Those planning to propose this Valentine’s Day should ensure they have adequate insurance to cover expensive engagement rings, a price comparison website warns.
Insuresupermarket says typical insurance purchased from a jeweller could be expensive and would not necessarily provide the cover that is needed.
Insuring an engagement ring under home contents insurance could save those planning to propose up to £230, Insuresupermarket calculates.
The price comparison website says those planning to pop the question while on a holiday abroad should see if their travel insurance policies have limits with regards to the value of single items.
“Even though a ring is irreplaceable for its sentimental value, most people would rather avoid having to fork out for a replacement on top of the emotional distress of actually losing the ring,” says Richard Mason, director of the website.
He advises those planning to propose abroad to insure the ring under their home and home contents insurance, rather than relying on insurance from their jeweller or their travel insurance policy.
“Many insurers promote the fact that travel insurance covers your personal possessions but even the most generous insurer will stipulate a single item limit of £300 and a total valuables limit of £500,” Mr Mason points out.
© Adfero Ltd