every three years. I think we're with Legal and General?

Bellini that’s great thank you - I’ll have legal and general a call then? Have you ever had to claim?

Have the original receipt 28 years old now. Have always increased the value regularly and its named value is now £5.5k. Over the years it has lost a diamond and replacement wasn't a problem. Have a £250 excess though. Good to have photographs too. I never expected the value to increase as it has.

We are insured through a Lloyds broker though rather than a high street insurer.

@Flowers321 - Yes, definitely give them a try!

Thankfully never had to claim (touch wood), but I've only had my ring since August

My engagement ring was made with a diamond from my mother's engagement ring and set in platinum by an artisan jeweller who gave me a valuation certificate with photo.
The insurance company has covered it separately as it specifies individual cover for named items over a certain value. So it's insured for the full valuation (a ridiculous sum but it has enormous sentimental value) and if it is lost I will be able to replace it with something at least as valuable, if not more so.
If it's damaged I take it back to the person who made it and send their bill to the insurers.

Tartyflette who is your insurance with? That is exactly what I need! I’m so paranoid about loosing the diamond!

It’s interesting as the retail price of a new version of my ring has increased but the value of my actual ring has decreased

We have separate jewellery insurance through a broker - TH march are their name.

That’s great thank you everyone.
Does anyone else have my more recommendations of insurers or experiences of making a claim?
Thank you

Another vote for TH march.

Assetsure

I get my ring valued annually to ensure the valuation is up to date

The reason they give vouchers is because they can get them cheaper, so £1000 worth of Goldsmiths vouchers might only cost your insurer £600. Benefits everyone by keeping the costs down.
However, if your cover is like for like and you can evidence that you can’t get anything even remotely similar from a high street jeweller then your insurer is unlikely to quibble.
Make sure you get an accurate valuation done before you specify it on the policy.

Mine is worth a few hundred. Not worth insuring. I could replace with cheaper easily. Any replacement is without the sentimental value anyway.

Sheila's Wheels. (they do house buildings and contents insurance too, not just cars!)