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Romantics advised: check insurance plan before splashing out on jewellery
People who are planning on proposing this Valentine's Day have been reminded to make sure they have suitable insurance for their ring once they've found the best buy credit solution.
An independent financial research company has advised consumers to first of all check if an expensive engagement ring is covered under house insurance.
With Brits spending an average of £1,800 on the important piece of jewellery, it is vital to check if your current insurance plan covers single items over £1,500.
Mike Powell, insight analyst at Defaqto, said: "Always check your home insurance cover as many policies have specific single item limits for valuables kept in the home.
"In fact, 34 per cent of home contents policies available state that they have a valuables single item limit of £1,500 or less for items kept in the home. This means that you need to specify any 'valuable' that is worth more than £1,500 to ensure that full cover is given."
He added that cover outside the home may also be required, and that consumers should again check the value of items which their insurer will cover as well as making sure that there isn't a geographical limit on their insurance policy.
An independent financial research company has advised consumers to first of all check if an expensive engagement ring is covered under house insurance.
With Brits spending an average of £1,800 on the important piece of jewellery, it is vital to check if your current insurance plan covers single items over £1,500.
Mike Powell, insight analyst at Defaqto, said: "Always check your home insurance cover as many policies have specific single item limits for valuables kept in the home.
"In fact, 34 per cent of home contents policies available state that they have a valuables single item limit of £1,500 or less for items kept in the home. This means that you need to specify any 'valuable' that is worth more than £1,500 to ensure that full cover is given."
He added that cover outside the home may also be required, and that consumers should again check the value of items which their insurer will cover as well as making sure that there isn't a geographical limit on their insurance policy.
Published: 12/02/2010
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.