There’s nothing quite like the sparkle of a new engagement ring. It’s not only beautiful, but the symbol of an exciting new chapter of life. That said, engagement rings are often an expensive investment, especially diamond engagement rings, with the average cost coming in at $3,756, according to the latest Bride’s American Wedding Study. And valuable assets need protecting.
Engagement ring insurance can offer peace of mind by providing replacement and repair costs in case of theft or damage. And with modest premiums, you don’t have to break the bank. Here’s a closer look at what engagement ring insurance is, what to look for in an engagement ring insurance policy, how much engagement ring insurance costs, and six insurers offering great coverage.
What Is Engagement Ring Insurance?
Engagement ring insurance, including diamond ring insurance, helps cover the cost to repair or replace an engagement ring if it gets lost, stolen, or accidentally damaged. Like most insurance policies, ring insurance requires you to pay a premium to get and keep coverage. Then, if something happens and you need to file a claim, you contact your insurer and file a claim. As long as your claim is approved, you’ll pay the deductible (if there is one), and your insurer covers the costs to repair or replace your ring up to its appraised value.
Engagement Ring Insurance Cost
How much is engagement ring insurance? While the cost depends on a few factors, Jewelers Mutual says that annual premiums typically end up costing around 1% to 2% of a ring’s value. After reviewing quotes from several leading insurance providers, the estimate rings true. The average cost of no-deductible coverage for a $5,000 engagement ring in San Diego, California was about 1.5% of the ring’s cost, totaling $73.77 per year.
But, what factors can end up influencing the cost to insure an engagement ring?
- Ring value: The higher the retail value of the ring, the more expensive it is to replace which results in a higher premium.
- Location: Zip codes are taken into account when setting insurance rates because factors like higher theft rates can influence the likelihood that claims will be filed.
- Deductible amount: Insurers often let you choose a deductible. You can opt for a lower deductible and a higher premium, or vice versa. For example, Lavalier jewelry insurance offers deductibles ranging from $0 up to $1,000 for $5,000 in coverage. The $0 deductible plan costs $75 per year, while the $1,000 deductible plan costs $61 per year.
- Discounts: Many insurers offer a small percentage off your premium for different reasons. Jewelers Mutual, for example, offers discounts if you have a home security system, a home vault, or if your ring has been inscribed with a Gemprint identification number.
Wondering about cost? Engagement ring insurance cost varies somewhat from one insurer to the next, so it’s wise to shop around and get quotes from the best jewelry insurance companies.
How to Insure an Engagement Ring
Insuring an engagement ring is pretty simple. You can get quotes from many providers, apply, and get coverage, all within a few minutes. Yet, there are a few extra steps worth taking to ensure you get the quality coverage you need for such an important piece of jewelry.
1. Get an Appraisal
Consider getting an appraisal, which is a detailed description of your ring and its value provided by a certified appraiser. While all insurers don’t require appraisals upfront, you’ll usually need one if you end up filing a claim. Additionally, it ensures that you get the right amount of coverage for your ring.
If an insurer requires an appraisal upfront, there are often additional caveats. Lavalier, for example, requires appraisals dated within the past 12 months for all rings worth $5,000 or more. Be sure to check the fine print for value thresholds and time limits on an insurer’s appraisal requirements.
2. Get Quotes
Next, shop around and get quotes. You can do so online from the comfort of your couch through the websites and apps of insurance companies. If you prefer to talk to someone, you can also call in and get quotes over the phone. Or, you can turn to brokers or aggregate sites that help you comparison shop.
To get quotes, you’ll need to provide a few pieces of information, such as:
- The estimated or appraised value of your engagement ring
- Your name
- Your email address
- Your zip code
- Your desired deductible
The insurers will then provide you with policy details and pricing estimates.
3. Compare Quotes
Once you have at least three quotes, compare them side by side. Look at the differences in pricing, but also consider what’s covered by each plan. For example, Jeweler’s Mutual covers loss, theft, damage, disappearance, flood or earthquake, and worldwide travel. On the other hand, Travelers Insurance only covers loss, theft, and fire.
It’s essential to get an engagement ring insurance policy with mysterious disappearance coverage. This protects your ring in case of a loss due to unexplained circumstances.
Additionally, look at factors like discounts, payment options, reviews from past customers, customer complaint ratings from the National Association of Insurance Commissioners (NAIC), and AM Best financial strength ratings.
