The pesky fine print to look for when insuring your engagement ring

You've got a fat diamond ring on your finger and you're heading overseas for Euro summer – but how do you keep the engagement ring safe while travelling?

Most people have home and contents insurance, but you might not realise it won't cover your ring when you step outside.

Jewellery Insurance expert Lachlan Renshaw from Centrestone said travel insurance usually won't cover it, either.

"Every insurance policy is gonna be different, so they're probably need to check the terms and conditions," Renshaw tells nine.com.au.

"Travel insurance generally isn't built for jewellery. It's built for items up to a couple of thousand dollars, so if you've got a $10,000 engagement ring, that's not really going to help."

Renshaw's biggest tip when it comes to travelling with jewellery is to make sure you get the item valued before you leave, and make sure it's insured for its current-day value.

"It's really important to speak to a jeweller to get the current replacement cost," he said.

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"The reason for that is that the price of gold has doubled in the last 18 months."

"Anything that was bought two years ago, the replacement cost today is definitely more than it was one or two years ago.

"So if they've insured it 12, 18 or 24 months ago, it's probably underinsured if it hasn't been adjusted.

"Make sure that you speak to your jeweller and just ask, 'What's the current replacement cost of this item today?'"

If the cost of the ring is worth much more than it's insured for, you won't be able to get an exact replacement.

He says people should be updaitng their policy every year because the price of gold moves so fast.

So, when it comes to travelling with an engagement ring... what about not taking it at all?

Insurers have seen a trend of people having replicas of expensive rings made to wear while travelling.

"That's up to the individual, jewellery is made to be worn," Renshaw said.

"Some people just love their jewellery so much that they want to wear it 24/7, that's obviously up to them they take that risk."

Of course, wearing a fake ring doesn't protect you from potentially being targeted by thieves.

If you have a secure place at home, like in a locked safe, insurers say the safest option is leaving it there rather than taking it with you.

But if you do take it on holiday with you, do not wear it in the water.

"One of the most common claims is lost in the water," he said.

"You go down to the beach, you put sunscreen on, you've got sunscreen on your hands, and it's slippery.

"You go into the water and your fingers shrink, because in cold water [your fingers] go from being a little bit swollen to shrinking in the water

"When you dive under a wave or under the water, the ring just comes off."

"We see it all the time, even men's wedding rings that have been on the finger for 10 years, they couldn't even get it off if they tried... that ring comes off in the surf."

Renshaw says everyone should double-check the fine print on their policy to ensure things like losing the stone, losing the ring while travelling and damaging it are all covered.

"We'd always recommend having a proper comprehensive insurance policy in place so that you're covered anywhere in the world." 

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