Don’t double-up on engagement or ‘mengagement’ ring insurance

With Valentines Day just around the corner, romantic Brits will be getting ready to pop the question to their loved ones by shopping for the perfect diamond engagement ring - but many will waste money on buying unnecessary in-store insurance policies according to esure home insurance.

esure's research shows that a quarter (23 per cent) of Brits would buy additional insurance from the retailer to cover the loss, damage or theft of a piece of jewellery, such as an engagement ring. Yet over an estimated 3.3 million adults - already with personal possessions cover as part of their home contents insurance - would essentially be doubling-up on the cover and buying a pointless product.

With the average engagement ring costing around £1500, insurance is crucial - and it isn't just men that need to make sure they're covered when they leave the jewellery shop. It seems that women are no longer waiting for the question to be asked; instead some have decided to be the one to ask it. This has led to the recent launch of a range of ‘mengagement' rings which are now available for women to buy for their partners.

Mike Pickard, Head of Risk and Underwriting at esure home insurance, said: "Before buying any jewellery this Valentines Day, check what your home insurance covers before you start shopping for that perfect gift. You'll want to be fully insured for theft or loss as soon as you step outside of the shop.

"By doing your homework beforehand, you'll also avoid doubling up on insurance by buying in-store cover. It's effectively a waste money and can lead to complications if you need to make a claim. Doubling the insurance doesn't equate to double the level of cover."

esure offers some top tips to avoid doubling up on insurance cover when buying an engagement ring this Valentines Day:

Check your insurance policy before you shop: Check what you're covered for and consider adding personal possessions cover away from the home for a small additional premium to cover the engagement ring for theft, loss or damage. On an esure home policy this can be as little at £30 per annum for £4000 worth of insurance and it must also be declared as a specified item if its value is over £1500.

Ignore the hard-sell: It's likely that most shop assistants get commission for each insurance policy sold, so don't feel pressured into handing over extra cash on the spot for additional insurance to cover your new purchase.

Keep the reciept in a safe place: If you need to claim on your home insurance for the loss, damage or theft of an engagement ring make sure you have proof of the purchase and any certificate of authenticy, along with a close-up photograph of the item.

Don't be swayed by the price tag: The retailer's insurance policy may only cost a few pounds or a small percentage of the total purchase price - easily absorbed into the total bill, especially for high-value items such as an engagement ring - but it still isn't worth paying for cover that you or your ‘fiancé-to-be' may already have.