Are you covered for the rise in cost of precious metal?

As anyone who has become engaged recently will tell you, engagement rings don’t come cheap! On average, a ring will cost £1200 and yet, according to research carried out by Abbey Home Insurance, a staggering four in ten of us do not have insurance for our rings, whilst another one in ten of us do not know whether or not we are insured. It is estimated that 1.8 million Brits will pop the question this year and Abbey Home Insurance are encouraging people to plan ahead, unromantic though it may seem, and check whether their rings will be covered by their home contents insurance and, if not, to have them insured as soon as they buy them. Around a quarter of engagement rings will be covered by existing policies.

Even if you do follow Abbey’s advice and arrange insurance cover, it is important to review, on a regular basis, the amounts covered by your home insurance policy. Last year, gold rose by 32% and platinum values are at an all-time high, so make sure you are not underinsured. Fewer than 50% of us bother to check the limits of our cover on an annual basis and, with precious metal price hikes like 32%, it is obviously imperative that we spend the time reviewing our policies. If not, we run the risk of ending up seriously out of pocket, should our home be burgled or the ring lost accidentally - in the kitchen or at the gym are favourite places.

The average household contains around £1785 worth of jewellery and three quarters of us have a valuable piece in amongst that total. It is therefore all the more surprising that one in ten of us do not have any contents insurance at all, especially when a quarter of us say that losing our ring would be our worst nightmare.

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