The cost of purchasing engagement rings in Australia, on average, is around $5,300. If you bought a car for $5,300, you would get insurance for it – wouldn’t you? Therefore, insuring engagement rings of similar value makes sense as well. If you lose your ring, it’s stolen, or it becomes damaged, having insurance offers peace of mind that you are going to be able to replace it with a ring of similar value – even if the sentimental factor is not the same.
How do I Get Insurance for My Engagement Rings in Australia?
Diamonds and Pearls Perth tells us that there are two primary ways you can go about getting insurance for your engagement rings. You can cover it under your home and contents insurance – as long as you include portable contents cover, or you can opt for specialist jewellery insurance. Even though you may pay a little more for specialist insurance, it can, in many cases, offer a higher level of cover.
What Happens If I Insure My Rings with Contents Insurance?
If you decide to include your engagement rings under your home contents insurance, it’s imperative to upgrade your policy to include portable contents. If you don’t, you may find yourself not covered if you lose your ring outside your property. When you upgrade to portable insurance, you can generally cover up to $6,000 but may only receive $2,000 for an individual item....