back to Engagement

Engagement Ring Insurance

by Haley Anhut
Last updated on December 22, 2021

Congratulations! You’re getting engaged. But before your fiance gets to wear the beautiful diamond ring you carefully picked out, it’s important to get engagement ring insurance. With an engagement ring costing anywhere from hundreds to thousands to tens of thousands of dollars, you’ll want to protect it for years to come!

Unfortunately, life happens, which means that loss, damage, and theft can happen to anyone. Hopefully, you will be lucky enough never to have to file a jewelry claim. Luckily, couples can protect themselves from these tragedies by purchasing engagement ring insurance.

What is Engagement Ring Insurance?

This is often referred to as jewelry insurance. This is a specialized policy that will provide comprehensive coverage of your most treasured item, your engagement ring. Insuring an engagement ring will protect it if it gets damaged, lost, or stolen.

We’ve created this comprehensive engagement ring insurance guide to ensure your perfect ring and wedding bands stay safe and protected year after year. Here’s everything you need to know about protecting your engagement or wedding ring.

Do I Need Engagement Ring Insurance?

We highly recommend getting engagement ring insurance, as this is a piece that is not only expensive but filled with sentimental value. Whether your ring is $1,000 or $20,000, an engagement ring insurance plan will give you and your partner peace of mind in case anything happens, making it easier to replace or fix the ring. The sooner you insure your engagement ring, the sooner you’ll be covered.

In most cases, you can insure the ring as soon as it’s purchased and in your possession. You will sleep better knowing that your beloved ring is properly insured. Shopping for insurance policies may be no fun, but it is worth it.

How Much Is Engagement Ring Insurance?

The average price of a jewelry insurance policy depends on where you live. Engagement ring plans will run about 1-2% of the jewelry’s value (but make sure you read the fine print.) If your ring costs $7,000, your insurance will likely be around $70 a year.

When you think about what you get in return for insuring your precious engagement ring, this is a small price to pay that will prevent you from paying more out of pocket in case anything happens.

Remember, if you and your partner move, your policy’s price and coverage may vary, and you’ll need to make adjustments. Like car insurance, areas with higher theft rates and other factors will have higher premiums. And as always, talk to your agent to ensure your coverage stays the same when you move.

How To Get The Most Out Of Engagement Ring Insurance?

Don’t Postpone Engagement Ring Insurance

Like car or homeowners insurance, you can insure an engagement ring as soon as it’s purchased and in possession of the purchaser. Think of how coverage will come in handy if you lose the ring before you pop the question!

Although you probably don’t want to think about anything bad happening to your special and sentimental symbol of love, it does. The sooner you secure engagement ring insurance, the sooner you are protected from mishaps. We recommend looking at insurance providers from the moment you purchase your perfect ring.

Decide on a Coverage Provider

We highly encourage you to find a 3rd party plan that is best for you. There are two different ways to insure your engagement ring, which you could select based on the worth of your ring, or your personal financial situation.

The first type of engagement ring insurance is purchased as an extension of your existing renters’ insurance policy or homeowners policy, called a “rider.” A rider is an add-on that will provide higher coverage protection from more types of risk that could happen to your engagement ring.

Be sure to check with your agent to see the details specific to your plan. Homeowners’ insurance policies vary wildly. Make sure you understand any jewelry coverage limits. It would be a shame o think you are insured only to find you purchased limited coverage.

How to Know Which Insurance Company Is Right for You?

You can also insure your ring through a specific insurance company specializing in jewelry insurance. You will want to make sure you do some research on the companies standing.

These can sometimes be more affordable and a great option if you’re not covered under homeowners’ or renters’ insurance. One of the more popular jewelry insurance companies specializing in jewelry is Jewelers Mutual. They provide coverage for loss, theft, damage, disappearance, flood or earthquake disasters, and travel.

We would recommend choosing jewelry insurance specifically because your homeowner’s insurance will often only provide coverage for theft, travel, and some types of damage, not any of the extras listed above.

You want to ensure that the insurance coverage includes engagement rings and wedding rings. Many other insurance companies offer comprehensive coverage for your jewelry pieces (including engagement rings and wedding rings). Just be sure to look for a reputable source.

Ask the Right Questions

It’s imperative to know your engagement ring insurance policy thoroughly. Asking questions will ensure there are no surprises if anything happens. Here are some questions to consider asking your agent:

What steps are needed to keep your ring insured if you and your partner move?

How much should engagement ring insurance cost? Is wedding ring insurance extra?

Where can your engagement and wedding rings be repaired or replaced?

Do you get to choose who repairs it?

Will the engagement ring’s insurance include a mysterious disappearance of the center stone?

What happens if there is no suitable option for replacement?

What is the insurance premium? Is it monthly or annual?

Are you insured for worldwide travel?

Are there circumstances that aren’t covered in your plan?

What kinds of repairs contribute to the deductible?

If you are insured for ring replacement instead of a cash refund, where can you go to purchase a replacement?

Will the policy adjust with economic inflation? Diamond engagement rings can vary quite a bit in cost.

How will you need proof in case of a stolen ring if you make a claim with the insurance provider?

Are you only covered for loss and theft of your ring, or is damage also included in the replacement cost?

Take Photos

This should be easy since you’ll probably take plenty of pictures to show off your new ring and share your proposal! But submitting images to show specifics of your ring to go along with your appraisal can help aid if repairs or replacements are needed when you file a claim. Most insurers will want to see photos as well as your grading report. There will also be a huge difference in damage from normal wear, as opposed to other unfortunate events such as a ring falling in the garbage disposal.

