Make sure home insurance covers Valentine's Day gestures Go compare with our comparison table

Make sure home insurance covers Valentine's Day gestures

04 February 2010 / by Rachael Stiles

For those lucky enough to get a gift this Valentine's Day, such as jewellery or even an engagement ring, Sheilas' Wheels is urging them to make sure their new bling is insured.

Almost two thirds of women have lost jewellery in the past, while a fifth have had items stolen, according to research from Sheilas' Wheels home insurance, and with the nation's jewellery box estimated to be worth more than £40billion, it is worth insuring, the provider says.

As romantic gestures and marriage proposals are set to sweep the country next weekend, the value could rise significantly.

Shielas' Wheels home insurance offers some tips on how to protect their gifts this Valentine's Day.

Jewellery should be covered from the time it leaves the shop in case it gets lost or stolen; this cover is provided under home insurance policies which include 'personal possessions away from the home'. The average engagement ring costs £1,412, but only a quarter insure the ring before popping the question.

If the gift is worth a certain amount, then the home insurance provider will need to be informed so that they are never under-insured. Furthermore, items of jewellery worth over a certain amount needs to be valued every three years to ensure that they are always covered.

Once the gift has been purchased, the receipt should be kept in a safe place as proof of purchase, along with a photo of the item, in case a home insurance claim needs to be made. The research found that just three per cent of women have photographic evidence or a receipt as proof of purchasing and owning their jewellery.

Some retailers will sell insurance at the time of sale, but Shielas' Wheels warns against taking out cover when the purchaser might already be covered by their home insurance policy, thus resulting in doubling up on cover.

The study discovered that more than half of brides-to-be wear a loose-fitting engagement ring for two months before getting it re-sized, and 12 per cent of married women admit to losing their engagement ring.

Jacky Brown, spokesperson for Sheilas' Wheels home insurance, commented: "Valentine's Day brings with it the excited opening of jewellery boxes and surprise wedding proposals, adding to the ever-growing mountain of women's bling. Although it's easy to be swept away with the romance of the occasion, it's crucial not to forget the importance of insuring your new ring, necklace, bracelet or brooch.

"Not having ample insurance cover straight away could take the romance out of anyone's Valentine's weekend in the event of loss, damage or theft of a new jewellery gift - either at home, whilst out and about or on a mini-break away.  All women should remember to make sure that their home contents insurance policy accurately reflects the amount of jewellery they own and that they have adequate personal possession cover in case disaster strikes."

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