Valentine’s engagement ring insurance reminder
Romantics who chose Valentine’s day to propose marriage are being urged to check whether the engagement rings handed over to prospective spouses are insured.
According to Defaqto, the average British male spends £1,800 on an engagement ring, a sum that may be above the single specified item cover provided on a home insurance policy.
In fact, research from the financial analyst suggest 34% of home contents policies have a standard single item limit of £1,500 or less for items kept in the home, in which case most of the rings slipped onto fingers yesterday need to be specified on a policy.
Outside the home, insurers provide personal possessions cover either as standard or as an add-on; however, policyholders should check where cover is given and whether on an unspecified or specified basis.
For example, some providers state that cover only applies within the geographical limits contained in the policy and then only for a specific number of days worldwide.
Defaqto conducts an annual review of UK home contents insurance policies and reckons there are currently 261 standard policies on the market.
Ninety of these have a single item limit of £1,500 or less and only 24 provide personal possession cover as standard.
Category: Home Insurance News, Insurance News
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