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We’re Engaged! Should We Insure the Engagement Ring?

Engagement Ring Insurance

December is the most popular time of the year for engagements. And roughly 10% of all couples in the US get engaged on Valentine’s Day…which is right around the corner!

If you’re one of those couples who just got engaged or if you’re expecting to “pop the question” sometime soon, you might want to think about protecting that beautiful, expensive ring!

60% of people with valuable jewelry say they don’t carry insurance protection for this investment. 

At the same time, on average, it only costs $121 per year to add insurance for up to $10,000 in fine jewelry.

Now that we’re engaged, or if you’re soon to be engaged, have you thought about insuring the engagement ring?

Your engagement ring may just be the most expensive thing you own after your home or your car.

Most engagement rings cost between $4,770 and $5,580. And if you ask me, that’s an investment worth protecting!

To walk you through what it looks like to insure fine jewelry, I’ve put together this brief article that answers the most common questions I get about jewelry insurance.

These questions include:

  • What will an insurance policy for my engagement ring cover?
  • How much will it cost to insure my engagement ring?
  • My agent said I should add the ring to my homeowners policy. Is this what I should do?
  • I want to get insurance for my engagement ring. What do I do next?


What will an insurance policy for my engagement ring cover?

Let’s start with three scenarios that you’ll wish you had coverage for your diamond ring.

  1. Your ring gets damaged.
  2. Your ring gets lost.
  3. Your ring is stolen.

I can’t tell you the number of times friends or clients have shared with me a traumatic moment with their diamond. 

If your ring gets damaged

One memorable story a client shared was how her diamond fell out of her ring while shopping at the grocery store. 

Reaching out to pick up a canned good, my friend knocked her ring against the shelving. Later, as she put the groceries into her trunk, she noticed her ring felt sharp. 

Sure enough, the diamond was gone. She never found it.

When you buy insurance for your engagement ring, the policy will cover repairs and even replace your ring up to the insured value. So, if the diamond falls out while you’re grocery shopping, you won’t have to worry. You’re covered!

The insurance will pay to replace your diamond.

A stand-alone insurance policy on your engagement ring will cover any repairs you may need on your ring. If your prongs wear down and need to be replaced, you can turn in a claim and have them repaired.

If your ring gets lost

Another scenario you may find yourself in concerning your engagement ring is losing it.

Another friend of mine lost her ring after washing her hands. It slipped out of her palm, slid down the sink, and got lost in the drain. Even after taking apart the drain, she never found it.

And more than once, I’ve heard a tale of someone losing their ring in the ocean. Imagine trying to look for your ring as the waves roll in and out. What a nightmare!

With a stand-alone insurance policy on your engagement ring, your insurance policy will pay to replace your lost gem. Your policy will pay out what the ring was valued at so that you can purchase a new diamond ring.

If your ring is stolen

Having your ring stolen is the final scenario that may lead you to replace your diamond ring. 

While it’s not common, it does happen. You leave your ring in your jewelry box while you’re at the gym, and while you’re gone, someone breaks in and takes your valuable treasure.

One of my coworkers believes her ring may have been stolen when she lived in a rental property. The home she lived in was for sale, and occasionally potential buyers would come through the house for a showing.

This coworker had a ring that her spouse had given her while they waited for a family heirloom to be sized for her. Something she could wear “in the meantime.” So after she got her final engagement ring, she only wore the other ring occasionally.

It wasn’t until she moved and went through her belongings that she realized the ring was nowhere to be found. 

She could have had it replaced if she had purchased insurance on the ring. 

How much will it cost to insure my engagement ring?

The cost to insure an engagement ring will depend on the ring’s value. To get an estimate, you need to have your ring appraised.

The insurance company will consider the color, cut, and clarity of the stone when valuing your ring. They will also look at the type of metal used on your band.

You will get a better rate on a policy for your engagement ring if you also purchase your homeowners or renter’s insurance with the insurance company.

To get more specific about cost, I can tell you how much a couple of our clients recently paid to have their diamond engagement rings insured. 

My first client called about having her ring insured on a stand-alone policy. Her ring which was appraised at $6,000 ended up with a policy that cost her only $75 per year.

Another client inquired about having her $12,000 ring insured. Her premium ended up being $106 annually.

Calling your agent with the details of your ring will allow you to get a quick estimate on what it will cost to insure your ring.

My agent said I could add the ring to my homeowners policy. Is this what I should do?

You have two options when you buy insurance for an engagement ring: add it to your current homeowners policy or purchase a stand-alone policy.

Both options will give you great coverage for your jewelry. However, when you add the ring to your homeowners policy, you may have to pay a deductible when you file a claim on your ring.

This claim will also be filed against your homeowners policy. Filing claims on your homeowners policy can lead to increases in your insurance premium.

If you purchase a stand-alone policy, you will not have a deductible and a claim will not impact your homeowners insurance.

I want to get an insurance policy for my engagement ring. What do I do next?

If you want to move forward with an insurance policy for your engagement ring, you need to start by getting the ring appraised. If your ring was recently purchased, the jewelry store probably provided you with an appraisal when it was purchased.

If you don’t have an appraisal on hand for your ring, any jewelry store can appraise your ring and give you a valuation for the insurance company.

Next, contact your agent with the information regarding your ring. 

Let your agent know if you’d like to add the ring to your homeowners or renter’s insurance policy or if you’d like a stand-alone policy.

You may want to ask your agent to price the insurance both ways so you can compare the premium amounts before deciding on a policy.

Finally, communicate with your agent your decision regarding the insurance.

It’s that simple to get this important coverage in place for your treasured ring.

Partnering with Baily Insurance 

Our commitment at Baily Insurance is to make sure you protect the things that matter most to you: your family, your home, your auto, your business, and your treasured possessions.

We’re also committed to helping you understand your insurance coverages. By reading educational articles like this one, you can better evaluate your options and buy the products that offer the best protection.

If you have other insurance questions you’d like answered, we’re here to help! 

By filling out the form below, you can ask those questions, and someone from our team can get back to you with an answer. And you might even find that your question inspires an upcoming article on our learning center!

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