5 Tips for Buying Engagement Ring Insurance


Written by James


Should you get engagement ring insurance? Yes! Okay, now that we have that covered, here is what you need to know about insuring an engagement ring: While certainly not as fun as planning the honeymoon, insuring an engagement ring is a logical and safe next step after popping the question. When it comes to insuring an engagement ring, there are many things to consider: the price of the engagement ring, level of insurance, existing insurance coverage, and finding the best insurance.

5 Tips For Buying Engagement Ring Insurance

1. Understand the Need to Get Insurance ASAP

An engagement ring is usually a significant life purchase, on par with buying a car or a house. Full protection for your engagement ring is generally not covered under homeowners or renter’s insurance.

Home and auto insurance are necessities. Protecting these assets is important for your financial and mental well-being. Insuring your engagement ring is just as important (and maybe even more, because you can’t drop your house or car down the kitchen drain!) While irreplaceable from a sentimental point of view, having insurance on your engagement ring will allow you to replace what was lost or damaged.

2. Get Your Ring Appraised

An appraisal is a professional assessment of the value of the ring. Most insurance companies will require an appraisal for higher-value pieces (for example, rings worth $5,000 or more) while an invoice or receipt suffices for less expensive items.

Many times, the place where you purchase the engagement ring can provide an appraisal. If the location where you bought your engagement ring does not provide an appraisal you can find a local appraiser who will typically cost between $50 and $150 per hour. The complexity and size of your engagement ring will determine the work required to appraise your ring.

A thorough appraisal will include:

  • Laboratory work to inspect and gather facts about the piece
  • Market research to compare like pieces
  • Writing the appraisal

A credit card receipt for a ring typically is not enough. The insurance company needs a detailed description of your jewelry, which is generated during an appraisal. Some jewelry vendors will provide a very detailed sales receipt that will suffice. Make sure to ask your engagement ring vendor about a detailed receipt or appraisal before going to another source.

3. Get Familiar with Engagement Ring Insurance Costs

The cost of ring insurance is directly correlated to the price of the engagement ring. As a general rule of thumb, ring insurance is typically $1 to $2 for about every $100 your ring is worth (or 1-2% of the total cost). Prices will fluctuate depending on where you live and the size of your deductible but generally, you should not be paying more than 2% of the value of the engagement ring.

4. Know The Right Questions To Ask

You’re almost ready to start shopping for jewelry insurance. Now is the time to get familiar with the policy you are about to buy. Here are the top questions to ask the insurance company when obtaining insurance.

  • Is the ring insured to full cost or a fraction of it?
  • Is the engagement ring covered if you lose it accidentally?
  • Is the engagement ring covered if it is stolen?
  • How will you need to prove the ring is lost if you make a claim?
  • How will the company replace the ring?
  • Will they require you to purchase a replacement through the original jeweler or are you free to choose?
  • How will the quality and size of your diamond be documented?
  • Are there any circumstances of loss that aren’t covered?

5. Shop Around For The Best Policy

Now that you understand the importance of insuring an engagement ring, have your ring appraised, and know the right questions to ask – you’re ready to start shopping for insurance.

Here are the top places to get insurance for your engagement ring:

Call Your Existing Insurance Provider

Contact your existing insurance provider for auto, home, or any other type of insurance. Ask them if they offer policies that would cover jewelry. There are often benefits of bundling your insurance, so you may be able to insure your engagement ring for a fraction of the cost. Be sure to get quotes from another source before finalizing with your current insurance provider! They may be able to lower the price if some competition is introduced.

Get an Online Quote

Here are some of our favorite US-based jewelry insurance providers that can offer a quick quote:

Why You Need Engagement Ring Insurance

What happens if your girlfriend misplaces her engagement ring? What if it is stolen? What happens if it gets damaged? 

If you are like us, you really don’t want anything to happen to that prized possession. She will be upset, the ring has sentimental value, and of course, it’s expensive.

Ring insurance will provide you with financial security and peace of mind when you really need it, whether the engagement ring was left behind during a workout or swim, if it was stolen, or if an accident occurred.

Many people think that ring insurance and warranties are the same thing, but this is not the case. It’s important to understand these distinctions when considering engagement ring warranty vs insurance to ensure comprehensive protection for your precious investment.

We will cover what exactly ring insurance is, why you need it, how to get it, as well as how it differs from a ring warranty or ring guarantee. 

What is Ring Insurance and What Does it Cover?

Engagement ring insurance is a method of risk management that contractually protects you from financial implications if your ring is lost, stolen, or damaged. The policies usually cover all jewelry pieces that are requested for coverage, resulting in a repair, replacement, or cost reimbursement. 

Although the loss of a wedding or engagement ring is devastating, ensuring that it is adequately insured will help to mitigate the pain of the loss. While no two insurance plans are the same, knowing that you have placed some precautions and security against one of life’s most frightening possibilities is comforting. Insurance covers your ring against theft, loss, and damage. 


In an ideal world, you would not require insurance to protect yourself from things like theft. Sadly, jewelry is stolen on a regular basis, so it is really important to be covered in case this happens. If you obtain insurance coverage on a new ring and it is stolen, the policy can help you get another one.


You could fail to take off your wedding ring while doing some manual work with your hands. Or maybe your girlfriend forgets to take off her expensive engagement ring when she is working out at the gym and it gets damaged. If you had purchased an insurance policy, you do not need to worry because it’ll cover the expenses of repairs, allowing the ring to look as good as it did before. 


Imagine you are on holiday and you forget to pack your ring, which you left on the hotel sink by mistake. You return from a day out in the sun and the ring is no longer there. Total bummer. The ring can be replaced if you had it covered under an insurance policy. So not to worry.

What is a Ring Warranty?

A warranty is a form of extended service agreement offered by your jeweler. A ring warranty or a ring guarantee protects against slight wear and tear, which occurs when you have owned a piece of jewelry like a ring for some period of time. 

Small cracks, prong repair, and preventative repairs such as diamond/gemstone tightening, washing, or buffing out light scratches caused by wearing your ring are usually covered by warranties. Bear in mind that most ring warranties do not cover your ring if it is broken, lost, or stolen. 

The majority of people buy warranties under the mistaken belief that their jewelry will be entirely protected under these circumstances, but this is seldom the case. 

This isn’t to suggest that having a warranty isn’t beneficial. A jeweler’s guarantee is a great thing to have since it protects you from just about all complications that arise after the sale due to manufacturing defects. However, if you want complete peace of mind and to cover your jewelry from damage, theft, or loss at any time, you should consider purchasing ring insurance.

The Average Cost of Ring Insurance

Insurance policies are typically just 1-2 percent of the ring’s price value on average each year, so having the entire value of the ring insured is worthwhile. If something goes wrong, you’ll be able to replace it with another ring of equivalent value without the need to pay for the cost out of your pocket.

Here is one example: if you bought a ring for $5,000, you should expect to pay around $50 to $100 for insurance per year. That comes down to less than $10 a month.

Your insurance premium will be reduced if you have a vault or a safe to store the engagement ring in. It will be on the higher end if you have ever had a ring lost or stolen before. The cost of insurance coverage can also differ significantly depending on factors such as whether the insurance policy has a deductible or the location in which you live. Even if the price is just a little more than expected, it is still a fine decision to safeguard your investment, especially if the ring costs five figures or more.

You and your fiancée should insure the ring right after you buy it and when she starts wearing the ring, just as you would a car before driving it off the car lot. You may not think anything will happen to your priceless and cherished ring, but the faster you get it insured, the better.As soon as you buy the ring, you or your partner should start looking for ring insurance companies.

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