How Much Does Diamond Ring Insurance Cost

The cost to insure a diamond ring will ultimately depend on your ring’s appraised value as well as where you secure your coverage. You have a few options to consider, including your current homeowners or renters policy or investing in stand-alone coverage from a provider that specializes in jewelry insurance.

Typically, you can expect the insurance rates from a specialized jewelry insurance policy to hover around .5–3% of your engagement ring’s value, per year. That means if your ring is worth $10,000, it’ll cost anywhere between $50-300 annually to insure it.

Homeowners riders are generally the same, about 1-1.5% of the value of your ring per year. But, even if you have additional coverage with a jewelry rider, relying on your homeowners insurance policy can leave your valuable items vulnerable as it typically won’t cover jewelry to its full value or under all circumstances.

Here’s everything you need to know about the benefits of specialized jewelry insurance, plus how to pick the best diamond and engagement ring insurance and the best coverage options, based on pricing and other factors.

Specialized Jewelry Insurance Vs. Homeowners Jewelry Riders

While you could look into a homeowners insurance jewelry rider for your jewelry coverage, it’s important to know that homeowners insurance comes with extreme coverage limits and won’t provide you with full financial protection, meaning you’ll have to pay large amounts out-of-pocket in most scenarios. This is where specialized jewelry insurance can fill in these gaps.

The Problem with Homeowners & Renters Jewelry Coverage

The issue with relying on your homeowners or renters policy to insure jewelry like diamond rings is that there are minimal payouts, higher premiums, and overall limited coverage.

To start, standard homeowners policies often cap the amount they’ll pay for a jewelry claim to around $1,500. So, if you have a new ring worth $12,000 and it’s stolen from your home, you’ll have to pay out-of-pocket that extra $10,500 to actually replace it.

Additionally, if you make a jewelry claim on your homeowners or renters policy, that can raise your entire home insurance premium by as much as 30% for as long as five years, and it could even lead to potential cancellation of your policy if there are too many claims.

Furthermore, homeowners insurance typically only covers jewelry if it’s stolen in your home. It’s not going to cover cases where the ring is simply lost or accidentally damaged during the course of normal wear.

In the long run, relying on homeowners insurance could cost you more than if you’d purchased a separate, stand-alone jewelry insurance policy.

How Specialized Jewelry Insurance Is Different

In contrast to homeowners or renters insurance, specialized jewelry insurance will cover the full cost of your jewelry at its appraised value, so if you ever need to replace or repair your diamond ring, there’s no worry about any out-of-pocket costs on your end. Some companies also provide zero deductibles.

As well, with some stand-alone jewelry policies, there is no reporting of claims. That means your premiums won’t change and there’s no fear of policy cancellation like you might experience with homeowners insurance. Your jewelry is also covered in far more instances, such as theft, loss, mysterious disappearance, and accidental damage, many times worldwide.

Comparing Specialized Jewelry Insurance Options

There are three primary providers you may want to consider for diamond ring jewelry insurance — BriteCo, Jewelers Mutual, and Lavalier Jewelry Insurance.

Get a quick glimpse at each company’s rates, deductibles, and more in the table below, and compare their offerings to the average homeowners rider to really see the difference that stand-alone policies provide.

A Closer Look at the Three Main Jewelry Insurance Providers

1. BriteCo – Best Jewelry Insurance Option Overall

BriteCo is the Best Overall jewelry insurance option because it combines lower average premiums, zero deductibles, and up to 125% replacement coverage – offering more protection against rising jewelry prices than most competitors.

BriteCo’s comprehensive coverage starts at 0.5-1.5% of your jewelry’s total value per year. So If your ring is worth $10,000, your premiums will be just $50-$150 per year. There’s also no standard deductible with BriteCo and, if you need to replace your jewelry, you could receive 125% of the appraised value to help you cover the cost, regardless of inflation.

BriteCo does not report claims so there will be no impact on your annual rate. Additionally, automated annual appraisal updates keep your policy current, often at a lower cost than homeowners insurance.

BriteCo jewelry insurance coverage protects engagement rings, wedding rings, and similar valuable pieces, plus luxury watches. The company is tech-forward as well, so getting your quote can be done right from your phone in minutes. Making a claim is equally convenient and you’ll be able to work with your preferred jeweler for replacements and repairs. And you’ll be paired with a dedicated customer service representative who will work with you every step of the way.

2. Jewelers Mutual

Jewelers Mutual’s rates start at 1–3% of your jewelry’s value per year. However, Jewelers Mutual also offers the option to pay varying deductibles to offset higher annual rates. If you need to replace your ring or other jewelry, Jewelers Mutual will usually cover 100% of the originally appraised value, and you can work with your preferred local jeweler for replacements or repairs.

