Romantic Brits are set to spend a staggering £1.32 billion on Valentine’s gifts this year of which, £467 million will be spent on jewellery* alone. Direct Line is urging those that do decide to lavish their loved one with diamonds, gold or other expensive presents to protect these cherished items.

Valentine’s Day is likely to be the most popular day for receiving jewellery. With an average ring costing about £1055**, there are £2.58 billion*** worth of engagement rings being flashed on fingers by Brits every year which may need extra protection.

Andrew Lowe, head of Direct Line Home Insurance, said, “Insurance is probably the last thing on most people’s mind when they are showering their loved ones with gifts on Valentine’s Day.  Having the right cover in place could prevent heartache if the unthinkable happens and that precious item is lost or stolen.”

Direct Line’s top tips for protecting your valuable gifts:

• Keep some form of proof of purchase such as receipts
• Get your jewellery valued periodically and update your insurer
• Keep photographs of your items and keep it with your policy
• Keep items that you aren’t wearing in a locked compartment such as a safe
• If your jewellery is lost or stolen, inform your insurer immediately
• High value items often need to be specified to ensure they have adequate cover - check with your insurer if you need to do this
• Check with your insurer if adding the items will affect the security requirements at your home, for example the locks on doors and windows

Direct Line’s home contents policy can cover items such as jewellery and watches in the home as standard.

Notes

*British Retail Consortium 2007 figures

** £1055 = Average price of an engagement ring at Goldsmiths

*** ONS figures: 244,710 marriages in UK and Wales in 2005 (244,710 x £1055 = £2.58 billion)