Before You Put A Ring On It: Engagement Ring Insurance

Being engaged can be a blissful time filled with the plans and preparations for you and your fiance's big day.

You may now be shopping for that special diamond ring that will show off your eternal love for each other. Engagement rings are often a large purchase, with the average price in 2014 being $5,598.00. With that impressive expense in mind, be sure to make room on your crowded to-do list for getting your shiny new bauble insured. Read on for what to know about engagement ring insurance.

Two Ways To Insure

1.  Homeowners' Insurance or Renters' Policies: You can add your ring to your current policy by contacting your agent. Keep in mind that there is a cap on jewelry losses that are usually included in the personal property section of the policy, so the general coverage may not cover something as expensive as a diamond engagement ring. You will likely need to add an endorsement or floater to the policy that will cover your ring specifically.

It's important to note that this type of coverage only applies to a particular location, such as your home or your parent's home. If you move to new location after your wedding, you will need to get a new policy to cover the ring.

2. Jewelry Insurance: You can find insurance companies that specialize in insuring only jewelry. While you can always surf the net for jewelry insurance, the jewelry store where you purchased your ring could be a great resource for reliable jewelry insurance companies. Moreover, more and more jewelry stores are offering their own insurance policies to cover your precious new ring. Keep in mind that most insurance companies will require an appraisal before they will issue a policy.

The Fine Print

No matter which method you choose to insure your ring, be sure to read and understand the policy before purchasing. Keep the following important points in mind when researching engagement ring insurance.


  • Whether or not the policy covers cash value or replacement value.
  • Whether the replacement ring has to be purchased at the same retailer as the original.
  • The proof of loss requirement (police reports, etc.
  • The type of loss covered (accidents, theft, misplacing).

While it may seem like procuring engagement ring insurance is just another task on a seemingly endless list, your should, in fact, place a high priority on researching and preparing to have your new ring covered from the moment of purchase. Knowing that this special symbol of your love for each other is covered can bring real peace of mind.

To learn more, contact an insurance agency like Robbins Insurance & Financial Services Inc.