Esure: Don't be trapped by ring insurance

Friday, 13 February 2009 12:00

Esure is warning romantics planning to propose on Valentine's Day to beware of in-store insurance policies when buying the ring.

The insurer is urging people to check their home insurance policy first because most cover expensive items such as engagement rings.

Many jewellers try to sell their own insurance plan and by signing up many customers could end up with two policies covering one ring, warned Esure.

However, it said the purchase of such a valuable gift highlighted the importance of having a good home insurance policy.

Mike Pickard, head of risk at underwriting at the insurer, urged people to check their home insurance policy to make sure they were covered for items such as rings. He said it was essential people were covered for the theft or loss of the ring as soon as they left the shop.

He added: "By doing your homework beforehand, you'll also avoid doubling up on insurance by buying in-store cover. It's effectively a waste of money and can lead to complications if you need to make a claim."

Esure's home insurance policies allow customers to add personal possession cover for as little as £30 a year, price which provides £4,000 worth of insurance.

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