Should You Get An Engagement Ring Insured? – Check Our tips

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If yours is an expensive engagement ring, for example, a ring made of 18k solid yellow/rose/champagne/white gold set with the most brilliant cut 1-carat diamond, you should insure the ring.

This is a very valuable piece of jewelry worth a couple of thousands, and losing it, either by accident or because of a burglary, would be a huge loss and one that you should avert at all costs.

So, if you are considering getting your engagement ring insured because it’s worth substantially valuable, you should get it insured.


Should you get an engagement ring insured?

Should You Get An Engagement Ring Insured

Yes, you should get your engagement ring insured. Think of engagement ring insurance as a form of contractual risk management that protects the ring’s owner from any financial repercussions in case of physical ring loss, damage, or theft.

There are numerous insurance policies that you get to choose from, and all the jewelry items insured will be repaired, replaced, or their cost reimbursed.

So, you should get your ring insured in case you lose it, if it’s stolen, or damaged. Since you wouldn’t want any of these to happen to your ring and the huge rock you got on your engagement day, the wisest thing you could do is to insure the ring.

Should You Get An Engagement Ring Insured

Remember that you cannot control everything in your life, but you have control over how some things pan out in life.

Instead of growing resentful and regretting the decisions you didn’t make or the things you didn’t think of doing sooner, you should take the right steps.

In this case, the right step for you to take is to insure your engagement ring.  You should probably insure your wedding ring too.


Why do people insure engagement rings?

Should You Get An Engagement Ring Insured

Insuring your engagement ring is important as it will protect you from having to replace it out of pocket in case the ring is lost, stolen, or damaged. Note that damage to the ring would be in the form of a lost stone, for example, when working out or sleeping.

The ring band may also crack; in some cases, it may break because of normal wear and tear. So, an engagement ring insurance that will work best for you will not just cover the loss of the ring accidentally or its theft, but any other damage suffered.

It should also cover the loss or burglary of the ring while on vacation or if you lose it in a hotel in or out of the country.

Should You Get An Engagement Ring Insured

Here are the reasons why it is important to insure your engagement ring.

I. Insurance will cover the ring during your trips abroad

II. It insures the ring from damage


Who pays for engagement ring insurance?

Should You Get An Engagement Ring Insured

Wondering if you or your partner should pay for the engagement ring’s insurance? Well, we believe that whoever possesses the ring is the one who should cover the insurance cost.

So, if you still have the ring somewhere in the house because you’ve delayed popping the question, you may want to cover the insurance cost as soon as possible.

However, the moment your significant other starts wearing the ring, they should get it insured.  This is because if the ring’s insurance policy is under your name but gets stolen from your partner’s apartment or slips off their finger, insurance will not cover it.

But if you live together, either of you can pay for its comprehensive insurance because you can easily add your partner to the policy as the other insured person – and this applies even if you aren’t married yet because you will be seen as a single entity.


How much should I insure my engagement ring for?

Should You Get An Engagement Ring Insured

In most cases, the cost of insuring your engagement ring is either 1% or 2% of the ring’s value, meaning that a $3000 engagement ring’s insurance cover is between $30 and $60 annually.

And up to $200 annually for a $10,000 ring. So, with the average cost of an engagement ring being $6,000, you will pay between $60 and $120 annually for insurance.

However, the total amount you end up paying to insure the ring varies depending on what you can afford and what you are willing to pay.


Engagement ring insurance tips

I. Understand how engagement ring insurance works

As mentioned above, you need to buy the kind of ring insurance that covers both loss and damage, rather than a cover that will only replace or reimburse the cost of the ring in case it’s lost or stolen because the ring may be lost on your trip abroad and the stones may also fall out. The cover you settle on should cover these two issues.

Should You Get An Engagement Ring Insured

For the insurance to work for you, first buy the insurance policy, then pay the premiums (monthly or annual).

And in case of loss, theft, or damage, file your claim. After receiving the claim, the insurer will work with you to replace or repair the ring. You could also get reimbursed for the ring’s value if you don’t want a replacement.


II. Conditions for insuring your engagement ring

Should You Get An Engagement Ring Insured

You should get engagement ring insurance if you can’t cover the cost of the ring should you lose it or if it’s damaged – insurance is a small cost to pay compared to the value of the ring.

Other conditions include being worried about the band breaking or stones falling out; and most importantly, if you financed the ring but still have a number of years to pay it off successfully. You also need to insure the ring if that ring is a very priceless heirloom.


III. Research widely to get the right engagement ring insurance

Should You Get An Engagement Ring Insured

While getting insurance for your engagement is very important, you shouldn’t settle on the first company or offer that you come across. Take your time to research what different companies offer; you can ask your current renters or homeowners’ insurance agent what company they could recommend, then follow their guide.

Alternatively, if their company offers the cover for jewelry, they could add the cover to the existing policy to ensure that your ring is always protected.

Just ensure you get all the details of the insurance cover and the limits they offer in case of loss, theft, or damage. Most home insurers don’t offer specific jewelry insurance policies, which is why you would need to get quotes from other insurers before you settle on one company.


IV. Get the right documents for insurance

Should You Get An Engagement Ring Insured

You need the ring’s receipt, and you may also want to ask for an appraisal from a certified jeweler before you pay the insurance premiums.



In addition to settling on the best engagement ring, you have to protect that ring, and you could do that by weighing different insurance options and settling on the one that would offer you maximum value.

Read more fashion jewelry topics here or here

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