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I love you - but don't forget the insurance

Valentine's Day is the most popular day on which people pop the question to their other halves.

But as thousands of people start wearing a ring today that they didn't have on yesterday, the romance should be forgotten for just a moment, to make sure their engagement ring is covered by their insurance policy.

Since the announcement of the Royal Wedding, rings similar to the sapphire and diamond band given to Kate Middleton have become popular. The ring itself cost £300,000 when Prince Charles originally bought it for Princess Diana.

On average, most people spend just over £1,400 on an engagement ring; however some couples will spend much more.

The Daily Mail reported that most insurers have a £1,500 limit on home contents' policies for a single valuable item, so any person whose engagement ring is worth more must contact those in jobs in insurance companies for quotes and advice.

A survey undertaken by Allianz found that ten per cent of married women admitted to having mislaid their engagement ring. The most common scenarios in which the rings were lost included during gardening, washing up, putting out the rubbish, whilst on holiday or whilst exercising.

Mark Bishop, a spokesperson for Allianz, said: "Almost three-quarters of women don't know what their engagement ring is worth. We suggest having your ring valued at regular intervals to make sure it is insured to its full replacement value."

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