Engagement Ring Insurance 101

Getting engaged is one of the biggest and best milestones and there’s a lot that goes into it, starting with buying an engagement ring. As you go through the process, you learn more than you need to about diamonds and designers, but there’s one last step a lot of couples often forget—engagement ring insurance.

Insuring an engagement ring is easier than you think, and we’ve got the entire low-down on finding the right insurance policy below.

engagement ring insurance 101

engagement ring insurance company

WHO NEEDS ENGAGEMENT RING INSURANCE?

Any couple that has a valuable and meaningful piece of jewelry should strongly consider it. The yearly cost of engagement ring insurance is directly in line with the value of your ring (with Jewelers Mutual, for example, you pay roughly one to two percent of the jewelry’s value each year). So if it’s a lower-value piece, it won’t cost much at all to insure it, and if it’s a higher-value piece, then investing more to protect your big purchase is worth it.

HOW TO INSURE AN ENGAGEMENT RING

There are two ways to go about ring insurance. You can either add it on as a “rider” to your renters or homeowners policy if you have one, or you can go through a company that specializes in jewelry insurance like Jewelers Mutual Insurance Company (HowHeAsked’s founder uses them).

Either way, our recommendation is that you give your engagement ring special attention. A homeowners or renters policy without the rider typically only insures the ring in a case of theft. It does not typically insure against loss, damage, floods, or mysterious disappearance like a rider or a Jewelers Mutual® policy. We’ve explained more on this topic a few sections below.

HOW MUCH DOES IT COST TO INSURE AN ENGAGEMENT RING??

It can vary from city to city (sounds crazy, we know, but some cities have higher theft rates than others!), but engagement ring insurance generally costs one to two percent of the value of your ring with Jewelers Mutual. Easier put, that’s one to two dollars for every $100 that it would cost to replace the ring. So, if the cost to replace it is $8,000, you’re looking at $80 to $160 per year (aka $7 to $13 a month, aka a meal for two at a fast food restaurant every month).

If you want to go the Jewelers Mutual route, here’s where you can get an immediate free quote. Otherwise, give your current homeowners or renters insurer a call and ask for a quote for the rider.

SO WHAT DOES PAYING THAT GET ME?

As stated above, you can either put it on your homeowners policy without a rider (we do not recommend this), add a rider to your existing homeowners policy, or go with a jewelry insurance company. We’ve listed what’s typically covered under each below:

Homeowners or renters policy with NO rider:
Theft (only if it’s stolen out of your home)
– Maybe damage and flood/earthquake coverage

Homeowners or renters policy WITH rider:
– Loss
– Theft
– Mysterious Disappearance (an unexplained loss)
– Maybe damage and flood/earthquake coverage

A policy with Jewelers Mutual
– Loss
– Theft
– Mysterious Disappearance (an unexplained loss)
– Damage
– Flood or Earthquake
Preventive Repair (things like prong retipping, repair of broken, worn or bent prongs, or stone tightening)
– Worldwide travel protection (whether you’re jet-setting to another state or vacationing across the globe, your jewelry is covered)

HOW DOES engagement ring insurance WORK?

This engagement ring insurance is fairly simple! You just need a detailed sales receipt, which most jewelers give out, or in some cases, a recent appraisal (your jeweler should be able to recommend one in your area whom you’ll pay a small fee to).

WHAT QUESTIONS SHOULD I ASK THE INSURANCE COMPANY?

– Ask exactly what the engagement ring insurance policy does and doesn’t cover. You can use our lists above as a reference, but plans and companies can differ, so get a comprehensive understanding of the circumstances they do and don’t cover.
– How will the company replace the ring? Do they write you a check? Require you to purchase a replacement through a jeweler of their choice or yours? Jewelers Mutual has a great article on replacement vs. reimbursement.
– Is the ring insured for its full cost or just a part of it?
– What does the claims process look like? How do you need to prove the ring vanished or was stolen if you need to make a claim?
– If you have a vintage ring or heirloom stone, be sure to ask how they value it. It can vary!
– What are my deductible options? Jewelers Mutual has flexible deductible options and you can read more on choosing the best deductible for you here.

DON’T FORGET

It’s very important to think about your lifestyle and values when you choose an engagement ring insurance policy. For example, if you travel a lot, you’ll want to make sure the policy extends worldwide. If your family’s used the same jeweler for 50 years, you’ll want to make sure the policy allows you to choose the jeweler you use to replace your ring (some companies require you use one of their jewelers). There are plenty of good ways to insure your ring, but there’s no use in doing it if it doesn’t protect your meaningful investment in every way you need it to.

This education was brought to you in partnership with Jewelers Mutual Insurance Company. You can receive a quote for your ring within seconds.

insurance for engagement rings

Photos by Casey Hendrickson Photography