The Jewelry Box Blog

How Much Does Engagement Ring Insurance Cost?

Man holding ring in front of woman

In most cases, insuring an engagement ring is much more affordable than you think. Which is great, since protecting your jewelry is one of the best things you can do to safeguard yourself from unnecessary heartache (and financial hardship).

So, how much does engagement ring insurance cost? (Also referred to as jewelry insurance.)


Engagement Ring Insurance Cost: The Quick Answer

Rates usually depend on where you live. But for most people, insuring your jewelry will cost 1-2% of its value.

For example, a $5,000 ring may cost as little as $50 per year to protect. To put that in perspective, jewelry insurance can cost less than getting one coffee every month for a year.

Curious to see how much jewelry insurance would cost for you? Simply click the button below to check your rate.



Engagement Ring Insurance Cost: The Detailed Answer

Simple Rate Calculation

At Jewelers Mutual Group, our insurance rate calculation is simple. Our coverage costs 1-2% of the retail replacement value of the jewelry item.

Whether it's 1%, 2% or somewhere in between is based on our historical losses for the residential location of the jewelry wearer.

Deductible Options

The other factor that can affect your premium is the deductible option you choose. (Remember, a deductible is the amount of money you have to pay out-of-pocket when you file a claim.)

The higher your deductible, the lower your total annual premium will be. Need help deciding which deductible is best for you? We've got a blog for that. And good news, we have a $0 deductible option, which not all insurers offer.

Policy Minimums

Often, we get asked, "At what value should I start to insure jewelry?"

One factor to consider is the minimum annual policy premium, which is $25 or $30 depending on your state. ($65 in Canada.)

If the rate calculation for the entire policy premium is less than the minimum, your premium will be the minimum for the residential state of the jewelry wearer.

Jewelry Insurance Discounts

We also offer four different discounts to our policyholders:

  • Security System Discount
  • Vault Discount
  • Gemprint® Discount
  • Valued Policyholder Discount

We want you to wear your jewelry, not worry about it. That's why Jewelers Mutual covers situations like loss, theft, damage and even disappearances.


Curious to see how much jewelry insurance could cost you? It's less than you think. Check your rate by using the button below.