UK Money News
5th March 2008
Engagement rings may be under-insured
Less than a third (27 per cent) of engagement rings are covered by existing home insurance policies, a leading insurer has said.
Abbey Insurance warned the 1.8 million people expected to propose this year, that they might not have adequate home insurance.
This issue has been augmented by the rising price of precious metals. Gold alone increased in value by 32 per cent last year.
"The number of people who don't think about insurance for their engagement rings and other precious items is quite staggering," warned Lloyd Wilson, head of insurance at Abbey.
"With the average engagement ring costing around £1,200, it's important to arrange insurance immediately if you're one of the 1.8 million planning to propose this year."
The economic upheaval affecting key markets around the world has prompted more investors to seek refuge in the relative stability of gold and other precious metals.
This could mean that private jewellery collections are now worth much more than their owners thought.
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