Everything You Need to Know About Engagement Ring Insurance


In the midst of planning your dream wedding, the last thing you probably want is to give any thought to daunting tasks like engagement ring insurance. But even if this may seem like a boring and even overwhelming chore, it needs to be done. What if your precious little stone falls off, or, your entire ring gets lost on the bottom of the ocean during your exotic honeymoon? Being informed and taking the right steps can save you a lot of heartache - so get your engagement ring insured to avoid potential tears later on. But what are these steps? Who provides such insurances and how much will it cost? These are frequently asked questions, all answered right here, so keep on reading.

Everything You Need to Know About Engagement Ring Insurance

What Types of Insurance Are There?

The first thing you need to know is the fact that there are various options when trying to obtain insurance for your gorgeous ring. 

  • Firstly, in the case of you being a home owner with all papers in place (meaning, including a home insurance) or if you are renting and you have a renter’s insurance, then you can simply opt for an extension that can cover your precious jewelry. This extension is called a rider and it is solely given for special items that have a unique value. The rider coverage can also be used to insure items such as electronics or others that are not covered by the standard home or renter’s insurance. 

  • Secondly, you can also insure your sentimental ring through a company specialized in paperwork such as engagement ring insurance – in this particular case, you may get extra coverage than opting for the first solution. One advantage of the separate coverage done through a specialized agency is the fact that you can possibly get your ring replaced in case of theft or loss, instead of just getting a set amount of money. It is important to remember that the cost of coverage can vary greatly, depending on certain factors: among them, obviously, the initial value of your ring, but also the area where you live in - certain areas with higher theft rates will increase your cost of coverage.

Who Can Opt for Engagement Ring Insurance?

The short answer: anyone who owns an engagement ring. Couples decide to protect the sentimental ring that represents their love regardless of the price of this piece of jewelry, be it the case of a couple of hundreds up to millions of of dollars. As we all know, the value of such an item is not necessarily proportionate with its price tag, as engagement rings almost always carry a huge sentimental value – which is why opting for insurance in the first place is essential: to protect what is important to you.

What Should I Ask My Policy Provider?

Before you are out the door towards a policy provider for your engagement ring insurance, remember this list of questions you need to ask in order to make an informed decision:

  • What does the policy cover exactly? Theft and loss only, or various possibilities - damage or other threats to the piece? Make sure it is the latter instead of just basic coverage.

  • Who will repair my ring?

  • Where can a new ring be purchased from? In case your policy offers this option.

  • What happens if my ring is a vintage piece or has an additional antique / heirloom value?

  • Exactly how much is my ring insured for? Fully or just a fraction of it?

  • How will I need to prove that my ring was stolen, damaged or lost?

How Can I Get the Insurance?

Firstly, you will need to provide receipts for your ring, together with an appraisal from a reputable gemologist - the latter will cost you a modest fee, so be prepared to make this expense. It is also important to remember that the rider has to follow you to your new address, so if you get the original insurance at your parent's house, then you have to add it to your new address once you are all moved in after the wedding.

How Much Will It Cost Me?

Basically, in the case of engagement ring insurance, you will need to pay anything in between $1 and $2 for every $100 - so if your ring costs $5000, then you will pay anything from $50 to $100 per year, depending on your location and potential threats in your area.

Getting an engagement ring insurance may be the last thing you were thinking about right before your impending nuptials, but it is a responsible decision that doesn’t require that much effort and time. Be informed and prepared, then take the right steps in order to protect the most valuable piece of jewelry in your possession - the symbol of your love.