Look, of all the things that go through your mind when you’re proposed to, we’re betting ring insurance isn’t super high on that list.
We get it—insurance has never been the sexiest subject around. (No offense to any insurance brokers out there...we need you!) But the fact of the matter is, it’s a super necessary next-step when you first get engaged. Right after you share those proposal pics on Instagram, of course!
Your engagement ring is precious; that and your soon-to-be wedding ring are two of the most important pieces of jewelry you may ever own in your life. Not only are engagement rings a pretty big financial investment for most people, but their sentimental value is basically off the charts.
While you’re busy planning your wedding (and eventually living your post-wedding life together), you don’t want to have to worry if your ring is going to get damaged doing all that DIY decor for your reception or if it’ll slip off during your honeymoon skydiving session. You’ve got enough on your plate as is, so we want to get you all the information you need to know to make an informed decision about engagement ring insurance and give you one last thing to worry about while you plan your wedding.
So, if you’re currently asking yourself, “How does ring insurance work exactly?” here’s everything you need to know.
Will Insurance Cover a Lost Ring?
The short answer is: it depends.
A lot of people tend to think that if they already have the standard homeowners insurance: “Well, of course, my ring is already covered! It’s just one more piece of personal property on the policy, right?” (And the same goes for renters insurance.)
Unfortunately, that is not always the case. Furthermore, even if your engagement or wedding rings are technically covered, it’s not always as airtight as you might like. Not all insurance policies are created equal!
Depending on your policy terms, you may need to submit a rider to get any potential additional coverage approved. Then when it comes to claims of loss, theft, or damage your replacement cost or repair cost can vary greatly depending on your provider’s policies once again.
Yes, plenty of homeowners insurance or renters insurance policies have some basic coverage for jewelry, usually up to a few thousand dollars. However, the average cost of an engagement ring in the US as of 2020 is roughly $6,000, which means that standard is nowhere near enough to cover a full replacement and you could be left paying a hefty sum out of pocket. Not to mention that if you actually ever file a claim for your engagement ring through your homeowners insurance policy—which is basically the entire purpose of having insurance—your premium could increase or your whole policy’s eligibility could be thrown into question at renewal. Yikes.
Yeah, thanks but no thanks.
Luckily, if you’re reading this it means that you’re here to find out the cold, hard facts. And the fact is that if you really want to make sure that your engagement ring is safe and sound, a dedicated engagement ring insurance policy is your only option.
Most engagement ring policies are actually just dedicated jewelry policies, which is great for two key reasons.
1. Your insurance is specifically designed with jewelry in mind.
Homeowners and renters insurance is designed more for general personal property and liability, which means the providers aren’t exactly jewelry experts. Unlike most property, which depreciates in value over time, jewelry tends to either retain or in some cases increase in value! Which is great for you, but a little complicated for standard insurance companies.
With jewelry insurance, your providers know exactly what you need and how to help you achieve that in the smoothest way policy. Whether your ring got damaged or it’s just a mysterious disappearance (whether you can’t identify if your ring was lost or stolen), jewelry insurance companies can help you get a replacement or repair what’s been damaged based on your ring’s original cost or appraised value (if an appraisal or detailed receipt is on hand with the insurer).
2. You can add multiple pieces of jewelry to one policy.
As soon as you’ve gotten your engagement ring, you’ll want to start looking into insurance companies that may work for you. But there’s more jewelry to come, too. You already know that there’s soon going to be two wedding rings in your life soon enough! (So before the wedding make sure you add those onto the policy as well.) And hopefully, there’s even more jewelry in your future down the line! Whether it’s engagement rings, wedding rings, or that big diamond broach your Great Aunt left you, a jewelry insurance policy can cover it.
How Does Insuring a Ring Work?
Let’s get down to the nitty-gritty details!
1. Get Your Ring Appraised
Most jewelry policies—whether you’re insuring wedding rings or engagement rings—will require you to get your ring appraised to make sure that your payments are appropriate based on the potential cost of replacement for your ring. For lower-cost rings, a receipt may be enough to prove the overall value, but for rings worth roughly $5,000 or more you’ll need to have a diamond certificate or grading report from an independent gemological laboratory. Thankfully most jewelers will provide either of these along with the purchase of a ring!
Additionally, because your engagement ring’s value may change over time, it’s good to keep in mind that you may want to reappraise it sometime in the future to have the most up-to-date value on file. Once you have either the receipt or an official appraisal, you’re ready to pick your provider and policy.
2. Choose a Policy
Like we said before, not all insurance policies are created equal! Depending on the value of your ring, where you live, and what options your provider offers, your policy may vary. The most important part of choosing a policy is making sure you’re asking all the right questions to be sure that you’re getting the full picture. Here are some questions to keep in mind when shopping around for policies:
- Are there any potential circumstances that this policy doesn’t cover, such as loss, damage, or theft?
- Does this policy offer worldwide coverage in case I’m ever traveling outside of the country?
- Will the insurer take steps to automatically increase my insured value annually to cover any potential increases in the jewelry’s value?
- What’s the actual process for receiving payment once a file is claimed?
- Does my insurance cover the full cost of replacement?
- What type of proof is required for filing a claim?
3. Enjoy Your New-found Peace of Mind!
That’s it! Once you’ve got your policy figured out, you’re basically done. Best-case scenario, you never even have to file a claim on your engagement ring. (We know, wishful thinking, right?) Thankfully, when your ring is insured, you already know what your worst-case scenario will be: file your claim, get a new ring (or fix your current one), and go back to living your happily ever after with the love of your life. Because, really, isn’t that what this whole thing is all about?
Is It Worth It to Insure an Engagement Ring?
Value is a funny thing. Yes, your engagement ring has a true cost. Somewhere in somebody’s wallet, there’s a scrunched up piece of paper with a number at the bottom telling you what your ring is technically “worth.” But, we both know that’s not really what the ring is really worth to you. Your engagement ring represents you and your partner’s commitment to each other, your love of one another, and your future together. That’s a bit more than just a price tag.
Still not convinced? Well, for the non-sentimentalists among us, let’s just run the numbers.
The average engagement ring insurance policy costs about $1 to $2 for every $100 that your ring is worth. Though there are some additional factors that play into the standard policy such as the value of your ring, the theft rates where you live, and whether or not you have a deductible as part of your policy, you will most likely fall in that range. That said, it’s super easy to get a quote to see just how much it would be for you.
If you’ll be adding your policy to your homeowners or renters insurance, you can contact your current provider to inquire about a rider or other additional costs. If you’re interested in a dedicated ring insurance provider (which we definitely recommend if you couldn’t already tell!), your potential provider will calculate your cost based on the factors we shared above. To get a quick quote, we love this handy tool from —an insurer that’s been exclusively protecting jewelry since 1913—just to give you some perspective.
Regardless of your eventual insurance cost, paying 1-3% of the value of your ring per year is a small price to pay for the knowledge that you never have to worry about losing out on such an important piece of jewelry.
The Bottom Line on Ring Insurance
We know it’s fun to live on the wild side sometimes, but maybe not this time. When it comes to your engagement ring, you don’t want to leave anything up to chance. So just get the ring insurance, and never stress on it again—you’re covered.