By Rachel Kealy
So you have popped the champagne, celebrated with family and friends and one or both of you cant stop staring at your left hand. You re engaged! The next step-before you do so much as to try to set a date is to make sure you ve got that ring fully insured and safeguarded. We ve all seen the recent social media posts about lost rings, and our hearts go out to those poor couples. Below we ve outlined the best ways you can make sure that your ring is protected.
Insurance Policies
Most couples insure their engagement ring under household insurance policies. Depending on the value of the ring, it may incur an increase in your policy. Depending on the value of the ring, it may incur an increase your policy, but you can shop around to get the best deal. There are also specialist insurance companies catering exclusively for high value jewellery. Make sure you are covered overseas as well, as rings can sometimes go missing on holidays.
Valuation
Insurance companies will usually require an original valuation or receipt. The jeweller you or your beloved purchased the ring from will often provide this without charge. If not, the price depends on the value of your ring, which can make an excess of 100 euro. You will therefore wish to keep the original document safe, sending it to the insurance company by registered post and asking for it to be returned when they re finished their inspection. Some insurers recommend getting your ring valued every couple of years, as the value of jewellery, especially diamonds, can fluctuate. You don t want to be under or over insured.
Read the Fine Print
When it comes to special value items such as engagement/wedding rings, many insurance policies have very detailed requirements regarding valuation, maintenance and storage. Always read the fine print and ensure you re covered for all eventualities including loss, destruction or theft. For example, some insurance companies demand that settings are checked by a professional jeweller every two years to ensure they are still keeping the diamond secure. Also, depending on the value of your ring, you may be required to keep it in a locked safe when not wearing it. Be careful to take note of these little details so that you are fully covered should the worst happen.
Keeping it Safe
Now that you re wearing a high-value item every day, you might need to re evaluate a few of your lifestyle habits. You will have to use hotel safes while on holidays, and secure lockers in the gym. Taking off your ring to wash your hands or go for a quick swim isnt a good idea, as its very easy to leave it behind you or even lose it down a sink. Ensure it fits properly and if necessary, have it resized or a ring-guard fitted.
Maintenance
We have all heard the horror stories about diamonds being changed when rings are being cleaned professionally. I am not sure how prevalent this issue really is, but it cant do any harm to ensure you are bringing your ring to a professional, well recognised and fully insured jewellers to be cleaned or checked.