Everything you need to know about insuring your engagement ring

Living | December 2019

The holiday season may be too busy, but it's also packed with special moments. It's time usually set aside for family. And for many people, it's the right time to make someone family.

Christmas is the most popular time of year for proposals. It makes sense – if you want to share your special milestone with family and enjoy the moment without the pressures of everyday life, it’s perfect. Plus, your other half will be expecting a gift, not a proposal, so surprise-factor is high!

But, if you're planning on getting down on one knee this holiday season, make sure your engagement ring is insured before you do. After all, you want to get hitched without a hitch.

It's an investment.

Getting engaged usually means making a pretty significant investment. And not just in your relationship. With the cost of the average engagement ring in New Zealand exceeding $3000, you need to protect yourself from loss, damage or theft.

You may be thinking you're already covered – you've got contents insurance right? Not in some cases. Most insurance policies have a limit on the amount they'll pay out for a single unspecified item of jewellery, and many engagement rings exceed that amount.

So, ensure you’re covered with these steps.

Engagement ring insurance checklist

  • Know the value of your ring - In most cases, this will be a case of keeping your receipt in a safe place. But if your ring is an antique or heirloom piece, a unique design, or very expensive, you'll need to have it valued by a professional.
  • Update your contents insurance - First things first, if you don't already have insurance, you'll need to take out a contents insurance policy. This will cover most of your household items whether they're in the house or out-and-about with you. Most insurance policies won't pay more than $2,000 - $2,500 for an ''unspecified'' piece of jewellery. So, you'll need to let your insurance company know about the ring by ''specifying'' it on your policy. If you already have contents insurance, make sure you get in touch (https://www.state.co.nz/contact) to update your policy.
  • Keep it safe until the big moment - Insurance policies say you must take ''reasonable care'' with your items. It pays to play it safe and lock up your ring in a suitable place until you're ready to put it on your loved one's finger.

Ready to say four little words?

As for popping the big question itself… we can't help you with that. But we can help with insurance. Take a look at our contents policies to insure your ring. And congrats!

Our phone lines are much busier than usual, so there may be a long wait.

Did you know you can pay, claim, cancel, and more online? View all online options.

Alternatively, talk to Sam, our Chatbot, who can help with simple insurance questions.