Engagement rings are a tangible representation of your forever love—so you want to ensure they last that long. When you pop the question, odds are you’re not thinking about all the potential “oopsie” moments that could happen. We’re talking about it getting lost, stolen, or even damaged. And while the sentimental value is irreplaceable, you can protect yourself by securing engagement ring insurance.
If you’re not sure where to start, we’ve got you covered. From pricing to company options, here’s everything you need to know about purchasing engagement ring insurance.
Engagement Ring Insurance Options
Deciding to purchase insurance for your engagement ring is the easy part. The rest of the details are a little unclear. That’s where we come in. Here are two avenues you can take when choosing an insurance provider:
1. Homeowner’s or Renter’s Insurance
If you have homeowner’s or renter’s insurance, your first option is to add your engagement ring to your policy. It’s important to keep in mind that most companies will have a limit of liability in place. This means they will only cover your item up to a certain price point. Typically the max price range caps off at $1500, and if your ring comes with a higher price tag, you might require more coverage—bringing us to option two.
2. Specialized Jewelry Insurance Companies
Maybe you don’t have homeowner’s or renter’s insurance. Or perhaps you don’t want to risk changing your current premium (cost of the insurance paid monthly or annually). If you find yourself in either of these positions, there are a variety of companies that specialize in jewelry insurance specifically. These companies typically don’t have a limit and offer more customizable insurance options.
Jewelry Insurance Companies To Consider
If you’re looking into insurance companies that specialize in jewelry, you’ll have to find a company that meets your needs. You’ll want to consider pricing, limit of liability, claim processing, and so much more. Those critical details can be challenging to focus on when you’re met with a long, overwhelming list of company names on Google.
To help limit your search time, we’ve rounded up some of the top-rated jewelry insurance companies you should consider:
Average Engagement Ring Insurance Costs
The cost of engagement ring insurance will differ from person to person (or ring to ring), much like any insurance. Some of the factors that affect the price include where you live, your deductible choice (the amount of money you have to pay to file a claim), and the value of the ring. According to Jewelers Mutual, you can expect that insuring your engagement ring will cost 1-2% of its value.
If your engagement ring is $10,000, you can expect to pay (roughly) $100 a year for insurance.
When Should You Purchase Engagement Ring Insurance?
Picture this: you’ve purchased your engagement ring just in time to pop the question on your next vacation. You pack your bags, hiding the ring inside. You hop on the plane, but your bags never reach their destination. This scenario is exactly why sooner is always better when purchasing insurance.
The second you purchase the ring, secure insurance. This will make sure you’re protected every step of the way.
What Documents Are Required?
In order to insure your engagement ring, you’ll need to prove its value. You can prove purchase value by submitting any sales receipts that you have. If you don’t have a receipt—if your ring has been passed down or gifted—you’ll need to get an appraisal. This is an official document that places a value on your ring in the present day.
You know everything that goes into insuring an engagement ring. Now it’s time to actually hunt down the ring. If you’re feeling lost about finding the perfect symbol of your love, check out this engagement ring guide.