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The Complete Guide to Engagement Ring Insurance

Engagement ring insurance is an easy way to achieve peace of mind and keep your jewelry safe. Here, the insurance experts at Lavalier share their top reasons to insure your engagement ring and wedding ring.

By McCall Minnor

couple with engagement ring insurance
Photo by Unsplash

The proposal was perfectly planned and the wedding prep is well underway. In all of this excitement, you probably don’t want to think about something happening to your beautiful, new engagement ring. The truth is, however, that anything can happen. Fortunately, there’s a simple step to ensure its safety: Jewelry insurance.

Engagement and wedding ring insurance are as essential as any other kind of insurance (e.g. home insurance, car insurance, etc.). This isn’t only due to the sentimental value your new and beloved ring holds, but the literally financial value of the ring itself.

If you haven’t considered insuring your engagement ring or think it seems unnecessary, read on. Here, the experts at Lavalier lay out the benefits of engagement ring insurance, insurance options, and why it should be at the top of your wedding to-do list. From diamond engagement rings, to minimalist bands, to heirlooms, read on for why it’s better to be safe than sorry.

Engagement and Wedding Ring Insurance 101

Before diving into the world of ring insurance, it’s crucial that you do a bit of homework. While insurance providers can always give you a quick rundown, it’s ideal that you go into any discussions with some prior knowledge. With that in mind, we’ve gathered a few important terms you should understand before reading on or meeting with an insurance provider. Including:

  • Premium: A premium is the price you pay for an insurance policy. This amount can vary greatly based on your ring’s value, where you live, and whether or not your policy has a deductible (more on that below). Depending on your insurer, this can be charged monthly, semi-annually, or annually. Failure to pay your premium can result in the cancellation of your policy.

  • Deductible: As with health or car insurance, a deductible is an amount you’ll need to pay out-of-pocket for replacements or damages before your insurance kicks in. Typically, insurance plans with deductibles have lower premiums and those without them have higher premiums.

  • Insurance Coverage: Coverage is the amount of liability that is covered by your insurance policy.

  • Exclusions: Exclusions are acts, types of damage, and even locations that aren’t covered by any given insurance policy. These will vary depending on where you get your ring insured.

  • Warranties: A warranty is an extension of insurance that typically covers minor wear and tear, such as scratches and prong replacement.

Benefits of Jewelry Insurance

Jewelry insurance, in particular (as opposed to covering your ring with home insurance or similar), can offer you more than just peace of mind from theft, accidental loss, or damage to your ring. In the event of damage or loss, you want your piece to be repaired or replaced by a jeweler with like kind and quality. With that in mind, consider working with a company that specializes in insuring jewelry and, thus, works with gemologists or is familiar with jewelry items, like Lavalier.

HERO PhotoByCeliaRagonesePhotography Photo Credit // Celia Ragonese Photography

Reasons to Buy Jewelry Insurance

Here are some expert-approved reasons to jump on the ring insurance bandwagon—sooner rather than later.

Other insurance policies may not cover jewelry fully

Homeowner's and renter’s insurance policies may provide limited coverage for jewelry. Read your insurance policy carefully to determine what the policy covers and whether your valuables, such as a diamond engagement ring, are adequately insured or not covered at full value. You may find that your current insurance has coverage limits or additional coverage options.

Also keep in mind that a jewelry claim on your homeowner’s insurance policy can affect your entire policy—especially if you require a full replacement. While convenient, typically a jewelry insurance company will have more comprehensive options for your needs.

Buying insurance is responsible and cost-effective

If you’re a typically responsible person who doesn’t damage or lose things, you may think jewelry insurance isn’t for you. Life is full of unexpected twists and turns, though. The most responsible decision is to prepare for anything. You wouldn’t skip on out health insurance just because you haven’t been sick recently. The same line of thinking can be applied here.

Purchasing jewelry insurance usually costs just 1-2% of the appraised value of your ring. So, for example, an engagement ring appraised at $5,500 could cost as little as $55 to insure annually. Before counting out getting your ring insured due to high insurance costs, ask a few insurance providers or insurance agents to give you a quote. You may be surprised at how affordable—and, in the worst cases, financially worth it—it can be.

Accidents happen.

The thing about engagement rings—or anything valuable that you wear around—is that you could lose or damage the item at any point in time. Even if you make it all the way from engagement through your wedding day without any issue, your ring is still at risk of damage or mysterious disappearance beyond that. (We’ve all heard stories about a bride who lost her ring on her honeymoon.)

Accidents happen. Don’t stress about a clumsy friend who wants to try on your ring, theft during travel, or losing it in the ocean (or even the shower) when your finger shrinks in the cold water. With insurance, you can go ahead and freely show off your sparkler without worry.

INLINE PhotobyTaylorRaePhotography Photo Credit // Taylor Rae Photography

Make the Most of Your Ring Insurance

Once you purchase your policy, make the most of it with these pro tips:

  • Make sure to keep a copy of your appraisal, receipts, and gem certificates in a safe and secure spot. Keep these items where you keep your other important documents.
  • Have your appraisal updated every 18 months as values tend to fluctuate.
  • Take a few photos of your jewelry and keep them stored on a few devices for safe keeping.
  • Don’t forget to add wedding bands, anniversary gifts, and push presents to your policy.

No matter the cost of your ring, insurance is a way to honor the financial cost and what it represents to you as a couple. Even though it’s not as exciting as planning your reception or honeymoon, it’s just as important. The peace of mind that comes from knowing your treasured possession is protected with a personalized jewelry insurance policy is worth every penny.

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