Getting hitched this year? Before all the excitement takes over, ensure that you’ve got jewellery insurance to protect your precious engagement and wedding rings! That way, you won’t fly into a panic each time you take off them off. Here, the team at Expat Insurance answer some frequently asked questions about this all-important (but often forgotten) insurance coverage.
#1 How can I get my ring insured?
You’ll need to have contents insurance, specifically a comprehensive policy that is already in place. If you don’t, we can help you get one. Many people approach us about getting insurance for their engagement rings, but they only have home and contents insurance through their credit card or bank – these won’t cut it. These are only very basic and will not cover for unexplained losses or lost items while you’re travelling. You’ll need a comprehensive home and contents insurance before you can specifically insure your ring – it will be covered under personal liability and itemised valuables.
If you already have a home and contents policy bought through another insurance company, let us know and we can transfer the policy over to Expat Insurance within 24 hours so that we can oversee everything for you.
#2 Do I really need it?
Yes! – especially with the kind of lifestyle we lead in Singapore, with frequent trips abroad and weekends away. If you have a good worldwide insurance plan, you’re likely to be well-covered. Our jewellery insurance also covers for unexplained or accidental loss. That means that if little hands get into your jewels – which they do and will! – and your ring goes missing, you’ll still be covered. We recently had a case of a woman on a flight where a diamond fell out of the setting of her $50,000 ring. Everyone onboard set out looking for it – cabin staff, passengers and everyone – but they couldn’t find it. Luckily, her ring was covered and she got her money back.
#3 What does it cover?
Accidental loss and damage, unexplained loss and theft – basically, everything you can think of.
#4 What do I need to provide in order to get my ring insured under my home and contents insurance policy?”
We only need a description of the item and its value; as simple as that. Receipts help, of course, but we only need a receipt if the ring is worth more than $100,000.
#5 Is this covered worldwide?
Yes, which is super helpful considering the amount of travel that expats do here.
#6 Any final tips for anyone looking for coverage?
We’ve worked out that the average cost of engagement rings that we’re getting asked to insure here in Singapore ranges from $6,000 to $10,000. So, as soon as the ring is purchased, call us and we can have it covered within 24 hours with an annual policy that will protect you for everything worldwide. Note that we can’t cover it while it’s still in possession of the jewellers – only as soon as it’s in your hands. It’s well worth it for that peace of mind!
Have more questions? Drop the Expat Insurance team an email here or, if you prefer a chat, call them at the number below.
Read on for more tips on choosing insurance plans.