How to Insure an Engagement Ring: The Complete Guide

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Insurance: it’s not exactly chocolate and flowers, but it’s definitely something you should be thinking about if you recently got engaged. Whether your engagement ring cost a few hundred dollars or thousands, making sure your jewelry is covered in case of loss, theft or damage is essential. Engagement ring insurance ensures that your ring is protected, so you can have peace of mind even if something does happen down the line.

What is Engagement Ring Insurance?

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Engagement ring insurance is a type of insurance policy that specifically covers jewelry items. Why is it important? First, an insurance policy protects the investment of a ring: the actual cash value. Some policies will provide you with a payout in the event of theft or loss, while others will replace your ring with a brand new one of the same value. Either way, having insurance means no awkward conversation about dipping into your savings if your ring disappears. Additionally, insuring your ring shows your partner how highly you value the precious ring they spent time finding just for you.

Two Ways to Insure a Ring

There are a two main ways to insure valuable jewelry like your engagement ring and wedding bands. The first option is to add your rings to your homeowners or renters insurance policies as a “rider.” Keep in mind that these policies usually only cover jewelry to a certain dollar amount, so you should ask about coverage limits before choosing a rider policy.

The other way to insure your engagement ring through a jewelry-specific insurance company. These companies often have more extensive coverage for jewelry, including options to replace a lost or stolen ring, instead of handing out cash (which can be limited to a certain percent of the ring’s value).

Before You Buy Ring Insurance

Before getting a quote on jewelry insurance from any company, you’ll need to get your ring appraised by a reputable jeweler, especially if you are sporting a vintage piece or a high-end diamond. No matter what insurance method you choose, you’ll want to make sure to check the terms and conditions of your policy, and ask questions about your insurance coverage. Be sure to ask questions like:

  • If you lose your ring, will you have to provide proof that it disappeared? How will you be required to show proof?

  • What are the coverage limits on the policy? Does the policy include repairs and replacements?

  • How does the company determine the value of an heirloom or antique ring?

  • And importantly: What ring situations aren’t covered?

How Much Does Diamond Ring Insurance Cost?

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The typical cost for jewelry insurance is one dollar for ever $100 your ring is worth, according to the appraisal (or between 1-2% of the ring’s total value). Remember that most insurance is a yearly cost, so you’ll need to take this into account when building your budget. But in reality, 1% is a small amount to spend on protecting a valuable or sentimental jewelry item like your engagement ring. And if your ring is lost or damaged, having insurance means you won’t have to pay for a repair or replacement out-of-pocket.

Sleep Easy with Engagement Ring Insurance

Finding the perfect engagement ring is tough, so once you’ve found your dream ring, it’s essential to make sure it’s protected. After all, you’re going to be wearing this ring for the rest of your life, so why worry constantly about loss or theft? A good insurance policy will give you the confidence to wear your ring anywhere you want, knowing that if anything does happen, you’re covered.


Still looking for the perfect engagement ring? Check out our guide to finding an engagement ring you’ll love forever.