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How to Insure Your Engagement Ring

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Engagement ring in a box

Getting engaged is so exciting. Whether you’re planning to propose or have already said “yes,” all you want to do is shout it from the rooftops and show off the ring at every opportunity.

In the weeks and months ahead, you’ll likely be swept up in the whirlwind of wedding planning. But before you start sampling cake flavors or shopping for a dress, you should seriously consider insuring your engagement ring. We realize this is probably the least romantic thing you’ve heard lately, but there’s nothing sweeter than peace of mind. Getting insured allows you to wear your ring with confidence, knowing it’s protected for years to come.

Continue reading for a complete guide on engagement ring insurance, including why you should get it, when you should purchase it, and how to choose a policy that fits your needs.

 

What is Engagement Ring Insurance?

No two engagement ring insurance policies are alike, but in general, engagement ring insurance helps cover the cost to repair or replace your ring should it get lost, stolen, or damaged.

 

Do I Really Need to Insure My Engagement Ring?

Buying an engagement ring is one of the most significant investments you’ll make in your life. Beyond its monetary value, it’s a symbol of the love and commitment you share with your partner. Making sure it's protected should be a top priority. Engagement ring insurance can provide you with peace of mind and financial protection in the event something does happen to your ring.

To help you determine if engagement ring insurance is right for you, ask yourself:

  • If your ring became lost, stolen or damaged, would you want it replaced or repaired?
  • If the answer is yes, how much would you be able or willing to pay out of pocket? 
  • Do you hate the idea of wearing your ring in public for fear of losing or breaking it?
  • Are you still financing the ring and have years to pay it off?
  • Are you concerned about stones falling out or the band breaking?
  • Is it a family heirloom?

If you answered "yes" to any of these questions, it would be wise to make sure your engagement ring is covered by insurance. 

 

How Much Does Engagement Ring Insurance Cost? 

It’s more affordable than you think! Rates depend on: 

  • The price/market value of your ring; 
  • Whether there is a deductible (Jewelers Mutual has flexible deductible options, starting at $0);
  • Where you live (a low crime area can mean a lower premium and vice versa).
On average, you can expect to pay 1-2% of your ring's insured value, each year.

For example, if your engagement ring is worth $5,000...your premium could be as low as $50/yr. That’s roughly $4 a month! To put that in perspective, that’s less than a cup of coffee at a chain store. 

Curious about how much it costs to insure your ring? Check your rate using the button below.

 

 

Who Should Insure an Engagement Ring – Me or My Partner?

A common question newly engaged couples often ask is, who is responsible for insuring the ring – the person who purchased it or the one wearing it? The answer is whoever has the ring in their possession at this very moment. 

Ideally, the person who buys the ring should buy the insurance. This ensures that the ring is protected against any mishaps or misfortune from the very start. You wouldn’t drive off the lot in a new car without insurance, why should an engagement ring be any different? 
You can even apply for jewelry insurance right on your phone before you leave the jeweler. You’ll need to make sure your soon-to-be fiancée is named and covered by the policy, especially if you don’t already live together.

If the proposal has already happened and the ring is on the finger, the person who is wearing it should get the ring insured. A lot can happen between the day you're engaged and the day you're married (and beyond), especially if the ring hasn’t been sized yet and/or you aren’t used to wearing it on a regular basis.

 

Steps to Insure Your Engagement Ring

For guidance on how to insure your engagement ring, follow the steps below.

 

Step 1:  Find Out the Current Value of Your Ring

An insurance company needs to know the current value of your ring to set the coverage limit on your policy. This helps them determine how much they’ll need to pay to adequately cover the cost of repairing or replacing your ring. 

Documents that can prove your ring’s worth

Most insurance providers accept one or more of the following documents during the application process: 

Jewelry store receipt 

Make sure to hold on to your original receipt and keep it in a safe place. This will serve as proof of what you paid for the item; however, some insurers may insist on a more detailed description of your ring like an appraisal.

Appraisal certificate

Man writing on clipboard for a jewelry appraisal

An appraisal is a formal document written by a professional appraiser that provides a detailed description of your ring, as well as an estimation of its current market value. 

An appraiser takes several things into consideration when determining your ring’s worth, such as: carat weight, cut, color, clarity, and quantity of diamonds; types of metal and weight; shape and carat weight of other stones; craftsmanship, and more. All these details are listed on the appraisal document.

Keep in mind that jewelry fluctuates in value over time. Having an updated appraisal can help to keep your ring covered for its current value. 
For instance, if your ring’s value is overinflated, you could spend more than necessary to insure it. If the reverse is true, you could be underinsured and may incur additional out-of-pocket expenses to repair or replace your ring.

If you’re not sure where to get a ring appraisal, we recommend visiting the GIA website to find a jeweler that’s GIA certified. You can also ask family and friends who may have a trusted jeweler they would recommend. The cost of an appraisal depends on the jewelry appraiser, so be sure to ask for the price upfront. You’ll either pay a fixed price per item, or an hourly rate between $50 and $150.

Grading report or Diamond Certificate

Diamond grading report

If your ring is worth $5,000 or more and/or your center stone is around half a carat or larger, your jeweler should provide a diamond certificate or grading report from an independent laboratory like the Gemological Institute of America (GIA) or the American Gem Society (AGS)

This is not the same as an appraisal but will list the specifications of the diamond or precious stone. The grading report would be used to determine a suitable fix or replacement for your ring.

 

Step 2: Inquire About Coverage Options

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.) buy a standalone policy from a jewelry insurer. 

Let’s take a closer look at each one: 

Homeowner’s or renter’s insurance 

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.

