Question about jewellery insurence

[whitershadeofpale]

Last week me and DP (well I suppose DF now 😃) got engaged. We’re looking to insure my engagement ring but wondered why when we brought the ring (from an independent jewellers) we were given a valuation certificate that was for more than the cost of the ring?

Google isn’t helping and we’re curious. TIA.

The valuation is it what it cost to replace it rather than what you paid. I added it on to my home content insurance

Its the replacement value. If you insure it for the price you paid and claimed you wouldn't be able to replace it if gold etc had increased. The company will pay the lower amount.

To get a ring identical, you may have to get it made etc too which would also explain the higher value. It assumes you wouldn't be able to walk back into a shop and find the exact same ring again. The process would also have changed. Upu need to add the item to your insurance policy as an engagement ring, so ask for it to be covered all risks, ie for damage, theft, when you are wearing it or if its stolen in a burglary. You need to have it regularly re-valued and increase your insurance or market prices of rings will increase more than the insurance value of your ring and should it be lost or stolen you won't be able to replace with something similar.
Congratulations on your engagement.

Thanks everyone 😊