How much does engagement ring insurance cost?
How much does engagement ring insurance cost?
$10 – $120 insurance cost per year
1% – 2% of the ring's value
Average cost to insure an engagement ring
Engagement ring insurance costs 1% to 2% of the ring's price per year. This means it would cost $10 to $120 per year to insure an average engagement ring worth $1,000 to $6,000. Professionals usually only recommend insuring engagement rings and wedding bands worth more than $1,000 to $1,500.
| Insurance amount | Average cost per year |
|---|---|
| Percentage of ring's cost | 1% – 2% |
| Annual premium | $10 – $120 |
What is engagement ring insurance?
Engagement ring insurance is a policy that will pay to replace or repair an engagement ring if someone steals or damages it. You can insure your engagement ring in a few ways:
Homeowners / renters insurance extension: This type of policy adds your engagement ring to your existing homeowners or renters insurance policy. It typically covers theft and damage from covered perils like fires but doesn’t usually cover accidental loss. Often it provides only limited coverage of about $1,000 to $1,500.
Jewelry insurance rider: This is often called scheduled personal property coverage and covers the full appraised value of the ring compared to a simple limited coverage extension. It usually has no deductible and can cover risks not included in standard policies.
Standalone jewelry insurance: This type of policy is specifically designed for jewelry and provides the most comprehensive coverage, including protection against theft, loss, and damage. This comprehensive insurance offers peace of mind with broader coverage tailored for more valuable engagement rings.
Engagement ring insurance cost calculator
The more your engagement ring costs, the higher your insurance premium will be. Most engagement rings cost $1,000 to $6,000, depending on the stone, size, and setting.
| Ring's value | Insurance cost per year |
|---|---|
| $1,000 | $10 – $20 |
| $2,000 | $20 – $40 |
| $3,000 | $30 – $60 |
| $4,000 | $40 – $80 |
| $5,000 | $50 – $100 |
| $6,000 | $60 – $120 |
Engagement ring insurance cost factors
The following factors influence the cost of engagement ring insurance:
Coverage limit: The higher your coverage limits or the more your policy covers, the more you’ll pay.
Deductible: Some policies cost more but have no deductible. Others cost less per month but require a small deductible whenever you file a claim.
Insurance type: Standalone jewelry policies typically offer more coverage for a slightly higher price than simply using existing home or rental insurance policies or a floater on those policies.
Minimums: Some insurance companies have minimum annual premiums of $25 to $30 per year, regardless of your ring's value.
Appraisal: If you want your ring to be covered properly in the future, make sure you get it appraised regularly so it's insured for the correct value.
Wedding insurance: Wedding insurance costs $80 to $750 total and typically covers wedding bands but not engagement rings.
Coverage
Make sure you're familiar with what your policy will cover before purchasing insurance. "All risk" engagement ring insurance policies will typically repair or replace a ring for any reason, including:
Damage
Theft
Accidental loss or disappearance
Insurance policies do NOT usually cover the following scenarios:
Normal wear and tear
Manufacturer defects
Intentional damage or loss
Damage during military service or war
Pre-existing damage
Regret after voluntarily selling the ring
Engagement ring insurance FAQs
Is engagement ring insurance worth it?
Engagement ring insurance is definitely worth it if:
You couldn’t afford to replace your ring if it got lost, damaged or stolen.
You travel often and feel like that may increase your risk.
You'd suffer financially if anything happened to the ring.
You lose other personal items often.
You want peace of mind in knowing your ring is covered.
How does engagement ring insurance work?
Whether you’re buying a floater or a standalone insurance policy, you will have to show the insurance company a receipt or proof of appraisal to show the value of the ring. Then they set a coverage limit and arrange a payment plan.
Who pays for engagement ring insurance?
Since you should cover the ring right away, the person who buys the ring should be the one to insure it. Get an insurance policy before popping the question, just in case anything happens before then.
Getting quotes from jewelry insurance companies
Before buying an engagement ring insurance policy, follow these steps:
Compare multiple prices from reputable companies and compare their coverage.
Read reviews on Fash and Google if possible.
Avoid extremely low rates, which may indicate low-quality coverage.
Ask for a detailed list of covered circumstances.
Ask whether they charge a deductible.
Questions to ask engagement ring insurance companies
Asking the following questions can help you find the best insurance for you:
How long has your insurance company been in business?
Do you charge a deductible for this policy? How much is that?
Do you offer any discounts?
What type of scenarios does this policy cover?
Do you have any coverage limits?
Do you offer any floaters for existing policies?
How often should I appraise my ring and adjust coverage?
Can I insure both wedding bands as well? How much will that cost?
Do you have a minimum premium? How much is it?
Using our proprietary cost database, in-depth research, and collaboration with industry experts, we deliver accurate, up-to-date pricing and insights you can trust, every time.