Diamonds are forever

14 February 2007

With Valentine's Day being one of the most popular days of the year to pop the question there are sure to be a few new glittering diamonds adorning the ring fingers of women around Western Australia today.

But RAC, WA's largest insurer is urging the recipients of engagement rings this 14 February to make sure they cover them against loss, theft and damage.

According to RAC Insurance figures more than $1.3million is claimed annually for jewellery that is accidentally lost, damaged or stolen with diamond rings making up a proportion of that figure.

"Most of us are well aware of the importance of insuring our home and contents - but not as many stop to think that some of our personal valuables may need their own separate cover," said RAC Insurance spokesperson Brendan Stocks.

"Engagement rings are often valued at a much higher amount than your standard policy allows for and a personal valuables policy will cover them at home and when you are out and about to their full value.

"Having to make a claim when something as valuable as an engagement ring has been lost, stolen or damaged is never easy but at least you will be comforted by knowing its fully insured," said Brendan.

With personal valuables policies you should ensure you have valuations for items such as jewellery in the event you need to make a claim. Most personal valuables policies will cover items Australia-wide. , and some will also extend to overseas cover.

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