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Engagement Ring Insurance: What to Know Before You Get It

Bottom Line Recommendation

In most cases, it’s best to buy engagement ring insurance to protect your investment and offer you peace of mind. Diamond insurance policies usually cover the cost of your ring if it were to be stolen, damaged, or lost. Reputable vendors like James Allen and Blue Nile offer the option of insuring your engagement ring through their partnership with Jewelers Mutual. See James Allen’s insurance offering here and Blue Nile’s engagement ring insurance here. You can also add engagement ring insurance to your homeowner’s or renter’s insurance policy, or choose a standalone jewelry insurance policy.

Congratulations on your engagement! With the perfect ring and partner in tow, you’re now planning a lifetime together. As you put details in place, one thing to consider getting is diamond ring insurance. Engagement rings are usually a significant investment that is worth protecting in case it’s lost, stolen, or damaged. 

This guide will help you determine if engagement ring insurance is right for you, where to get it, and the estimated costs.

What is engagement ring insurance?

Engagement ring insurance is a policy that offers financial protection in case of loss, theft, or damage to your engagement ring. Policies may cover repair, replacement, and cost reimbursement.

Accidents happen to us all. Whether you misplace your ring or it gets damaged, you’ll have comfort knowing that you have some financial protection. 

The three main benefits of engagement ring insurance are:

  • Protects you financially should anything happen to your ring such as serious damage, or it being stolen or lost.
  • Allows you to feel peace of mind knowing you would recoup your financial investment.
  • Ensures your other jewelry is also protected, as it may be covered under the same insurance policy.

Should I insure an engagement ring?

Yes, in most cases, it’s best to insure an engagement ring, especially if the cost to replace the ring would cause financial burden. Engagement rings are usually significant purchases, and it makes sense to back them with an insurance policy. 

For example, if your ring is valued at $10,000, would you have readily available funds to pay for a replacement? Would the out-of-pocket cost negatively impact your financial situation? 

In the end, deciding on jewelry insurance is up to you, but in most cases, it’s a smart move.

How much does engagement ring insurance cost?

On average, the annual cost of engagement ring insurance is between $1 and $2 per $100 of ring value. For example, a $10,000 ring would cost between $100 and $200 to insure each year. Jewelry insurance costs depend on the rate of theft in your area and which provider you choose. Insurance carriers might offer to lower your premium if you have a home security system or if you place your jewelry in a security box when it’s not worn.

At what ring price should I insure my engagement ring?

In general, we recommend engagement ring insurance if your ring costs $3,000 or more. Why? You want to protect a significant investment and avoid financial stress should something happen. 

For example, if you were to lose a $3,000 ring like this one from James Allen, would it cause a financial burden to replace? If yes, then insurance is a smart move. If replacing a ring doesn’t cause financial stress, it may not make sense to buy insurance.

Above all, it’s important to consider your financial situation, income, and other expenses to decide if the annual premium makes sense for you and your partner.

Tips for insuring your engagement ring

Find the right jewelry insurance for your engagement ring to get the best peace of mind. From comparing providers to getting a ring appraisal, here are the top tips to follow.

Consider adding it to your homeowners or renters insurance

In most cases, your best bet is to incorporate your diamond ring insurance into your homeowners or renters insurance policy. Check with your insurance carrier to see if your engagement ring is covered, and what type of coverage it is. Depending on your policy, you may want to add a jewelry “rider” or “floater” for extra coverage. For instance, your current policy might only cover up to a certain dollar amount, or only allow certain claims, such as a stolen ring, but not a damaged one.

If your engagement ring isn’t covered under your current policy, check to see how much it would be to add it to your plan. Sometimes adding jewelry insurance to your policy is less expensive than purchasing a separate insurance plan.

Know the type of insurance you need

Depending on the engagement ring you have — whether it’s a family heirloom or a new ring — certain types of insurance might be better than others.

Here are the three main types of jewelry insurance:

  • Renters or homeowners insurance: Most policies include a general amount of coverage for your personal belongings. Your ring might be covered, or you can add a jeweler “rider” or “floater” for extra coverage. Some plans only cover up to a certain dollar amount or under certain instances, such as a damaged ring but not a lost one.
  • Jewelry insurance: The plan covers all your jewelry, including necklaces, bracelets, and rings. Insurance plans might cover all situations, such as loss, theft, and damage, but look at the fine print. Some plans have a deductible you’ll need to pay before insurance kicks in, while others cover the full cost.

