Abbey Home Insurance: Rings are not worthless

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Abbey Home Insurance: Rings are not worthless

Wed 5th Mar 2008

New research from Abbey Home Insurance has found that 42 per cent of people do not have their engagement rings insured, while a further 16 per cent of ring-owners are unsure as to whether they have insurance or not.

Despite the fact that the price of gold has risen by over 30 per cent in the past year, making many rings worth more than ever, only around 27 per cent of engagement rings are covered by existing policies.

Abbey Home Insurance is suggesting that the estimated 1.8 million Brits who plan to propose to their partners this year should arrange insurance for their rings as soon as they purchase them.

It also advises jewellery-owners to review their home contents insurance regularly to ensure that it is up to date and fully covers their treasure.

Lloyd Wilson, head of Abbey Insurance, said considering the average engagement ring costs around £1,200, "the number of people who don’t think about insurance for their engagement rings and other precious items is quite staggering".

Last month, Abbey warned homeowners to insure themselves against natural disasters, such as earthquakes.

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