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Consumers advised to insure engagement rings
Posted by Mark Cunningham
The average amount spent by Britons on an engagement ring is £1,800, an amount that could highlight the need for insurance, it has been suggested.
Recent Valentine's celebrations may have seen many marriage proposals - but Defaqto has reminded people to check that a ring is covered by home contents insurance to avoid the mood being dented by having to fork out for a new ring should something happen.
Many policies require individuals to specify items worth more than £1,500 in order for full insurance to be given.
"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 possessions kept in the home," said Mike Powell, insight analyst at Defaqto.
People should also check which locations a ring is covered in, as some policies have a limit on insurance provided outside of a home.
MSN Money reported that compared to last year, 59 per cent of Britons will have spent less on loved ones this Valentine's Day.
One reason for this is continuing uncertainty about the financial climate.
15/02/2010 15:23
News category: Consumer