Complete Guide to Engagement Ring Insurance

Engagement ring insurance is an easy way to achieve peace of mind and keep your jewelry safe. How much does it cost? Do you need it? And, if so, where can you find the best policy? We've got the answers.

By Jane Chertoff and Georgie Darling

Close up of female hand with engagement ring holding male hand across her chest
Photo by Daria Kopylova via Unsplash

The proposal was perfectly planned and the wedding prep is well underway. In all 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, and it’s better to be prepared. Fortunately, there’s a simple step to ensure its safety: Jewelry insurance.

While not everyone invests in engagement and wedding ring insurance, it's worth asking yourself how easy the ring would be to replace. If the answer is "not very," it might be worth buying a policy to keep you covered.

Jewelry insurance usually costs between 1% to 2% of the ring’s value. So, an engagement ring valued at $5,000 could cost roughly $50 to $100 a year, or $4 to $8 a month to insure.

This leads to the next question: will your home insurance cover the engagement ring? Maybe with a floater? Or should you buy a separate policy? Here, we've laid out all the options to guide your decision.

What is engagement ring insurance?

Engagement ring insurance is a way to protect your ring from loss, theft, or damage. It can cover the cost of repairing or replacing your ring if something happens to it. Engagement ring insurance can be purchased from a jewelry insurance company or added to your home or renter's insurance policy.

Do I need engagement ring insurance?

If you’re generally a responsible person, you might think you don’t need engagement ring insurance. And you might not like the cost. But ring insurance is important if you want to protect your new sparkler. It doesn’t have to be expensive, and there are several options you can consider to make it work.

Home insurance coverage vs jewelry insurance

No doubt you've had a few suggestions to put your engagement ring on your home or renter’s insurance. You already know you can get insurance on engagement rings separately, but should you? Let's weigh the pros and cons.

Home insurance coverage for engagement rings

Homeowner's and renter’s insurance policies may provide limited coverage for jewelry. Read your insurance policy carefully to determine what the policy covers. Check to see if 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 that you can insure your ring under your homeowner’s policy as an add-on.

Does a floater cover an engagement ring?

HERO PhotoByCeliaRagonesePhotography Photo Credit // Celia Ragonese Photography

A floater is a type of insurance policy that covers personal property that's easily movable. It provides extra coverage for items like engagement rings. However, a floater covers an individual item. So, if you have multiple items to insure, you'd need a separate floater for each.

Best insurance for an engagement ring

Some of the best insurance for engagement rings comes from BriteCo (affordable and easy), Jewelers Mutual (very popular and flexible), Lavalier (fast and jewelry-specific), and Chubb (best for high-value engagement rings).

How much does engagement ring insurance cost?

Engagement ring insurance usually costs 1-2% of the appraised value of your ring. For example, a $5,500 engagement ring could cost as little as $55 to insure annually. Factors that can affect the cost of insurance are the type of coverage, the deductible, and the discounts you may qualify for.

Before getting your ring, ask a few insurance providers or insurance agents to give you a quote. You may be surprised at how affordable it can be.

How do I insure a ring?

Getting insurance on engagement rings isn’t particularly exciting, so we’ll talk you through it thoroughly but quickly.

The first option is to insure your ring under your home or renter’s insurance. This may cover your ring up to a certain limit, but may not offer enough coverage or flexibility for your ring. You may also have to pay a deductible if you ever need to claim, which may be higher than the cost of replacing the ring.

A second option is to add a rider to your homeowners policy, which can offer more coverage and flexibility for your ring. A rider is an extension of your policy that covers specific items, like an engagement ring, for their appraised value. This offers better coverage (especially if your ring is expensive) but can still come with higher premiums.

You can buy a standalone policy from a jewelry insurer for more comprehensive and specialized protection. Some of the most popular diamond ring insurers include Jewelers Mutual, Lavalier, BriteCo, and Chubb.

Step-by-step breakdown of getting engagement ring insurance

Getting insurance on engagement rings can be a complex process. So, how do you insure an wedding or engagement ring? Here’s the step-by-step process of getting it ticked off the list.

  • Step 1: Get an appraisal of your ring from a certified gemologist or a reputable jeweler. Keep a copy of the appraisal and any receipts or certificates that came with your ring.
  • Step 2: Choose your provider and decide whether to get a stand-alone jewelry policy, or insure your engagement ring under your home insurance policy.
  • Step 3: Read the terms and conditions of your policy properly to understand its inclusions and exclusions.
  • Step 4: Pay the premium and deductible. The premium is the amount you pay to keep your policy active. The deductible is the amount you pay out of pocket before the insurance company pays for a claim.
  • Step 5: Update your policy regularly. You should get your ring appraised every two to three years. Notify your insurance company if you move house, travel abroad with your ring, or make any modifications or repairs to your ring.

Questions to ask your insurance ring policy provider

  • What are the coverage limits and exclusions of my policy?
  • How do I file a claim and what documents do I need to provide?
  • How long does it take to process a claim and receive a payment or replacement?
  • How do you determine the value of my ring and how often do I need to update it?
  • Can I choose my own jeweler or appraiser for repairs or replacements?
  • What are the premium and deductible amounts and how can I pay them?
  • How can I cancel or modify my policy if needed?
  • Do you offer any discounts or incentives for multiple policies or referrals?

What does engagement ring insurance include?

You’ll want to check the specifics of each policy when it comes to wedding and engagement ring insurance. Generally speaking, insurance for engagement rings covers:

  • Theft, robbery, or burglary
  • Loss or mysterious disappearance
  • Damage or accidental breakage
  • Natural disasters, like hurricanes or earthquakes
  • Preventive maintenance, like prong re-tipping or stone tightening

What does engagement ring insurance exclude?

Generally, the more budget-friendly the policy, the more exclusions it has. Some of the most common engagement ring insurance exclusions include:

  • Deterioration like fading, tarnishing, or scratching
  • Intentional loss or damage
  • Manufacturer defects like a loose stone or a weak setting
  • Pre-existing damage before you bought the policy
  • Voluntary parting, if you sell it or lend your ring to someone and they don’t return it

Engagement and wedding ring insurance terms

INLINE PhotobyTaylorRaePhotography Photo Credit // Taylor Rae Photography

While insurance providers can always give you a quick rundown on ring insurance, it’s ideal that you go into any discussions with some prior knowledge. With that in mind, we’ve gathered a few engagement ring insurance policy 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.

Ring insurance tips

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

  1. 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.
  2. Have your appraisal updated every 18 months as values tend to fluctuate.
  3. Take a few photos of your jewelry and keep them stored on a few devices for safe keeping.
  4. Don’t forget to add wedding bands, anniversary gifts, and other valuable gifts to your policy.
  5. 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.

Expert Advice: Have you done engagement photos yet? Check out our articles with ideas for shoots in the Winter, Spring, and Fall!

Whether you’re in the midst of wedding planning or just buttoning up the seams before the big event, Zola has everything you need to plan the wedding you want. See how our free wedding planning tools can help wherever you’re at in the journey!

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