No matter which plan you choose, verify that you’re offered reimbursement cash instead of a “ring of equal value” in the case of a lost or stolen ring. That way, you can choose a high-quality replacement diamond, instead of them choosing a replacement diamond of subpar quality. 

Follow our expert guidelines for buying diamonds to find a stunning stone at a great price.

Compare providers

Besides comparing the cost of different insurance options and carriers, look at what that coverage provides. What types of situations does it cover? Does the plan cover all costs or will you owe a deductible? Comparing plans isn’t always apples to apples, so be sure to dig into the details of what it is you’re paying for.

Know how much you should expect to pay

Get a good idea of what the insurance costs and what it covers. Factor the annual cost into your budget, so you set aside the funds to pay for it. In the end, insurance is about how much risk you’re willing to take on, and how much annual cost you’re willing to pay.

Ask important questions

As you narrow down where you might get your diamond ring insurance, be sure to ask some important questions so you’re not left with any surprises.

Here are the best questions to ask your insurance provider before locking in a plan.

  • What situations are covered and which are not? (verify damage, loss, and theft coverage)
  • What dollar amount is covered? Is there a deductible?
  • Will I be offered cash (recommended) or a “ring of equal value”?
  • What proof will I have to provide if my ring goes missing or is damaged? 
  • Am I covered if I leave the country? 
  • What types of services go toward the deductible (if there is one)?
  • What steps will I have to take if I move somewhere else or get a different homeowners / renters insurance plan? 
  • Where am I allowed to get my engagement ring replaced or repaired? 
  • What steps do I have to take to renew my insurance each year? 
  • If I file a claim under my homeowners or renters insurance, how likely is my premium to increase and by approximately how much? 
  • Is there anything else unique about your jewelry insurance plan that I should know?
  • How do I sign up for engagement ring insurance?

Get an appraisal

An appraisal of your engagement ring is usually required for an insurance company to hold a policy on your ring, especially if your ring is valued at more than $5,000. A receipt of the ring sale might be acceptable in exchange for an appraisal if the ring has a sale price of less than $5,000. 

An official appraisal allows you to be eligible for the full investment should your ring go missing or be damaged. Appraisals are important for the diamond insurance company to know what they’re covering and to determine your policy cost. Whether your ring is new or a family heirloom, you and your insurance company will know exactly how much it’s worth. 

Most jewelers and diamond dealers employ professional appraisers, but there are also independent jewelry appraisers. You may be eligible for a complimentary appraisal from your diamond seller, so be sure to ask.

Keep your diamond certificate

With the purchase of any diamond, it’s important to get a ring that has a certificate from a reputable lab, such as the GIA or AGS. The certificate states details such as color, cut, clarity and carat weight of the diamond. Provide a copy of your certificate to your appraiser and be sure to keep a copy for yourself. Should your ring ever be stolen, the details in your certificate might be helpful in locating it.

Insure your ring sooner than later

In the first days of your engagement or even before you propose, get your engagement ring covered to give you peace of mind right away. Amidst all the things you have to plan as a newly engaged couple, check this off your list so you don’t have to worry about your new piece of bling.

Keep your documents safe

Once your ring is insured, keep all the documents in a safe place either electronically or in paper form. Store your policy info with your certificate, appraisal and any other info about your engagement ring, including your sales receipt if you have one.

Bottom line: Get your ring insured for peace of mind

Getting your engagement ring insured is another step on the way to having a secure life together. With one of your most prized possessions and investments protected, you can better focus on all the wonderful festivities and memories to come.

For guidance on shopping for an engagement ring or anything else diamond related, send our experts a message.

About the author
Michael Fried
Mike learned the diamond business from the ground-up at Leo Schachter Diamonds - one of the world's top diamond manufacturers. He has been recognized as a diamond industry expert by Time, PeopleMoney, The Daily Mirror, NerdWallet, The Times Herald, Yahoo Finance Australia, The Art of Charm, The Washington Diplomat, The Next Web, and more.
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