Romantics urged to check rings are insured
M&S Home Insurance is advising anyone purchasing a ring before popping the question this Valentine's Day to check it is covered by existing home contents insurance.
Brits spend an average of £1,800 on an engagement ring. While many people may be tempted to take out specialist insurance offered at the time of purchase, they may not realise the ring may already be covered by their home insurance policy.
M&S Home Insurance offers unlimited cover for your possessions in the home - so policy holders can be confident that their valuable items have adequate cover. This can be extended to cover items outside of the home.
Jewellery that is ‘worth its weight in gold':
Insurance for your valuables is particularly important at this time of the year - February is one of the worst months for burglaries3 as it is dark early in the evening, and many homes are empty, with people still at work, or parents out on the school run.
As the price of gold has risen by 25% compared to this time last year4, demand for gold jewellery is high, making heirlooms that have been passed down the generations, and other older items of gold a valuable commodity for burglars, as they can be sold on quickly and easily.
A vintage trend:
It's not just inside the home that jewellery is at risk. Fashionistas are predicting that 2010 will be all about vintage and unique items of jewellery. Women wearing precious items that have may have been passed down from great aunts and grandmothers, previously kept tucked away in a jewellery box, may not be covered for loss and theft if these items are taken outside of the home.
In addition, the last 12 months has seen the comeback of the charm bracelet. Many designer and luxury brands are selling charms as gifts to celebrate every occasion; from Valentine's Day, a wedding day, birthday presents, Christmas presents, and anniversaries.
David Wells, M&S Head of Insurance, said: ‘Many contents insurance policies have specific limits on single items, so if you think an item of jewellery may be worth more now than when it was bought, it would be worth having it revalued to ensure it is going to be covered by your existing policy.
‘It's worth considering that items such as charm bracelets increase in value year on year as more and more charms are accumulated, bracelets can often hold 10-20 charms, and with designer brands offering these, the value can mount up.
‘While many items are irreplaceable because of the memories or a person or an event that are attached to them, it's a comfort to think you can at least afford to have the item replaced with something of similar value if the worst happens.'
M&S Home insurance ‘jewellery tips' to avoid being out of pocket:
Make sure you know what the single item limit is for valuables/personal possessions on your home contents insurance policy
All valuables should be professionally valued every two years to make sure you are not under-insured
If you are wearing precious items that have been passed down from generations, ensure you get an up to date valuation on these and take out additional ‘away from home' cover
Marks & Spencer home insurance is available online at marksandspencer.com/homeinsurance.