If you make a claim with a Jewelers Mutual policy, it’s unclear whether they will report that claim to databases such as A-PLUS, which could affect your homeowners insurance. There is anecdotal evidence that claims are reported to an “insurance industry reporting agency”

If you want to update your appraisal value, you will need to get your ring re-appraised and manually update your file.

3. Lavalier Jewelry Insurance –

Lavalier covers all kinds of jewelry (though, not always watches), and the company allows you to insure some items without an appraisal, if the value falls under a certain dollar amount. While rates start at 1–3% of your jewelry’s value, you can choose to pay a deductible to help bring down your annual or monthly premium.

You can get a quote entirely online and, if you make a claim, it will be handled through a jeweler or directly through Lavalier. It is unclear if Lavalier reports claims to CLUE or A-PLUS data services which could affect your homeowners insurance. But there is anecdotal evidence that claims are reported to data services.  In addition, appraisals must be updated manually.

Which Provider Offers the Best Specialized Jewelry Insurance?

When comparing BriteCo, Jewelers Mutual, Lavalier, and standard homeowners insurance, BriteCo offers the best balance of comprehensive coverage, excellent service, and a great price with zero deductibles.

As the longest-established insurance company on this list, Jewelers Mutual has built a strong reputation, but the company does often require you to choose one of its deductible-reliant policies in order to get a competitive rate.

Additionally, compared to BriteCo, the Jewelers Mutual process isn’t as streamlined and convenient; for example, while BriteCo automatically updates your appraisal to ensure you’re properly covered, Jewelers Mutual requires you to get your ring appraised on your own and then upload documentation every year to keep it current.

Lavalier is a solid choice, but has stricter inspection requirements for older jewelry and, comparatively, BriteCo makes getting coverage faster and easier.

Meanwhile, when you consider how homeowners insurance doesn’t cover a lot of unforeseen circumstances and various risks, and can result in a $2,000 hike in home insurance costs over five years if you file a claim, it falls short of these other jewelry coverage options.

Is Jewelry Insurance Worth It?

Yes, especially when you consider what a big financial investment it is to buy a diamond ring, and the financial loss that could occur if you need to replace or repair it in the event of theft, mysterious disappearance, or accidental damage.

Imagine you purchased a ring for $10,000 in 2020, and it was recently stolen from your home.

If you only have a homeowners rider, your policy would payout just $1,500 to replace it. But currently that same ring costs $13,000 to replace, due to inflation. As such, you’d be out-of-pocket $11,500.

Let’s say you have Jewelers Mutual or Lavaliers insurance, and your policy has a $500 deductible. Both of these providers will pay the value of your ring at the time that you bought it, i.e. $10,000, minus the deductible. As such, you’ll have to pay $500 and then the extra $3,000 to account for the $13,000 needed for a replacement.

With BriteCo, you never pay out of pocket to get your ring replaced. The value of your ring is updated annually, to keep pace with inflation, and you’ll never pay a deductible. 

How Much Does Diamond Ring Insurance Cost FAQs

How Much Does It Cost to Insure a Diamond Ring?

The cost to insure a diamond ring will depend on your ring’s value, as well as who you purchase engagement ring insurance or wedding ring insurance from, but you can expect annual rates to be about .5%–3% of your ring’s value, per year.

Do You Need a Ring Appraisal for Insurance Purposes?

Yes, many insurance providers will require you to provide an appraisal to confirm your ring is insured for the correct amount.

Does Ring Insurance Cover Preventative Maintenance?

Some jewelry insurance policies may cover maintenance such as stone tightening.

What Are the Unique Risks That Specialized Ring Insurance Covers?

Stand-alone ring insurance typically covers theft, loss, mysterious disappearance, and accidental damage that may happen due to everyday wear and tear.

Does Travel Insurance Cover Jewelry?

Some travel insurance policies may cover jewelry, but they’ll be fairly limited and only provide around $500–$1,000 to help cover the cost of replacement after a theft. Always read the fine print before choosing to rely on travel insurance.

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Blue Nile Blue Nile is the largest and most well-known internet jewelry seller. They have a very large exclusive online inventory. Their high-quality images are catching up to James Allens' and their prices are amazing. 

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• No questions asked returns within 30 days of shipment. Blue Nile will send you a paid shipping label to return the ring.
• Lifetime Warranty
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About the author

Mike Fried Mike Fried has over 25 years experience in the diamond industry working with Leo Schachter Diamonds, Moshe Namdar Diamonds, and joining The Diamond Pro in 2007. He is recognized as an industry expert and has been quoted in publications such as Us, People, Page Six, The Next Web and more.