The Ultimate Guide On Engagement Ring Insurance

Author Brianna Walsh
Date Feb 15, 2021


Did you recently get engaged? If so, congratulations! After months of planning the perfect proposal, it finally ended with the best outcome of your significant other saying "yes!" Now it's time to start thinking about wedding plans, right? Not so fast, there is still one more extremely important thing you need to cover before looking into wedding venues. You need to make sure your sparkly new engagement ring is insured. It's not the most romantic part of the process, but it is necessary to check it off your list.

Things happen in life and it's better to be safe than sorry if anything were to happen to your ring in the future. The memories the two of you create together are irreplaceable and a ring can be too if you don't get it insured. With engagement ring insurance you are able to replace the ring if an unfortunate event occurred like it getting lost, broken or stolen. The chances of these things happening may be slim but you just made one of the biggest purchases of your life and it is better to feel that your investment is protected.

It's very common to not know much about engagement ring insurance. That's why we put this guide together to help you get all the information you need to make your decision. Check out our ultimate guide on engagement ring insurance and see why you need to get it now!

What Is Ring Insurance?

Engagement ring insurance is similar to other other types of insurance that you may have for your car or apartment. In this case, you have two options on how to insure your ring. The first option is to purchase an extension also known as a rider that covers your engagement ring specifically. This option can only be used if you already have an existing homeowners or renters insurance policy. The second option is to get the ring insured by a company that specializes in insuring jewelry. If you choose a company that specializes in jewelry they can often replace your stolen or lost ring rather than just giving you the cash value to buy a new one. Both of these options vary depending on the company and policy as well as your ring's appraised value.

What Do I Need To Insure My Ring?

You can't protect the value of your ring if you don't know its exact worth. That is where an insurance appraisal comes in,which is a document that basically acts as proof of the value of your ring. Your insurance appraisal will include all of the information on your ring including the diamond quality (the 4 C's), your metal choice, your setting choice and the total carat weight of your ring. The appraisal will then list a total value of your ring as a whole. You often cannot go forward with getting engagement ring insurance if you do not have an official appraisal so if you were not given one with your ring purchase, contact your jeweler or make an appointment with a certified appraiser.

Check out more information on appraisals here >>> 

What is the Average Cost of Ring Insurance?

The answer to this common question is it that the cost of engagement ring insurance varies depending on your policy. Different insurance companies and policies have different pricing so you should compare your options to ensure you are getting the best price. Just to give you a general idea of what to expect - it's fair to say that it will cost about $1-$2 for every $100 it would cost to replace your ring. For example, if your engagement ring is appraised at $5,000, you should expect to pay between $50-$100 per year for ring insurance.

Which Insurance Provider Should I Choose?

As mentioned above, there are two options when insuring your ring, adding a rider to an existing policy or working with an insurance company that specializes in jewelry. Whether you choose to insure your ring with your current insurance provider or a new provider, there are questions you must consider and ask:

  • Does the policy cover accidental loss or the ring being stolen?
  • How will the company replace the ring? In other words, will they replace with a similar ring or give you money to buy another yourself?
  • Are there any specific events that aren't covered?
  • Will the ring be insured at paid cost or just a fraction of it? What about inflation?
  • How will I prove to the company that I no longer have my ring?
  • What is the full process when filing for a claim?


Does Everyone Need Ring Insurance?

Some couples feel that if they did not pay a lot for their engagement ring there is no point to getting engagement ring insurance. No matter if you paid $1,000 or $50,000 for your ring, insurance can be well worth the investment because of the financial security it provides and the the peace of mind.

Are you ready to insure your engagement ring? Make an appointment with our certified insurance appraiser to have your ring appraised at any of our five New England stores!


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