4. Apply for Coverage
Once you find an insurer that looks like the best overall fit, you can often move forward with the application process online. The steps vary from one company to the next, but often require you to:
- Enter your contact information (name, address, phone number, and email)
- Provide personal identifying information (your birthdate and gender)
- Disclose who will wear the ring (you or someone else)
- Answer questions about past criminal convictions
- Answer questions about past jewelry insurance claims
- Upload your appraisal and enter the appraisal date (may be optional)
- Answer questions about alarm systems in your home or other discounts
- Select a start date
Upon approval, insurers will ask you to pay your premium so they can activate your coverage. If an appraisal is required but you haven’t provided it, the insurer may give you a certain time frame to submit it, such as 10 days. As long as you provide it within that time frame, your coverage should stay in place.
Should I Insure My Engagement Ring?
The decision to insure an engagement ring is a personal one. It depends on a few factors, some logical and some emotional.
On the logical side, consider the value of the ring, the risk of a loss, and the cost of insurance. Ring insurance costs about 1% to 2% of the ring’s value per year so it tends to be relatively affordable. Further, the more expensive the ring and the harder it is to replace, the more valuable insurance becomes.
On the emotional side, it can be stressful to live in fear that you may lose your ring which was an expensive and meaningful gift from your spouse. Engagement ring insurance can help to ease that worry.
Best Jewelry Insurance Companies
Wondering where to start your search for a reputable engagement ring insurer? We did the research for you and these six companies topped the list! Here’s why.
Best for Engagement Ring Insurance: BriteCo
BriteCo came out ahead of the pack thanks to its competitive pricing, discount lineup, comprehensive coverage, and A+ financial strength rating from AM Best. Oh, and it can cover up to 125% of your engagement ring’s appraised value. Be sure to grab an online quote from this insurer as you’re shopping around.
Best for No Appraisals: Jewelers Mutual Insurance Group
If you’re looking for a reputable jewelry insurer that can help you get quick coverage, don’t miss Jewelers Mutual Insurance Group. This company has an A+ rating with AM Best, fewer complaints than are expected with the NAIC, and a speedy online application that doesn’t typically require an appraisal.
Best Online Application Experience: GemShield
Are you tired of giving out your name and email address just to get a quote? GemShield removes that pain point. You can get a quote by simply entering your zip code, estimated ring value, and desired deductible amount. Plus, it ticks the other important boxes like comprehensive coverage, few complaints with the NAIC, and an A+ (Superior) rating from AM Best.
Best for Discounts: Lavalier
Lavalier’s engagement ring insurance cost is in line with the other providers we reviewed, but it pulls ahead when it comes to discounts. You can save on your premium by having a home alarm, home safe, bank vault, and gemstone grading report. Plus, the online quote process is easy and quick (no personal identifying information required).
Best for High-Value Engagement Rings: Chubb
Chubb offers liberal appraisal requirements, making it easy to get coverage quickly, even if you have a high-value engagement ring. As long as your ring is worth less than $100,000, Chubb only asks for a detailed description and the estimated value.
Great for Additional Coverages: State Farm
Looking for engagement ring coverage that goes above and beyond? State Farm offers inflation coverage along with wedding gift coverage that can cover your wedding gifts before and up to 90 days after your wedding.
How Does Ring Insurance Work?
Ring insurance helps to cover the cost to replace a ring if it’s lost, stolen, or damaged in a covered scenario. To get coverage, you apply, choose your plan, select your deductible, and pay your premiums. Upon a loss, you file a claim and your insurer assesses if it’s approved. If it is, you pay your deductible and the company helps you pay for the repair or replacement.
How to Insure a Diamond Ring
If you want to insure a diamond ring, get it appraised to see how much coverage you need. Next, get quotes from various reputable providers and compare the quotes, companies, and coverage to find the best fit. From there, apply and buy your coverage.
Does Travel Insurance Cover Engagement Rings?
Travel insurance includes coverage for baggage and personal items which can include jewelry, but it’s very limited. For example, World Nomad’s higher-tier Explorer Plan covers up to $3,000 worth of baggage and personal effects if they’re lost, damaged, or stolen. However, there’s a $1,500 per item limit and a $500 combined-maximum limit for jewelry, silver, platinum items, gold items, and furs. It’s not enough to sufficiently cover the average cost of an engagement ring.