Furthermore, homeowners' insurance only covers jewelry that is stolen or destroyed in a disaster, like a fire. It does not cover the most common risks associated with jewelry, such as accidental loss and damage. So, if you lose your ring while honeymooning in Fiji, you’d be out of luck and footing the bill for a new ring. 

Insurance rider 

If you find that your homeowners insurance policy doesn’t provide enough coverage for jewelry, 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 disappearance. 

While this may seem like an easy way to boost coverage, there are potential downsides to adding a rider, including: 

  • Filing a claim can have a negative impact on your entire policy, resulting in higher premiums and in some cases cancellation of your policy.  
  • You may still have to pay a deductible before your coverage kicks in.


Standalone jewelry insurance policy

If you're looking for the absolute best protection for your engagement ring, you’ll want to  take out an insurance policy with a company that specializes in jewelry insurance, like Jewelers Mutual. We like to say, “trust your home to homeowners and jewelry to the jewelry experts.” 

 

Covered 
Covered
Maybe Covered 
Maybe Covered
Not Covered 
Not Covered
 Jewelers Mutual Insurance GroupTypical Homeowners
or Renters Insurance
Typical Jewelry Rider: Homeowners Policy

Loss

CoveredNot CoveredCovered

Theft

CoveredCoveredCovered

Damage

CoveredMaybe CoveredMaybe Covered

Disappearance
 

CoveredNot CoveredCovered

Flood or Earthquake

CoveredMaybe CoveredMaybe Covered


Additional Features of Jewelry Insurance With Jewelers Mutual Group

 Jewelers Mutual Insurance GroupTypical Homeowners
or Renters Insurance
Typical Jewelry Rider: Homeowners Policy

Jewelry Expertise

Exclusively insuring jewelry for more than 100 years, with graduate and certified gemologists on staff

UnlikelyUnlikely

Claims
Process

Repair or replacement with same kind and quality (up to the value on your policy) from the jeweler of your choice; no need for multiple estimates

May require you to use
an authorized jeweler or repair/ replacement company; may instead pay cash; may require multiple estimates
May require you to use
an authorized jeweler
or repair/ replacement company; may instead pay cash; may require multiple estimates

Effects of Claims

No increase to your Jewelers Mutual policy premiumClaims may affect status of entire policy, including coverage for your homeClaims may affect status of entire policy, including coverage for your home

Deductible Options

FlexibleSame as overall policyFlexible
This is a brief overview for informational purposes only. Coverage and pricing are subject to underwriting review and approval, and to policy terms and conditions.
 

Benefits of a Jewelers Mutual engagement ring policy

  • Trusted for over 100 years by nearly a million people and 11,000+ jewelers.
  • Provides broader engagement ring coverage over a standard homeowners policy or rider, including protection against accidental loss and disappearance. 
  • No deductible: Yep, you read that right. Jewelers Mutual’s insurance policies come with $0 deductible replacement costs. 
  • Highly rated, smooth online claims experience with guidance from actual jewelry experts.
  • Work directly with your preferred jeweler on all replacements and repairs providing the most trusted experience.
  • NO premium increases to your homeowners insurance. 


Step 3: Get a Quote

Many insurance providers provide free instant quotes online.

Additional Questions to Ask Before Choosing an Insurer

Being adequately informed is of the utmost importance when deciding which insurance option or provider is best suited to your needs. 

Make sure to ask a potential policy provider important questions, such as:

  • What is the level of coverage provided? Does your policy cover damage, accidental loss or disappearances? Does the coverage apply worldwide? Are there any circumstances in which the ring isn’t covered?
  • How much do I need to pay yearly (premium)? Are there any other costs involved? Is there a deductible (out of pocket expenses)? 
  • Can I choose my own jeweler to repair or replace my ring or do I have to use one in your network?
  • Is an appraisal required to apply for insurance?
  • How often do I need to get my ring appraised? 
  • In the event of a loss how will the ring be replaced? Will it be a new identical piece of jewelry or a like-kind piece of jewelry or a check for the stated reimbursement amount?
  • In the event of a loss who will replace the ring? A personal jeweler of my choice, a jeweler selected by the insurance company or will a new piece be supplied by the Insurance Company’s in-house jewelry store.
  • What is the claims process like? What kind of documents will I need to produce when making a claim?  How do I provide proof of a lost or stolen ring when filing a claim? If I file a claim, will my premiums go up?
  • Is the ring insured for its full cost or just a part of it? 

 

Step 4: Choose an Insurer and Fill out Application

Once you’ve chosen an insurer, you’ll need to fill out an application (most insurance providers allow you to do this online). You'll also need to choose a deductible, a higher deductible means lower premium payments.

 

Step 5: Enjoy the freedom of wearing your engagement ring worry-free!

Once you’re approved, wear your engagement ring with confidence, whenever and wherever you want! At Jewelers Mutual, we want you to wear your favorite jewelry worry-free, check your rate by clicking the button below.

 

 

Contact Us

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About Jewelers Mutual Group

Jewelers Mutual was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Later, consumers began putting their trust in Jewelers Mutual to protect their jewelry and the special memories each piece holds. Today, Jewelers Mutual continues to support and move the industry forward by listening to jewelers and consumers and offering products and services to meet their evolving needs. Beyond insurance, Jewelers Mutual’s powerful suite of innovative solutions and digital technology offerings help jewelers strengthen and grow their businesses, mitigate risk, and bring them closer to their customers. The Group insurers’ strong financial position is reflected in their 37 consecutive “A+ Superior” ratings from AM Best Company, as of November 2023. Policyholders of the Group insurers are members of Jewelers Mutual Holding Company. Jewelers Mutual is headquartered in Neenah, Wisconsin, with other Group offices in Dallas, Texas and Miami, Florida. To learn more, visit JewelersMutual.com.