- 10 mins
Presenting an engagement ring to your loved one is one of the most memorable moments you’ll ever share together. After all, that engagement ring is much more than a piece of jewelry. It’s a symbol of your commitment, a promise of forever, and a testament to the love you share.
That’s why it can be heartbreaking if anything happens to the engagement ring. Though your future fiancée will probably be devastated if the ring gets stolen, damaged, or lost, having engagement ring insurance will undoubtedly lessen the blow.
With this in mind, let’s go over the ins and outs of engagement ring insurance, including a step-by-step guide on how to insure your engagement ring.
Key Takeaways
- Engagement ring insurance protects against loss, theft, and damage—offering peace of mind whether you’re at home or traveling. Policies can include options for worldwide coverage and even preventative maintenance.
- The annual cost of insuring an engagement ring depends on its appraised value. Regular financial protection costs between 1% and 2% while more comprehensive coverage costs between 2% and 5%. For a $5,000 ring, expect to pay between $50 and $250 per year.
- You can add the ring to your homeowners or renters insurance, though coverage limits may apply, or opt for a standalone jewelry policy for more comprehensive protection without affecting your primary insurance premiums.
What Is Engagement Ring Insurance?
Engagement ring insurance is just what it sounds like—an insurance policy specifically designed to protect your engagement ring. Most of these policies are designed to cover an accidentally damaged, lost, or stolen ring. However, depending on the insurance policy you choose, you might have additional coverage, such as preventative maintenance.
If something does happen to the engagement ring, you must file a claim with the insurance company. If the claim gets approved, the insurer will cover the cost to repair, replace, or reimburse you for the ring (minus the deductible).
What Does Engagement Ring Insurance Cover?
If you go for an “all-risk” engagement ring insurance policy, your engagement ring will be protected against:
- Damage
- Theft
- Loss
- Mysterious disappearance
Mysterious disappearance refers to situations where the engagement ring is lost without any clear explanation or evidence of what happened. For instance, you might go swimming in the ocean or explore a hiking trail only to realize later that your ring is missing.
It’s also important to note that an “all-risk” insurance policy applies worldwide, which means your engagement ring will be protected while traveling.
What Doesn’t It Cover?
Jewelry insurance can’t cover every possible scenario that may happen to your engagement ring. Here are some common exclusions in the engagement ring insurance coverage:
- Intentional loss or damage
- Pre-existing damage to the engagement ring
- Deterioration or inherent vice (e.g., a manufacturer defect)
- Regular wear and tear (which is one reason why you shouldn’t wear your ring at places where it might get scratched or scuffed)
- Voluntarily parting with the ring (e.g., selling it but having the check bounce)
- Losing the ring to civil authority (e.g., the ring gets confiscated by law enforcement)
- Damage resulting from pests, war, military action, or a nuclear hazard
What Is the Cost of Engagement Ring Insurance?
The engagement ring insurance cost will depend on the price of the engagement ring itself, your location, and the jewelry insurance policy you choose.
If you go for “regular” financial protection, expect the ring insurance to cost you between 1% and 2% of the ring’s appraised value annually. Let’s say your chosen engagement ring appraised for $5,000. If that’s the case, you’d pay between $50 and $100 per year to insure it.
When it comes to engagement ring insurance policies, choosing a plan with more comprehensive coverage will come with a higher price tag. The typical range is between 2% and 5% of the ring’s appraised value. So, if we take the same $5,000-worth engagement ring as an example, the annual financial commitment would be between $100 and $250.
Do You Really Need Engagement Ring Insurance?
Let’s be honest—only you can answer this question. But if you’re having trouble deciding whether to insure an engagement ring, answer the following questions:
- Can you afford to insure your engagement ring?
- Will you be devastated if the engagement ring gets lost, stolen, or damaged?
- Do you (or your partner) tend to worry about wearing expensive jewelry?
- Do you (and your partner) tend to travel a lot?
If the answer to all of these questions is “yes,” you don’t have to think twice. Jewelry insurance is the way to go.
What’s the Best Way to Insure Your Engagement Ring?
There’s more than one way to insure an engagement ring. You can make this insurance a part of your homeowner’s or renter’s insurance, purchase a so-called floater policy, or take out a specialized, standalone jewelry insurance policy.
