Has your partner popped the question? If so, congrats! Now that your loved one put a ring on it, you’re wearing a beautiful piece of jewellery that symbolises your eternal love and commitment.

For many people, purchasing an engagement ring may be the largest sum they’ll ever spend on a single piece of jewellery in their lifetime. So, how would you and your companion feel if your beloved new rock was stolen or damaged?

If something unfortunate happened to your shiny new addition it would no doubt be heartbreaking. That’s why, it’s essential to make sure it’s protected with the right kind of insurance. Here’s some tips for ensuring you protect your forever ring, from our good friends at CGU insurance.

Insuring your engagement ring

Knowing your engagement ring is covered – not only when you’re home, but also when you’re on the go – will give you the peace of mind you deserve during this special time in your life.

With CGU Contents Insurance, you can explicitly list your engagement ring on your contents policy or your combined home and contents policy. However, it’s important to note these two types of protection may only cover your ring when it’s worn or stored at home.

If you’re frequently on the move and want to cover your engagement ring while you’re out and about, consider selecting the Premium Cover option under CGU’s Contents Insurance policy. This covers you if your ring is stolen or accidently damaged or lost when you’re outside of the home. What’s more, your contents are covered anywhere in Australia and New Zealand for up to 90 days at a time.

Making a claim and engagement ring valuation

If something unfortunate happens to your engagement ring and you find yourself needing to make a claim, you’ll need to be able to prove its worth to establish its value for replacement. This can easily be done by providing us with:

a police report
purchase receipts
photographs (taken from different angles)
a certificate of valuation from a jeweller

It’s also a good idea to keep a copy of these details on file – either in digital form or a physical hard copy.

How we replace a one-of-a-kind engagement ring

The Specified Values option means if your ring is bespoke, we’ll be able to commission a jeweller to design and produce a replacement ring the best they can. And for this reason, it’s always beneficial to have photos of your engagement ring on hand.

For more information about insuring jewellery, get in touch.

Insurance issued by Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Any advice is general only. Consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) available from cgu.com.au to see if a product is right for you.