AIBU - engagement ring insurance

[TwoYearsMarried]

My ring is worth 14k (this is not a stealth brag)

The cheapest insurance I can find for it is nearly 400 quid. I think that's such a huge amount of money. Because of the value house insurance won't cover it. AIBU thinking that this is an insane amount? I was expecting something more in the region of a hundred quid!

You do all know that these rings aren’t actually worth anywhere near 14k or 20k, right?

Mine is no where that value but it did almost double our house insurance - I worked out since I pay 50% of the house insurance with DH that I'll have paid for the ring myself eventually 🤣

@AndSal92

Mine is 25, and we insured it on the house for up to 20. It's not quite the full amount but means we pay no additional cost for very good cover, and would only be out of pocket 5k if it went missing/ was stolen - around what we might have saved in additional insurance ever 10 years.

@AndSal92 Who do you insure with please?

@Tippexy

You do all know that these rings aren’t actually worth anywhere near 14k or 20k, right?

And if they need to claim it will be based on the value the insurer determines usually- not the amount specified on the insurance.

Yeah, I had this issue too.
Mine is similar value and specialist insurance was ridiculously expensive. We added it to the house policy for about £75 extra, which was better. BUT, there are numerous exclusions and conditions attached to that which means they would only pay out in certain circumstances. It’s not ideal, but that’s what I’ve done.

And if they need to claim it will be based on the value the insurer determines usually- not the amount specified on the insurance.

I had to have mine appraised when we added a rider/extension for it to our homeowner's insurance. A few years later our house was broken into and the ring was stolen. The insurance company paid the full appraised value and I bought a new ring.

Watching with interest as my rings have a value of over 20k (I recently inherited a few) so keen to know how best to insure them.

How awful to lose 14k on a ring, unless you live in Chelsea.
Get a heavy safe installed, which will bring your premiums down.

Have you tried TH March OP? I have mine insured with them for £7,500 at a cost of just over £100 (I can't remember the exact amount, and haven't got the details to hand.)

I have my ring worth close to £10k insured on my house insurance - no special conditions and it is insured outside of home as well, we are with Halifax but have previously done the same with other insurance companies with no problems.

Mine is just covered by contents.

@MissConductUS

And if they need to claim it will be based on the value the insurer determines usually- not the amount specified on the insurance.

I had to have mine appraised when we added a rider/extension for it to our homeowner's insurance. A few years later our house was broken into and the ring was stolen. The insurance company paid the full appraised value and I bought a new ring.

They re-value based on the last reputable valuation or proof or purchase price - so you might get the same, rarely more and sometimes less (gold and stone prices fluctuate) and a decent valuation has the weight of both

@Tippexy You’re a bit patronising in your post, to assume that we all don’t know how much our rings are worth.

Lots of people know the cost of the ring isn’t necessarily the same as the value of the ring. So when I said my ring is worth £20k, it is worth £20k, I’m not an idiot!

Has anyone got any recommendations of home contents insurance companies where you can add jewellery to the policy?

I've been looking and found Privilege Platinum can have items added up but only up to £7,499 and Admiral which seems to go up to £10k or possibly £20k.

@AndSal92

Mine is 25, and we insured it on the house for up to 20. It's not quite the full amount but means we pay no additional cost for very good cover, and would only be out of pocket 5k if it went missing/ was stolen - around what we might have saved in additional insurance ever 10 years.

Some policies will only pay the proportion that the sum insured relates to the overall value - for an item worth 25k insured for 20, the payout would be 16k.. Also insurers might not be happy to pay at all - generally an individual items limit is just that - items worth more than the limit aren't covered.

[quote MsHedgehog]**@Tippexy* You’re a bit patronising in your post, to assume that we all* don’t know how much our rings are worth.

Lots of people know the cost of the ring isn’t necessarily the same as the value of the ring. So when I said my ring is worth £20k, it is worth £20k, I’m not an idiot![/quote]
But the value goes sup and down on an almost daily rate unless it is vintage when fluctuation is less

So sorry for late response OP, I just checked it with my DP and it's Halifax, one jewellery item up to 20k - I did think it was free but apparently it's circa an additional £100 for the year to add, so no too bad! We actually switched home insurance for this exact reason as it was pretty extortionate elsewhere.

@Kyph

Seems a lot. Compare it with car insurance, the average £14k car would cost less to insure and the risk to an insurer must be greater? Maximum loss ring = £14k. Maximum loss car possible personal injury claim = much, much more than £14k.

It's not comparable to car insurance due to the scale involved. It's affordable to give more cover for less money because there are lots more cars insured than jewellery.