Make sure you are properly insured this Valentine's Day

Personal Lines

Make sure you are properly insured this Valentine's Day

Published: 12 February 2014

Love is in the air this month and with Valentine's Day just around the corner, there are sure to be plenty of lucky ladies and gents getting an expensive gift from their loved ones.

Whether it's an engagement ring, a Kruger Rand, a nice new watch or the latest smartphone, receiving a gift from your partner always brings excitement. Looking after your expensive gift is definitely important and while it might not be the most romantic thing to have to do; one must ensure that your exclusive gifts or purchases are insured adequately.

While one can't insure the sentimental value of your Valentine's gift, getting it insured will give you the protection should an unfortunate situation arises.

Insuring your engagement ring

As the most romantic day of the year - Valentine's Day seems to be the best time to get on one knee and ask that big question to your partner.

Here are some tips you need to know about insuring your engagement ring:

  • The engagement ring must be clearly specified in your policy. In order to insure the ring you will be required to provide a valuation certificate from a reputable jeweler.
  • The engagement ring is automatically covered under your house contents whilst inside your private residence, provided you have full house contents cover and that all safety requirements are adhere to. If you require cover while outside of your private residence, the ring must be specifically insured under the all risks section of your policy.

Insuring other expensive gift items

If you are not planning to propose this Valentine's Day but are spoiling your loved one with a special luxury present, you will need to specify it with your insurer or intermediary.

Here are some important requirements:

  • You will require proof of ownership (invoices) or a valuation certificate (for jewellery) to ensure the item is appropriately covered.
  • If this item is left unattended in your private residence, make sure it is stored in a safe place, like in a locked safe.
  • Valuable articles should be re-evaluated every two years to ensure that the value is correctly adjusted on your policy.