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6 Need to Knows About Engagement Ring Insurance

Aug 8, 2018
By Wedding Spot

Congratulations on your new engagement! Admiring your new rock may be a blast, but it’s important to remember that your engagement ring is more than just a piece of jewelry -- it’s an emotional and financial asset. Keeping this fact in mind, it’s important to insure your ring just in case it gets lost or stolen, or something else goes awry. In fact, insuring your engagement ring is one of the most important things to do after getting engaged. However, the task can be a bit daunting.

How do you go about getting engagement ring insurance? See the answers to your top questions below.

Explore frequently asked questions about engagement ring insurance:

1. Do I really need engagement ring insurance?

If your engagement ring is worth over $500, it would be wise to insure your engagement ring. However, even if your ring is worth objectively less than this, the emotional value of the ring alone can be reason enough to insure it.

"You would not own a car without insurance — insure your jewelry," Peter Meksian, CEO of Los Angeles-based luxury bridal and fashion jewelry company Michael M, told Business Insider.

2. When should I get coverage?

As soon as you can. Your fiancé may have already selected a policy when the ring was purchased, but these policies tend to be skimpy. Right after your engagement, it’s best to search for more robust policies. After all, “death do us part” is a long time, and a your ring could encounter a lot of sticky situations during your lifetime.

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3. How much does engagement ring insurance cost?

Typically the insurance policy will cost around 1-2% of the jewelry’s purchase value, which for most doesn’t end up costing much on a yearly basis. Like many insurance policies, costs can vary depending on your specific location. Your beloved should take this cost into account when budgeting for an engagement ring.

4. Can I add this to another insurance policy?

Some couples choose to insure their engagement ring by selecting a “rider policy,” which involves adding coverage on to your renters or homeowners policy. While this can be a cheaper option, coverage on “rider policies” are limited. The cost of your engagement ring will typically only cover the cost in cases of theft (and sometimes flood damages), but don’t account for other more common situations. For this reason, many couples choose to get a standalone policy.

5. What do I need to get an engagement ring insurance policy?

Getting a policy is surprisingly simple. Simply bring the receipt for the purchase of your engagement ring. Purchased your ring a while ago and lost the receipt? Have an appraisal done so your provider can evaluate the value of the ring, or reach out to the jeweler or wherever you bought it from and see if they can forward you the records.

6. How should I choose a specific insurance policy?

One of the best ways to select a specific insurance policy is by carefully considering your lifestyle. What circumstances do you foresee being a common issue for your ring? Do you live in an area prone to a particular family of natural disasters like floods or earthquakes? Do you travel a lot with potential to lose it overseas? Do you love swimming? Are you prone to losing things in general? Take this into account when choosing your coverage.

UP NEXT: We answer more questions about that beloved engagement ring of yours, like: When should I take it off? Plus, it’s never too early to look ahead to wedding rings. Check out our complete buying guide to be fully prepared for the big day!

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Wedding Spot

The Wedding Spot blog is designed to help couples navigate every step of the wedding planning journey. From before the engagement to after you say “I do,” our goal is to give you the tips, ideas, and inspiration to prepare for your big day — and all that comes with it.