Insurance news
The cost of true love
12 February, 2007
Romantics planning to get engages on Valentines Day could end up paying more than they bargained for – by losing their rings.
Millions of pounds worth of engagement rings are lost or stolen every year, but many home contents policies do not provide full cover. If extra cover is not taken out, couples will be left out of pocket.
Paul O’Gorman or Ultimatum, insurance for non-standard requirements from Quoteline Direct admits that February is the most popular month of the year for lost jewellery.
He said: “If you’re planning to pop the question this month, insurance will be the last thing on your mind but you should tell your insurer right away and list your ring as a separate item on your policy. If you don’t, your insurer will set a limit, usually at about £1,500. With many rings costing three months salary, its actual value is likely to be much higher.
“People wrongly assume their household contents policy covers their rings. Unfortunately, most people don’t realist they’re underinsured until the worst happens and it’s too late.”
Bookmark with:
