Most renters and homeowners insurance covers jewelry up to $1,500—but this often isn't enough for engagement rings
If you just said “yes,” and you’re flaunting a sparkly new diamond ring on your left hand, congrats! Chances are you’re busy sending your friends and family champagne selfies, emphasis on the hand holding the glass—but, before the bubbles go to your head and you’re lifted off into dreams of your perfect wedding, we’re here to talk about something that might not have been on your mind: engagement ring insurance.
In the unfortunate event that your engagement or wedding ring is stolen, damaged, or lost, engagement ring insurance protects you from the financial repercussions. An insurance policy will result in repair, replacement, or reimbursement of any pieces of jewelry covered.
Most renters and homeowners insurance covers jewelry up to $1,500—but this often isn’t enough for engagement rings! If you think you’d be crushed by the loss of this sentimental piece of jewelry, or if your new stone is so flashy that you’re afraid to wear it in case you damage it, engagement and wedding ring insurance are worth considering.
Wedding ring insurance rates are determined by a variety of variables like your ring’s worth, where you live, and rates of theft in the neighborhood. Annual payments for coverage are called premiums, and your plan may include a deductible as well—a certain pre-agreed amount you’ll pay upfront before your insurance providers cover the rest in the event of loss or damage. Usually, plans that include a deductible result in lower premiums.
Usually, insurance costs 1%-3% of the value of your ring (though this can vary). So expect to pay $1-$3 for every $100 your ring is worth. (So for example, if your ring is worth $8,000, you can expect to pay an $80-$240 premium per year.) This may be an expense you weren’t anticipating, but the peace of mind is well worth it, and the cost of losing such a meaningful piece of jewelry is much higher.
Insurance companies will often require an appraisal of your ring when you purchase insurance. An appraisal will outline all the main points of value, including diamond carat, cut, color, clarity, band metal, and weight, as well as shapes and carat of any accompanying stones. The jeweler you bought it from might have provided one with purchase, but some insurance providers prefer independent appraisals.
Make sure you find a well-regarded appraiser who values pieces accurately, without inflation. Ideally, search for someone with a graduate degree in gemology and membership with a national appraisal society. And remember—rings are an investment, and their value increases over time, so it’s also a good idea to reappraise your rock every few years for insurance purposes.
If you have homeowners or renters insurance, you can purchase an extension (or “rider”) to cover your engagement and/or wedding ring. But these extensions often come with limitations—most won’t cover an instance of mysterious disappearance or loss in daily life (for example, if you take your ring off to wash your hands in a public bathroom and forget it there. It happens!). It’s also important to note that if you file a claim for your jewelry, the rest of your home contents policy could be impacted, increasing your overall policy’s premium.
If you don’t have homeowners or renters insurance—or if you just want to keep policies separate—you can opt for a company specializing in jewelry insurance. These providers tend to offer broader coverage for more types of loss, giving you greater peace of mind. One popular insurer is Jewelers Mutual, but if you’re going to shop around for insurance options, it will be important to ask prospective providers the right questions:
When it comes to ring insurance, you want to know your policy inside and out.
In general, the higher the deductible you agree to when you sign your policy, the lower your premium will be. Your insurer may also be able to provide certain discounts; for example, Jewelers Mutual offers a discount for couples with eligible alarm systems installed in their homes.
Yes! It makes sense that you might want to insure both your engagement and wedding ring. Most providers will allow you to add pieces of jewelry to an existing policy. Bear in mind that this will increase your premium.
If you’re wearing something bespoke, it makes sense that you may not be able to find a replacement in the event of loss. Discuss this with your provider before you sign anything. It may make sense to go for a policy that offers a cash payout rather than replacement.