Collaborated with Dustin Lemick, CEO of BriteCo
Insuring an engagement ring is quick and simple and provides immediate protection to safeguard your valuable piece of jewelry from loss, theft, and damages.
The process can be done entirely from your phone, from getting quotes to choosing your policy and paying the premium so it’s active and ready to protect your ring. Here’s how it typically works:
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Get a Quote: You’ll start by getting quotes from companies that offer specialized jewelry insurance.
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Get the Ring Appraised: If requested by the insurer, you may need to get your engagement ring appraised (or show documentation of an appraisal). This way, the insurance company can offer you proper coverage based on your ring’s appraised value of your ring.
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Compare Policies: After you’ve received quotes for specialized jewelry insurance policies from multiple companies, you’ll want to compare and contrast your coverage options before choosing the best engagement ring insurance for you.
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Purchase the Policy: Pay your premium so it’s active. Some companies offer a monthly payment option, but you may get a discount if you pay annually. Once active, your insurance policy can provide immediate peace of mind.
With some jewelry insurance companies, you may be able to get your diamond ring insured the very same day that you request a quote, pending an underwriting review, so you enjoy peace of mind as soon as possible.
Items Necessary for an Engagement Ring Appraisal
If you do need to complete an engagement ring appraisal, there are a few items you will likely need, including:
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The sales receipt from when you purchased the ring
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Diamond certification (if applicable), such as those provided by GIA
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Metal specifications, such as metal type and purity
Why Engagement Ring Insurance Is Important
An engagement ring is one of the most important purchases and/or gifts of your entire life. As both an emotional and financial investment, your ring has incredible personal and inherent value, so it’s important to protect it by any means possible.
Beyond taking proper care of it, having comprehensive coverage from engagement ring insurance can give you peace of mind that it’s always taken care of. That means you can focus on all the fun of getting engaged and wedding planning, rather than worrying about all the risks that come with owning fine jewelry.
To help you pick the best engagement ring insurance for your needs, we’re covering everything you need to know below, including where and how to buy insurance for an engagement ring, what your jewelry insurance policy should cover, and why you can’t rely on existing homeowners or renters insurance for proper coverage.
What Should Engagement Ring Insurance Cover?
Always look for a specialized jewelry insurance policy that covers accidental damage, theft, and mysterious disappearance. A truly comprehensive policy will cover the entire cost of jewelry replacement or repair under any of these circumstances.
Here are some common scenarios:
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The ring doesn’t match the exact ring size of you or your fiancé. It’s just a tad loose, but you’re planning to get it resized ASAP. You try to show off your new diamond to a friend, but realize the ring slipped off and is missing.
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You’re showing off your new ring at the engagement party. All your friends and family and their significant others are there. Against your better judgement, you take off the ring and pass it around, but somehow it never makes it back to you.
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While doing some chores or during a workout at the gym, you accidentally damage the ring, leaving behind scratches and a missing stone.
The best jewelry insurance policy protects you in all of these scenarios. So, while it’s tragic that your ring was lost or damaged, you can repair or replace it quickly without spending an extra dime. You’re not forced to dip into your wedding budget or, even worse, forgoing repair or replacement because you simply don’t have the extra cash at the moment.
How Much Does Jewelry Insurance Cost?
For such comprehensive coverage, you may think that jewelry insurance costs a pretty penny, but that couldn’t be further from the truth. In fact, many policies start at just 1–5% of your engagement ring’s total value, per year.
That means, if you paid $6,000 for your engagement ring, you’ll only pay $60 per year for coverage (about $5 per month). Policy rates are similar if you purchase additional coverage, such as wedding ring insurance or insurance for a luxury watch.
While engagement ring insurance is usually affordable, the cost can vary based on a few different factors:
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Appraisal Value of the Ring: Higher-value engagement rings typically come with higher premiums, as the cost to repair or replace them is greater.
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Your Location: Insurance costs may vary depending on your geographic location and associated risk factors.
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Policy Type: Standalone jewelry insurance policies may be priced differently from adding coverage through a homeowner’s or renter’s insurance policy.
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Deductible: Insurance policies with lower or no deductibles generally have slightly higher premiums.
Also, you should plan to buy engagement ring insurance right after you purchase the ring itself since loss, theft, and damage can occur as soon as you walk out of the jewelry store.
What Happens When You Make a Jewelry Claim?
The exact process will differ based on your insurance provider, but typically you’ll submit all necessary information related to your claim, such as photos, a police report, or other documentation.
Your insurance provider will review the details and, upon approval, the company will either cover the cost to replace the ring with an identical item or one of a similar estimated value, or they’ll work with your preferred jeweler to cover any repair costs.
Why You Can’t Rely on Your Homeowners Insurance or Renters Insurance Policy to Insure Jewelry
While a renters or homeowners policy may cover valuable items like jewelry to a small degree, it will not cover the full value of most engagement rings and wedding rings. In addition to not covering the full value of your jewelry, these policies come with extreme coverage limits that mean you may not receive any funds to cover necessary repair or replacement.
For example, a homeowners policy will not cover:
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Accidental damage to your jewelry
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Mysterious jewelry loss
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Theft that occurs outside of the home
You’ll also have to pay your policy’s deductible when making a jewelry-related claim, and making a claim raises the likelihood that your policy cost will increase in the future or risk a non-renewal.
Engagement Ring Insurance Policy vs. Warranty
Warranties and insurance policies both help protect your engagement ring, but they serve very different purposes.
Engagement Ring Warranty
A warranty is provided by the jeweler and focuses on the quality of the piece itself.
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Covers any manufacturer's defects in materials or workmanship
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Does not cover loss, theft, accidental damage, neglect, abuse, or natural wear and tear
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If you experience any issues with your DRD engagement ring, please reach out to our support team for assistance.
Engagement Ring Insurance Policy
An engagement ring insurance policy protects your ring once it’s part of your daily life.
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Covers accidental damage, theft, and mysterious disappearance
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Helps repair or replace your engagement ring if something happens
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Coverage remains active as long as premiums are paid
A warranty ensures your ring was made to the highest standard, while engagement ring insurance protects it in the real world. For complete peace of mind, many choose to rely on both warranty coverage for ongoing protection.
Engagement Ring Insurance FAQs
Q. Who Needs Engagement Ring Insurance?
With the average engagement ring hovering around $5,200, anyone could use engagement ring insurance. Repairing or replacing that full value isn’t a cost you want to be forced to cover on your own!
Q. How Much Is Engagement Ring Insurance?
Engagement ring insurance policies are typically 1–5% of your ring’s total value, per year.
Q. Who Sells Engagement Ring Insurance?
You can find a handful of companies online that offer engagement ring insurance, but we like specialized provider BriteCo. The company fully focuses on insurance specific to jewelry, including engagement and wedding jewelry, and they cover weddings, too.
Q. What Do You Need to Provide for a Jewelry Insurance Quote?
You’ll need to provide detailed information regarding your jewelry’s value, including appraisal documents, sales receipts, and diamond grading reports, if you have them.
Q. What Does Engagement Ring Insurance Cover?
A company like our preferred provider BriteCo offers comprehensive policies that cover your engagement ring worldwide in the event of accidental damage, theft, or mysterious disappearance.
For the Best Engagement Ring Insurance Coverage, We Trust BriteCo
The jewelry specialists at BriteCo can help with affordable, comprehensive engagement ring coverage. BriteCo’s seamless process, from quote to claim, makes the experience as easy as possible, so you can get covered fast.
Learn more and get your engagement ring insurance quote from BriteCo now.
