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Insurance warning for Valentines Day Romeos

Insurance warning for Valentines Day Romeos

Category: Home insurance

Updated: 27/11/2012
First Published: 08/02/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Budding Romeos purchasing a ring before popping the question this Valentine's Day have been urged to check if it will be covered by existing home contents insurance.,br>
With Britons spending an average of £1,800 on an engagement ring, many people may be tempted to take out specialist insurance offered at the time of purchase.

However, what they may not realise is that the ring could already be covered by their home insurance policy.

According to M&S Money, making sure that jewellery is adequately insured is particularly important at this time of the year.

Dark early evenings make February one of the worst months for burglaries.

Meanwhile, with the price of gold up by a quarter compared with this time last year, demand for gold jewellery is high, making heirlooms that have been passed down the generations, and other older items of gold, a valuable commodity for burglars.

"Many contents insurance policies have specific limits on single items, so if you think an item of jewellery may be worth more now than when it was bought, it is worthwhile having it revalued to ensure it will be covered by your existing policy," said David Wells, M&S Head of Insurance.

"While many items are irreplaceable because of the memories or a person or an event that are attached to them, it's a comfort to think you can at least afford to have the item replaced with something of similar value if the worst happens."

Top tips to avoid being out of pocket:
  • Make sure you know what the single item limit is for valuables/personal possessions on your home contents insurance policy
  • All valuables should be professionally valued every two years to make sure you are not under-insured
  • If you are wearing precious items that have been passed down from generations, ensure you get an up to date valuation on these and take out additional 'away from home' cover.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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