Engagement ring insurance is an easy way to achieve peace of mind and keep your jewelry safe. How much does it cost? Do you need it? And, if so, where can you find the best policy? We've got the answers.
Last updated February 5, 2024
The proposal was perfectly planned and the wedding prep is well underway. In all this excitement, you probably don’t want to think about something happening to your beautiful, new engagement ring. The truth is, however, that anything can happen, and it’s better to be prepared. Fortunately, there’s a simple step to ensure its safety: Jewelry insurance.
While not everyone invests in engagement and wedding ring insurance, it's worth asking yourself how easy the ring would be to replace. If the answer is "not very," it might be worth buying a policy to keep you covered.
Jewelry insurance usually costs between 1% to 2% of the ring’s value. So, an engagement ring valued at $5,000 could cost roughly $50 to $100 a year, or $4 to $8 a month to insure.
This leads to the next question: will your home insurance cover the engagement ring? Maybe with a floater? Or should you buy a separate policy? Here, we've laid out all the options to guide your decision.
Engagement ring insurance is a way to protect your ring from loss, theft, or damage. It can cover the cost of repairing or replacing your ring if something happens to it. Engagement ring insurance can be purchased from a jewelry insurance company or added to your home or renter's insurance policy.
If you’re generally a responsible person, you might think you don’t need engagement ring insurance. And you might not like the cost. But ring insurance is important if you want to protect your new sparkler. It doesn’t have to be expensive, and there are several options you can consider to make it work.
No doubt you've had a few suggestions to put your engagement ring on your home or renter’s insurance. You already know you can get insurance on engagement rings separately, but should you? Let's weigh the pros and cons.
Homeowner's and renter’s insurance policies may provide limited coverage for jewelry. Read your insurance policy carefully to determine what the policy covers. Check to see if your valuables (such as a diamond engagement ring) are adequately insured, or not covered at full value. You may find that your current insurance has coverage limits, or that you can insure your ring under your homeowner’s policy as an add-on.
A floater is a type of insurance policy that covers personal property that's easily movable. It provides extra coverage for items like engagement rings. However, a floater covers an individual item. So, if you have multiple items to insure, you'd need a separate floater for each.
Some of the best insurance for engagement rings comes from BriteCo (affordable and easy), Jewelers Mutual (very popular and flexible), Lavalier (fast and jewelry-specific), and Chubb (best for high-value engagement rings).
Engagement ring insurance usually costs 1-2% of the appraised value of your ring. For example, a $5,500 engagement ring could cost as little as $55 to insure annually. Factors that can affect the cost of insurance are the type of coverage, the deductible, and the discounts you may qualify for.
Before getting your ring, ask a few insurance providers or insurance agents to give you a quote. You may be surprised at how affordable it can be.
Getting insurance on engagement rings isn’t particularly exciting, so we’ll talk you through it thoroughly but quickly.
The first option is to insure your ring under your home or renter’s insurance. This may cover your ring up to a certain limit, but may not offer enough coverage or flexibility for your ring. You may also have to pay a deductible if you ever need to claim, which may be higher than the cost of replacing the ring.
A second option is to add a rider to your homeowners policy, which can offer more coverage and flexibility for your ring. A rider is an extension of your policy that covers specific items, like an engagement ring, for their appraised value. This offers better coverage (especially if your ring is expensive) but can still come with higher premiums.
You can buy a standalone policy from a jewelry insurer for more comprehensive and specialized protection. Some of the most popular diamond ring insurers include Jewelers Mutual, Lavalier, BriteCo, and Chubb.
Getting insurance on engagement rings can be a complex process. So, how do you insure an wedding or engagement ring? Here’s the step-by-step process of getting it ticked off the list.
You’ll want to check the specifics of each policy when it comes to wedding and engagement ring insurance. Generally speaking, insurance for engagement rings covers:
Generally, the more budget-friendly the policy, the more exclusions it has. Some of the most common engagement ring insurance exclusions include:
While insurance providers can always give you a quick rundown on ring insurance, it’s ideal that you go into any discussions with some prior knowledge. With that in mind, we’ve gathered a few engagement ring insurance policy terms you should understand before reading on or meeting with an insurance provider. Including:
Premium: A premium is the price you pay for an insurance policy. This amount can vary greatly based on your ring’s value, where you live, and whether or not your policy has a deductible (more on that below). Depending on your insurer, this can be charged monthly, semi-annually, or annually. Failure to pay your premium can result in the cancellation of your policy.
Deductible: As with health or car insurance, a deductible is an amount you’ll need to pay out-of-pocket for replacements or damages before your insurance kicks in. Typically, insurance plans with deductibles have lower premiums and those without them have higher premiums.
Insurance Coverage: Coverage is the amount of liability that is covered by your insurance policy.
Exclusions: Exclusions are acts, types of damage, and even locations that aren’t covered by any given insurance policy. These will vary depending on where you get your ring insured.
Warranties: A warranty is an extension of insurance that typically covers minor wear and tear, such as scratches and prong replacement.
Once you purchase your policy, make the most of it with these pro tips:
Expert Advice: Have you done engagement photos yet? Check out our articles with ideas for shoots in the Winter, Spring, and Fall!
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