Get Your Ring Appraised

Getting your engagement ring appraised is the best way to understand its worth. It’s impossible to protect your ring if you don’t know its value. An appraisal will report on the 4 Cs (carat weight, cut, color, clarity), types of metal and weight, diamond quality, and other markings, numbers, or stamps on the gemstone. The appraiser will also take into account current prices, the origin of the materials used, and the overall craftsmanship of your ring. Many insurance companies will require an appraisal for more valuable rings, while a receipt or invoice is enough for lower-valued diamond rings.

Keep Track of Your Ring Receipt and Diamond Certificates

It is crucial to know how much you paid for the engagement ring. For this reason, keep ALL original receipts of the purchase. This also includes holding on to your diamond certificate, which is included for many Clean Origin diamond purchases. Our diamonds are independently graded by the IGI (International Gemological Institute) or GCAL (Gem Certification and Assurance Lab), which evaluate diamonds based on their “4Cs.” The assessment of your diamond’s cut, color, clarity, and carat will help to give an accurate valuation of your diamond.

It’s also common for them to ask for a copy of the detailed invoice for the item purchased. If you misplace your Clean Origin invoice for any reason, feel free to contact us for a copy.

Maintain a Current Appraisal

It is also important that you maintain a recent appraisal for insurance purposes, as the value of your engagement ring can fluctuate over time. We recommend that you get your ring reappraised every two to three years since the value of your ring usually will rise over time.

Many appraisers will keep a copy of your original appraisal and can use that as a base instead of starting over completely (which helps save money). However, keeping a copy of your original appraisal is always a smart choice in case they don’t store records for that long.

Ensure Peace of Mind

Engagement ring insurance is something you’ll never regret purchasing. Your engagement ring is not only valuable, but it is also one of the most sentimentally priceless items you’ll own. Keep it safe, and give yourself peace of mind by insuring your ring and any other valuable jewelry pieces you may own.

Engagement Ring Insurance FAQs

How Much Does It Cost to Insure an Engagement Ring?

Rates are dependent on where you live. Engagement ring insurance plans will run about 1-2% of the jewelry’s value for most people. If your ring costs $7,000, your insurance will be around $70 a year.

When you think about what you get in return for insuring your precious engagement ring, this is a small price to pay that will prevent you from paying more out of pocket in case anything happens.

What’s the Difference Between a Premium and a Deductible?

The difference between a premium and a deductible is in their respective purposes. A premium is a price you pay for the insurance plan. It’s usually an annual amount (monthly billing is rare) that you pay to your provider to keep your valuables insured. On the other hand, a deductible is an out-of-pocket cost you must pay for damages or replacement before insurance kicks in.

Who Is Supposed to Insure the Engagement Ring?

While you are still waiting to walk down the aisle, it is recommended to insure the ring for both the person who bought it and the one wearing it. You aren’t considered ‘related’ until you are married, so that you won’t be automatically covered under one insurance policy.

If you live with your significant other, you can easily add them to your policy as ‘additional insured.’ This is important protection because if they lose the ring, it’ll only be covered if their name is on the policy.

Ultimately, if the ring is stolen from a drawer or jewelry box, the person who bought the ring will need to have insurance coverage. However, if it falls off one of your hands, the person wearing the ring needs coverage.

Bottom line: make sure both of you are covered to ensure your ring is safe and protected.

Can I Insure Multiple Pieces of Jewelry?

Yes! You can insure multiple pieces of jewelry at the beginning of your policy.

Many people want to insure engagement rings and wedding rings. If you decide you want to add more pieces to your policy, you can add them as you go. Remember, the more pieces you add to your policy, the higher your policy will be.

It also may work best if you go with a jewelry-specific plan instead of adding your home or renters insurance policies. Be sure to read your insurance policy thoroughly and go with trusted insurance companies.

What Happens if You Lose an Insured Ring?

First off, you will certainly have to file a claim. Depending on your insurance policy, you may or may not be covered for the loss of a ring.

When choosing an insurance provider, we recommend choosing a jewelry-specific insurance option. One of the more popular insurance companies specializing in jewelry is Jewelers Mutual. They provide coverage for loss, theft, damage, disappearance, flood or earthquake disasters, and travel.

You could also choose to go with a homeowner’s insurance policy, but often they will only provide coverage for theft, travel, and some types of damage, not any of the extras listed above.

Does Insurance Cover a Diamond Falling Out of a Ring?

This also depends on your insurance policy’s coverage. Many companies offer comprehensive coverage for your jewelry pieces. Just be sure to look for a reputable source. Again, it is more likely that a jewelry insurance policy will be more helpful than your renters’ or homeowners insurance policy.

What if My Ring Gets Updated?

If your ring gets updated, it’s important that you get it reappraised with a new item description to ensure adequate protection. Most insurance companies have coverage limits. You will have to make sure that the insurance company has coverage options for the full value of the new, improved ring.

Read the fine print as policies vary significantly. You may need more coverage not offered by your existing policy offers.

If you plan to upgrade your ring later on, you may want to purchase coverage with this in mind. Otherwise, you may need additional coverage, and you can add any other uninsured jewelry you accumulate. That way, if anything happens to your ring, you ensure that it’s covered for its full value. Do note that with any update, the value of your ring might change, which could impact your premiums.