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Engagement Ring Insurance: The Perfect Match

Jason Metz

Engagement ring insurance typically covers a ring from problems such as fire damage and theft, both inside and outside your home. Home insurance and renters insurance will cover an engagement ring, but they may not provide enough coverage. Here’s what you need to know.

How do I get insurance on my engagement ring?

Here are a few ways you can get engagement ring insurance:

  • Home insurance or renters insurance.
  • Scheduled personal property insurance added to a home or renters insurance policy.
  • Jewelry protection insurance.

Is home or renters insurance enough for my engagement ring?

Standard homeowners and renters insurance policies cover jewelry from problems such as fire and theft, at home and away. For example, if your engagement ring is stolen while you’re on vacation, insurance can pay out. You’ll generally have a deductible, which is the amount deducted from an insurance claims check.

Basic home and renters insurance may not provide enough coverage. Most policies have sub-limits for coverage for groups of items or individual items, like jewelry. For example, a standard policy has a $1,500 sub-limit for theft for all of your jewelry, including an engagement ring. If your engagement ring is valued at $5,000, you might not have enough coverage from a basic policy.

Home and renters insurance also generally have exclusions for theft coverage for any item, not just jewelry. Policies often stipulate that they won’t pay out if:

  • The theft was committed by someone in your household.
  • The theft took place in a home that was under construction.
  • The theft took place in a rented portion of the home.
  • The theft was from a camper, semi-trailer, trailer or watercraft.

How does scheduled property insurance cover my engagement ring?

“Scheduled personal property” insurance lets you add extra coverage for valuable items like an engagement ring to a home or renters insurance policy. Scheduled personal property insurance can also cover accidental loss, which is not typically covered by a standard home or renters policy.

Depending on your insurance company, you may not have a deductible for claims for scheduled items. However, making a claim could affect your insurance rates at renewal time.

Scheduled personal property insurance is also known as a rider, floater or endorsement. To “schedule” an engagement ring, you’ll typically need to give your insurance company a copy of the receipt or a professional appraisal.

How do I get jewelry protection insurance for my engagement ring?

Jewelry protection insurance is a standalone policy, meaning it’s not part of a home or renters insurance policy. Jewelry protection insurance typically covers an engagement ring from problems like theft, fire and accidental loss. You can choose the amount of the deductible, from no deductible to $2,500 or higher.

You may be able to get a discount for having a security alarm or keeping the ring in a vault.

Jewelry protection insurance is sold by homeowners insurance companies and others, such as Jewelers Mutual.

Options for engagement ring insurance

Homeowners or renters insurance standard policy
Scheduled personal property on home or renters insurance
Jewelry protection insurance
Deductible if you have a claim
$0 deductible may be available
Covers damage from fire, tornadoes, etc.
Covers theft
Usually up to $1,500
Covers jewelry you’ve lost
Claims do not affect insurance rates

How much does it cost to insure an engagement ring?

Engagement ring insurance is usually about 1% to 2% of the value of the ring.

The average cost of an engagement ring is $5,680, according to The Knot 2018 Real Weddings Study. A ring of that value could cost about $58 to $114 a year to insure.

Is it worth it to get insurance on an engagement ring?

It’s worth it to get insurance on an engagement ring if you could not easily afford to replace the ring if it were damaged or stolen.

Does insurance cover a lost engagement ring?

Not all insurance policies cover accidental loss of a ring. A standard homeowners or renters insurance policy typically does not cover accidental loss of jewelry. But scheduled personal property insurance and jewelry protection insurance generally cover accidentally lost rings.

Should I get my engagement ring appraised?

You should get the engagement ring appraised if you plan to schedule it or buy jewelry protection insurance. Since jewelry can increase in value over time, you may want regular appraisals and coverage adjustments to make sure it stays fully insured.