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  • Why it’s important to have the right insurance policy for your diamond engagement ring – and other valuable jewellery

Insurance Paperwork

One of the things to consider when you purchase an engagement ring is insurance. It’s something I check with all my clients when they come to purchase an engagement ring or any other significant piece of jewellery.

It’s not always the first thing on the list of things to do but it’s very important. Not just because it’s a grown-up thing. Picture this scenario. You’ve been with your girlfriend for years. You’ve been thinking about proposing for months. You consider the date, the location and now you set your sights on a diamond ring. You do all the research and make an appointment with a jeweller. Once you’ve ordered the ring, you patiently sit at home waiting for the call to tell you it’s ready to collect. You go collect it and it’s everything you want in an engagement ring. You take it home and lock it away somewhere safe. No, not your underwear drawer, somewhere really safe. A few weeks later, you then pack it away in your hand luggage for your trip abroad to that very romantic place. Your perfect holiday destination. You realise that the ring is missing. You panic. You can’t find it anywhere. Then it dawns on you that the only thing you didn’t think about was insurance.

Having the right insurance policy doesn’t mean you wouldn’t have lost the ring. But it does mean that you don’t have to fork out twice for the same ring. Basic house insurance doesn’t mean that you will get paid out either. And if you do get paid out, it would only happen after jumping through a certain number of hoops.

For many years now, I’ve been working with Flint Insurance. Not only do they look after lots of my clients, I have my own policy with them too. The have a 98% customer satisfaction rating. There is a common misconception that going through a broker means that you’ll be paying a small fortune. Well, the simple answer is, it’s all relative. If you’re going to the trouble to spend a small fortune on an engagement ring, you should take the same amount of time to research your insurance policy. After all buying an engagement ring is normally the third largest purchase you’re likely to make, behind a car and a home. So why compromise on your insurance?

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Flint work with all the leading insurance companies

Many years ago, I had a client who took out insurance with Flint. They lived in a three-bedroom semi-detached house. It was a lovely summers day. Mandy (not her real name) was washing up and left her rings on the windowsill in the kitchen. The windows were open. One of the kids called her away to help with something upstairs. She was gone for about forty minutes. When she came back downstairs, she noticed her rings were gone. The window was still open and there was no sign of a break in. Mandy called the police. Told them what had happened and filled in a police report. The police could see that there were signs of an intruder. The long and short of it was that the insurance paid out. Most insurance companies would have found a loophole to bounce through and find a reason not to pay out. Within three weeks, Flint ensured that Mandy was paid out in full. Just one benefit of using a broker.

There are different types of insurance policies. Some stipulate a replacement on a like for like basis. Some will only pay out only if the ring was locked in a safe or forced off your finger. Others will only pay you the wholesale price, as they can get a discount if they deal directly with a manufacturer. There are lots of other ways some insurance companies will try and avoid a large sum pay out. I can honestly say that clients who’ve dealt with Flint over the years have never been disappointed. And I know you won’t be either!

One of the best ways to get value for money when sourcing an insurance policy, is to use a broker. Another way is to add the ring as a specified article to your home content policy. There are stand-alone diamond ring policies out there, but I’m not sure how good they are. From what I understand they're expensive as the risk to value ratio is high as well as other issues such as the policies are riddled with potential exclusions to cover.

When you buy an engagement ring from me, or any other significant piece of jewellery, I always ask about your insurance. I always provide you with an up-to-date valuation certificate for your piece. There is an old adage I keep coming back to, which goes like this. Prevention is better than cure. Of course, we hope we never need insurance, but on the rare occasion you need it, you’ll be pleased you did it with Victoria at Flint!

If you want more details, please feel free to email me, or you can reach Victoria direct by email or on 020 8309 3146.

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Lewis Malka

Specialist Engagement rings made in Hatton Garden, London



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