We don’t know if it’s the flowers, the chocolates, or all the love in the air, but there’s something about Valentine’s Day that makes it an ideal moment to pop the question. What better than a day where a whole 24 hours is dedicated to love? According to research by Loyes Diamonds, 29% of people believe Valentine’s Day is the perfect day to propose.
Getting engaged is a special and deeply personal milestone, whether it comes as a surprise proposal or a shared conversation about a future together. Because an engagement ring holds such importance and value, a simple step like adding it to your home insurance is a sensible step.
With the most popular time to get engaged in Ireland being from Christmas through New Year's, and finishing at Valentine's Day, we’ve compiled your go-to guide with everything you need to know about engagement rings and getting them insured below.
Where to start when buying an engagement ring.
When buying an engagement ring, there are many things to consider and knowing where to start when choosing your engagement ring is key. With that in mind, let me introduce you to the five Cs.
1. The five Cs:
Cut determines how well the diamond reflects light and creates sparkle.
Clarity refers to fewer imperfections, which usually means higher value.
Carat measures weight, with larger diamonds being rarer.
Colour is graded from D to Z, with colourless being the most valuable.
Certification is an independent grading report from a recognised body (e.g. GIA, IGI, HRD) that confirms quality, value, and ethical sourcing.
2. Real vs lab diamonds
Choose between diamonds that were formed deep within the earth over millions of years, or lab-processed diamonds that mimic these conditions to form a diamond.
3. Finding the right ring
Try casually starting a conversation on the topic and see if any hints are dropped, or ask a close friend or family member to get some information.
4. Unsure of the right ring for your future fiancée
A good option when you’re in this position is to propose with a promise ring and let your partner pick and design the engagement ring by visiting the jewellers together.
5. Decide on your budget
Before you go engagement ring shopping, have a clear budget in mind and stick to it, so you’re not encouraged to spend more than you anticipated.
How much to spend on an engagement ring?
While we’ve all heard the age-old “three months’ salary” rule for engagement rings, how much you spend shouldn’t be the deciding factor. What matters most is choosing a ring that reflects your personal style and aesthetic preferences. According to Bespoke Diamond, the average cost of an engagement ring was €3,840 in 2025, which means a budget of around €4,000 can be a helpful benchmark. Ultimately, however, the right ring - and what you spend - comes down to what feels comfortable for you and aligns with what you value most in a ring. Remember, not all of us have the budget for a Taylor Swift engagement ring.
How to insure your engagement ring through your home insurance
From rings passed down through generations, to weeks of thought and research into the perfect engagement ring for that special someone. Your engagement ring often holds a much deeper emotional story. It also carries a high monetary value, which is why ensuring it’s protected against loss, damage, or theft is essential as early as possible.
1. When should you insure your engagement ring?
Getting the ring insured as soon as it’s purchased is the best option. Be sure the engagement ring is added to your home insurance policy without delay.
2. How to protect your engagement ring
The first step is to call your home insurance provider, as engagement rings may be insured differently by different insurers. This all depends on the value of the ring and the type of insurance you have, and whether you want cover outside the home. The following outlines the cover options available with us at OUTsurance.
3. Cover outside the home
If your ring is worth under €1,000, it can be covered as part of unspecified portable items, as long as you have chosen portable cover, which is optional and selected a total limit for those items.
4. Specifying your engagement ring
If your ring is worth more than €1,000 and you want it covered outside the home, it must be listed separately as a specified portable item.
5. When you need a valuation certificate
For high-value rings, we will advise you if a valuation certificate is required when insuring the ring. The valuation certificate must come from a reputable jeweller and be dated within the last 2 years.
6. Maximum value allowed
The price for any single specified item is €12,500. Always read your policy booklet for full details.
7. Documents to keep safe for your insurance
It’s a good idea to keep these items safe in case you may need them at a later stage:
Original purchase receipt.
Valuation certificate.
Diamond grading certificate (e.g. GIA)
Photos of the ring (helpful at claims stage)
Peace of mind for your perfect moment
For many people, buying an engagement ring is the result of years of hard work, deep thought and careful saving, making it something truly worth protecting. We hope this article has helped shine a light on some of your lingering questions and offered some helpful resources to make this special moment in your life absolutely perfect.
If you’ve recently gotten engaged, now is the perfect time to review your home contents insurance and ensure your engagement ring is added to your policy. When your home insurance is up for renewal, make sure to give OUTsurance a call or start a home and contents insurance quote today to see if we can help you save money.
Sources
- Best time to get engaged research by Loyes diamonds
- Average cost of engagement ring 2025 by bespoke diamonds