Engagement Ring Warranty vs Engagement Ring Insurance: What’s the Difference?
An engagement ring might be one of the most important—and valuable—pieces of jewelry you can give or receive. As the ultimate symbol of the love and commitment you share with your partner, it’s meant to bring you joy for a lifetime and be passed down to future generations. It also tends to be a huge investment—financially and emotionally speaking. That’s why it’s important to preserve its condition and take steps to protect it from wear and tear, damage, and even loss.
When you wear your engagement every day, year after year, that 24/7 exposure makes it especially vulnerable. That’s why many couples choose to protect their investment.
A key difference between the two is that an engagement ring warranty typically covers manufacturing defects, whereas a specialized insurance policy offers protection against loss, damage, theft, and disappearance.
Ahead, we review these points of difference in greater detail to help you determine which types of coverage and benefits best suit your needs.
What is an Engagement Ring Warranty?
When you purchase an engagement ring, there’s a good chance it will come with a warranty—that is, a contractual guarantee or promise made by a jeweler or manufacturer to you, the customer, that the ring being sold is of a certain quality.
What Does an Engagement Ring Warranty Cover?
Typically, an engagement ring warranty covers the costs of repairing or replacing your ring if it becomes damaged as a result of a manufacturing defect. A manufacturing defect is a structural flaw in the ring, stemming from poor materials or workmanship. An example would be an improperly placed prong that causes your stone to loosen or fall out. In addition to covering manufacturing defects, an engagement ring warranty may offer basic maintenance services such as cleaning, resizing, and polishing.
What’s Not Covered by an Engagement Ring Warranty?
An engagement ring warranty generally would not cover damage to, or loss of the ring (or center stone) resulting from:
- Normal wear and tear (the natural and gradual deterioration of your ring over time due to everyday wear) such as:
- discoloration due to exposure to chemicals, makeup, perfume, swimming pools, hot tubs, and bathing
- bent, broken, or worn prongs
- chipped/broken stones; stones that have fallen out of the ring
- bands that become bent/misshapen
- Accidents like dropping the ring down a garbage disposal or banging it on the edge of a table.
- Instances of theft and mysterious disappearances (i.e., unexplained loss).
- Repairs or maintenance done by a third party (i.e., someone other than the original jeweler).
How Long Does an Engagement Ring Warranty Last?
Every engagement ring warranty should state a warranty period or timeframe for coverage. Depending on the jewelry retailer or manufacturer that issues the warranty, the engagement ring warranty can last anywhere from a month (or several months) to a year (or several years) to a lifetime starting from the date of purchase. Any manufacturing defects discovered past the expiration date will most likely not be covered.
An Extended Warranty Can Lengthen and Broaden Coverage
Some jewelers offer an extended warranty or service plan which can lengthen the term of a warranty and provide a wider scope of coverage—for an additional fee. Under such plans, you may receive coverage for:
- Minor wear and tear
- Prong replacement
- Prong and stone tightening
- Stone resetting
- Repair to damaged mountings
- Restoring rhodium plating, polishing, and finishing (white gold rings tend to be plated in another white metal like rhodium)
Engagement Ring Warranty Terms and Conditions
Whether your engagement ring warranty is for a limited time or a “lifetime,” it might include strict terms and conditions. For example, some warranties require you to take your ring back to the original seller for routine inspections (every few months or once a year) and get it repaired, if necessary. Failure to comply with your jeweler’s terms could result in a voided warranty. That’s why it’s so important to read the fine print!
Whether you are given a multi-page document or a warranty card, keep this information handy in the event you need to refer to it. Ask your jeweler if they will be keeping a record of your warranty on file on their end so that both parties have easy access to the agreed-upon terms at any given moment.
Engagement Ring Insurance Explained
Here’s where an engagement ring warranty falls short: it won’t protect against the most common risks associated with jewelry, such as accidental loss and damage, theft, and disappearance.
That’s where engagement ring insurance comes in.
There are generally three options for insuring your engagement ring: 1) use your existing homeowners or renters insurance 2) add a rider to your homeowners policy, or 3) purchase a standalone policy from a reputable jewelry insurance company.
The Homeowners/Renters insurance Option
Most homeowners insurance policies offer some coverage for jewelry but only up to a certain amount (typically $1,500), which may not be enough to cover the full value of your engagement ring. You may also be subject to a deductible ($500 is the average), which would leave you with just $1,000 of coverage if you had to file a claim in this example.
Furthermore, homeowners insurance usually only covers jewelry that is stolen or destroyed in a natural disaster, like a fire. It may not protect against the much more common scenarios of accidental loss and damage. If you lose your ring while scuba diving in Fiji, for example, you may be out of luck and footing the bill for a new ring.
The Insurance Rider Option
If you find that your homeowner’s insurance policy doesn’t provide enough coverage for the jewelry you own (inclusive of your engagement ring), you may want to consider purchasing additional coverage through a “rider” or “floater,” also known as scheduled property coverage. This can increase the coverage limit on your engagement ring and expand coverage for a greater number of risks, including accidental loss and mysterious disappearance.
While this may seem like an easy way to expand the scope of your coverage, there are potential downsides to adding a rider. For example, filing a claim can have a negative impact on the cost of your entire policy, resulting in higher premiums—and in some cases, cancellation of your policy. Still, you may have to pay a deductible before any of your insurance rider coverage can be put to use.
Standalone Jewelry Insurance Explained
If you’re looking for reliable protection for your engagement ring, consider purchasing an insurance policy with a company that specializes in jewelry insurance, like Jewelers Mutual.
Backed by 110 years of experience and trusted by nearly a million people (including 11,000+ jewelers), Jewelers Mutual surpasses the engagement ring coverage offered by a standard homeowners policy or rider because it protects against:
- Accidental loss
- Loss during worldwide travel
- Normal wear and tear*
*Subject to availability, coverage may not be available on all policies.
You also get:
- Deductible options: Yep, you read that right. Choose a deductible that fits your budget, as low as $0.1
- An easy online claims-filing process with guidance from actual jewelry experts.
- The ability to work directly with your preferred jeweler on all replacements and repairs (other insurance companies may require you to utilize the replacement supplier of their choice, not yours).
- No premium increases to your homeowner’s insurance.
1 Subject to Underwriting review and approval
How Much Does Jewelry Insurance Cost?
Annual coverage for a Jewelers Mutual policy generally costs 1% to 2% of your ring’s value, paid each year. For example, if your ring is worth $5,000, you could pay $50 a year. That’s roughly $4 a month. That’s less than an iced coffee. That’s way less than a side of fries at your favorite lunch spot.
If you decide that a standalone jewelry insurance policy is right for you, you can easily get a quote through Jewelers Mutual. It’s an affordable option that covers loss, damage, and disappearances. You can receive a jewelry insurance quote in just 30 seconds by clicking the button below.