2023-07-17
SHAREDo I Need Engagement Ring Insurance? Important Tips and FAQs
You’re happily in love, ready to get married, and just found the perfect engagement ring. With all the excitement around saying “I do”, it’s easy to forget about one of the most important preliminary steps: acquiring engagement ring insurance.
This prenuptial detail might have you thinking: Do I really need insurance? Is it worth the cost? Often overlooked, this part of the process can seem boring or excessive. But in a worst case scenario, it is absolutely essential to ensuring the protection of your ring long term.
Here are some FAQs about your engagement ring’s most important maintenance tool:
What is engagement ring insurance?
Let’s start with the basics. Like any insurance, jewelry insurance protects your ring from disaster situations such as loss, damage, or theft. You enter an agreement with your chosen provider—a “policy”—that trades payments for the promise of financial aid should any of the above situations occur.
Essentially, any expenses regarding the repair or replacement of your ring are covered by your provider. This ensures peace of mind that in an unfortunate situation, the consequences regarding loss or harm of your investment can be somewhat amended.
When should I get insured?
You’ve heard it before: it’s better to be safe than sorry. Realistically, it is recommended that insurance is acquired upon purchase or immediately after the ring in your possession. You can achieve this alongside the help of your jeweler, who likely has existing relationships with insurance providers.
We recommend researching jewelry insurance policies with your future spouse before you purchase a ring or pop the big question. This way, you can feel confident in your coverage before the rest of the wedding planning begins.
How do I get insured?
There are many ways you can insure your engagement ring. One of the most common is researching your existing renters or homeowners policy, which likely has an optional extension to your existing coverage. Often called “riders”, these add-ons provide greater coverage for additional risk, like jewelry loss or damage.
However, note that typical renters/homeowners policies are limited to the dollar amount they can cover. More expensive items (like engagement rings) could potentially lack coverage, so it is important to understand exactly what your policy includes.
Another option is to seek out official jewelry insurance providers, like Jewelers Mutual. These companies specialize in jewelry insurance and often offer more coverage than a standard homeowners policy, such as replacing a lost or stolen ring instead of paying a set amount of cash.
Who do you recommend for coverage?
If you’re steering clear of your renters/homeowners policy and want to stick to the professionals, here are a few of our favorites:
Endorsed by the American Gem Society, Jewelers Mutual allows you to work with your jeweler and choose your own deductible. They also cover all types of loss and repairs.
Lavalier famously offers couples their first 30-days of coverage for free. They are also known to cover repairs once you’ve exhausted your jeweler's warranty.
JIBNA Jewelry Insurance offers low premiums, and they even insure antique jewelry (as long as it’s been appraised).This is a great fit for those who decide to wear their grandmother’s ring or any other family heirloom.
How much does engagement ring insurance cost?
Insurance costs are based on the value of your ring. Essentially, the more expensive the ring, the more it costs to insure. The cost will also be affected by your type of coverage, or how much protection you’re looking for. A general rule suggests to pay $1 to $2 for every $100 of your ring’s value, paid annually. For example: if your ring is worth $2000, expect to pay around $40/year.
Before you sign on to any policy, shop around and request a quote. Quotes are free and allow you to see how the cost fits into your budget. For the most part, jewelry insurance is surprisingly affordable—and worth it, because your engagement ring is a meaningful investment.
Keep in mind that if you decide to move, your premiums may change and you might need to make adjustments with your insurance company. This is common in areas with a higher risk of theft.
Are jewelry insurance and warranty the same thing?
In short, no—engagement ring insurance and warranty are not the same.
Many jewelers offer a warranty with your ring purchase, which can include things like ring cleaning, polishing, inspection, replacing minor stones, or repairing any manufacturing defects over a short period of time. It is not a suitable alternative for jewelry insurance, as it does not include coverage for loss, theft, or severe damage.
The bottom line: Is it worth it?
For most people, an engagement ring is one of life’s biggest purchases. This treasured object holds both monetary and sentimental value; it is a major investment. And like any investment, insurance is the best say to ensure its safety over the long term.
It’s hard to put a price on happiness and peace of mind. Life happens—and while we don’t want to hope for the worst, we can definitely prepare for it. Take the steps to protect your ring and practice consistent care and maintenance over time. Your ring holds more value than you could ever pay for.
With a dedication to fine jewelry crafted from quality materials, June creates modern heirlooms made to last. Shop our collection or create a custom ring with our design team.