Engagement, Everything Diamonds

Engagement Ring Insurance

by Haley Anhut
Posted June 18, 2020

Last updated on November 11, 2020

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. Luckily, couples can protect themselves from these tragedies by purchasing engagement ring insurance.

What is Engagement Ring Insurance?

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 in case it gets damaged, lost, or stolen. While Clean Origin does not offer engagement ring insurance, 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 could be selected based on the worth of your ring, or your personal financial situation.

The first is purchased as an extension of your existing renters 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.

You can also insure your ring through specific companies that specialize in jewelry insurance. 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 insurance companies that deal specifically with jewelry is Jewelers Mutual. They provide coverage for loss, theft, damage, disappearance, flood or earthquake disasters, and travel.

We would recommend choosing a jewelry specific insurance option because often your homeowner’s insurance will only provide coverage for theft, travel, and some types of damage, not any of the extras listed above.There are many other companies that offer comprehensive coverage for your jewelry pieces, just be sure to look for a reputable source.

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. No matter if your ring is $1,000 or $20,000, an 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.

How Much Is Engagement Ring Insurance?

Rates are dependent on where you live. For most people, engagement ring plans will run about 1-2% of the jewelry’s value. 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. Remember, if you and your partner move, your policy’s price may vary, and you’ll need to make adjustments. Like car insurance, areas with higher theft rates will increase your premium. And as always, talk to your agent to ensure you are covered wherever you move.

How To Get The Most Out Of Engagement Ring Insurance?

  • It is extremely important 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 every Clean Origin diamond purchase. 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 diamonds 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 for any reason you misplace your Clean Origin invoice, feel free to contact us for a copy. It is also important to keep your appraised value current, as the value of your engagement ring can fluctuate over time.
  • 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. 
  • Ask questions! If you and your partner move, know what is needed in order to keep your coverage valid. Ask your agent what steps you’ll need to take. Be sure to ask your policy provider where your engagement ring can be repaired or replaced. And what happens if there’s no suitable option for replacement? Are you insured outside of the country? This is an important question to ask if you and your partner travel. It is also extremely important to ask if there are any circumstances that aren’t covered in your plan. Asking these questions will ensure there are no surprises if anything happens. 

Diamond 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.