Hiscox advises couples to insure engagement rings
Hiscox, the specialist insurer, has commissioned research revealing that couples planning to marry could leave themselves exposed to underinsurance.
Professional couples now spend, on average, over £2,600 on engagement and wedding rings with 10% spending in excess of £5,000 on rings.
Despite this hefty investment, a substantial minority (28%) do not consider insurance regarding their rings, and 7% are unsure if they are covered by household insurance.
Household insurance expert Simon Goddard states that whilst insurance is understandably not top of the priority list for the soon-to-be married it is nevertheless important to be adequately covered.
Goddard added that the volatility in precious metal prices recently mean that rings may also increase in value rapidly and advises regular revaluation to make sure coverage is adequate.
The guidance echoes similar advice given in September last year by Hiscox, regarding the need for newlyweds to avoid accidental exposure to under-insurance when they make new purchases and receive numerous wedding gifts.
Category: Insurance News
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