Our experts at Faithful Platform suggest going with the first or third option: adding the engagement ring to your homeowner's policy/renter’s insurance or insuring the ring separately through one of the leading engagement ring insurance companies on the market.
Option No. 1 is often the most cost-effective. However, keep in mind that homeowners insurance policies usually have a coverage limit for jewelry insurance, which can be as low as $1,500. Plus, a jewelry claim could drive up the premium of your entire homeowner's policy, so make sure to weigh the long-term costs of this option before committing to it.
As for a standalone jewelry insurance policy, you can obtain this through a reliable company specializing in jewelry insurance, like Jewelers Mutual. This option might be more expensive, but it’ll also give you the option to repair or replace your engagement ring instead of just receiving a check with a limited amount. You also won’t be forced to work with specific jewelry replacement companies, which is a huge plus if the original ring is custom-made. We’ve done this for clients who have faced this misfortune in the past, and they were all thrilled to have their original ring re-created by our team.
How to Insure Your Ring with an Existing Policy
Here’s how to insure your engagement ring on top of an existing homeowner’s or renter’s insurance policy:
- Get your engagement ring appraised. Ideally, you’ll already have an appraisal sent by the jeweler at the time of the purchase.
- Reach out to the insurance company for a quote. In other words, check how much more you’ll have to pay in addition to your existing insurance payment.
- Review other relevant terms of coverage. (Don’t forget to read the fine print!)
- Follow the insurer’s instructions for adding the ring to your policy.
How to Insure Your Ring with Jewelers Mutual
If you’re interested in purchasing a standalone insurance policy for your engagement ring, here’s how to do it through Jewelers Mutual:
- Get a free jewelry insurance quote on Jewelers Mutual’s website. To receive this quote, you’ll have to provide the appraisal of the engagement ring, its description, and its location.
- If you’re satisfied with the automatically generated quote, apply for coverage.
- Enter the necessary information about the person applying for insurance and wearing the ring.
- Follow the on-screen instructions to finish purchasing the coverage.
And that’s it! The only thing left to do is wear the ring worry-free and enjoy it in all its glory.
Looking for More Ring Buying Tips? Get in Touch with Faithful Platform Today
The world of engagement rings is nothing short of magical. However, this world is also filled with many potential pitfalls for the unprepared and the uninformed. That’s why you’ll benefit from having a guide walk you through this wonderful world.
Faithful Platform can be just that guide.
Our jewelry experts can help you with all things engagement ring-related, from learning about diamond ring insurance to actually creating your dream ring for your dream girl. Explore our blog to get the answers to some of the most commonly asked questions surrounding engagement rings, or reach out for a quote if you already have the perfect vision in mind.
Frequently Asked Questions (FAQs)
How much should it cost to insure an engagement ring?
Generally, the cost of engagement ring insurance ranges between 1% and 5% of the ring’s appraised value annually. So, if your engagement ring is valued at $5,000, you can expect to pay between $50 and $250 per year, depending on the level of coverage you choose. The lower end covers basic protection while more comprehensive policies fall on the higher end of the financial spectrum.
Who is responsible for insuring an engagement ring?
Typically, the person who purchases the engagement ring is responsible for insuring it. If you’re the one proposing, it’s a good idea to arrange for the insurance before you even pop the question. This ensures the ring is protected from the moment you buy it.
However, once the ring is in the possession of your fiancée, you might want to revisit the insurance policy together to decide whose insurance it should be added to—whether it be through a renter’s/homeowner\’s policy or a standalone jewelry policy.
Can I add an engagement ring to my insurance?
Yes, you can add an engagement ring to your existing insurance policy. Most homeowners' and renters' insurance policies allow you to add valuable items, like engagement rings, through a rider or floater policy.
This usually involves getting the ring appraised, contacting your insurance provider, and providing them with the necessary documentation. Keep in mind, though, that while this option is convenient, it might come with coverage limits and could potentially increase your overall premium. For more extensive coverage, consider a standalone jewelry insurance policy.
Does an engagement ring insurance cover a lost ring?
Yes, most engagement ring insurance policies cover lost rings. If you choose an “all-risk” policy, your ring will be protected against loss, including mysterious disappearances. This type of comprehensive coverage ensures that whether your ring slips off while swimming or gets misplaced during travel, you can file a claim to repair, replace, or get reimbursed for the loss, minus any deductible.
However, be sure to always check the specific terms and conditions of your policy to understand the full extent of your coverage.
