Everything You Need to Know About Engagement Ring Insurance

Getting engaged is one of the most exciting times in a couple's life. An engagement ring symbolizes your love and commitment to each other, so it’s natural to want to protect this precious piece of jewelry. Especially if you plan to wear your ring every day, it’s a good idea to put backstops in place to keep it safe by getting it insured. Here's everything newly engaged couples need to know about engagement ring insurance:

Why You Need Engagement Ring Insurance

An engagement ring is likely one of the most expensive and sentimental jewelry purchases you and your partner will ever make. In 2020, the average cost of an engagement ring was $5,500; that's a lot of money to invest in something that can so easily be lost, damaged, or stolen. All these risks increase when you wear your precious piece daily, taking it out into the world and exposing it to everyday life. 

Without insurance, you're personally financially responsible for replacing or repairing the ring if anything happens to it. Engagement ring insurance provides affordable protection so you and your wallet aren’t on the hook. Insurance will cover all or part of the ring's replacement cost if it is lost, stolen, or damaged. Think of it like a safety net; you invest a small sum up front (or in recurring installments) so that if something devastating happens, the insurance company will pay for a greater portion of having it repaired or replaced than you ever invested in the insurance plan itself. This takes some of the financial stress off you and your partner and ensures you have financial support to repair or replace the ring if anything happens to it.

Where to Begin

The first step couples should take is to get your engagement ring professionally appraised. An appraiser will evaluate the ring to determine its current market value, which will become crucial when it comes time to select your insurance policy. Provide the appraiser with any paperwork about the ring, including certifications or details about the types of stones and metals included in it. The official documentation you receive during the appraisal will be instrumental when you first set up your insurance policy, and again if you ever need to file a claim.

Next, you can begin comparing insurance policies to determine which option provides the best coverage and the best rates for your specific ring based on your appraisal valuation. When shopping for a policy, take note of what types of events and accidents each policy covers, how much each policy costs, and if there are any deductibles involved. You can find most of this information online, but don’t hesitate to call and speak to an insurance agent if you have any questions while you’re searching and comparing plans.

What Engagement Ring Insurance Covers 

Every insurance plan is different, so while you’re shopping for the right policy you should conduct thorough research to find the one that makes the most sense for you. Here are some of the things that engagement ring insurance plans frequently cover:

• Loss: If the ring gets lost, your insurance company will reimburse you for the value of your ring. Make sure to promptly report loss to both your local authorities and your insurance company.
• Theft: If your ring is stolen, the insurance company will provide funds to replace it after you file a police report. Items are sometimes covered even if they’re stolen from your home.
• Damage: Accidents happen. If your ring is damaged, the insurance company will pay for the repairs or replacements. This includes damage like chips, cracks, and more. Some insurance companies will require you to have repairs completed by specific jewelers.

Where to Get Insurance

The good news is that engagement ring insurance is widely available from standard insurance companies, specialized jewelry insurers, and even some jewelers. When getting a policy, it’s important to find the right kind for you. When you shop for insurance, compare premiums, coverage details, and claim processes. Here are some options to consider when shopping for insurance:

Homeowners or renters insurance

Many homeowners or renters insurance policies allow you to add a jewelry rider that covers expensive items in your home. This is often the most budget-friendly route to secure engagement ring insurance. Make sure to check if there are any minimum coverage limits — many policies will only insure rings up to a certain price point. Speak to your insurance representative if you have any questions about whether your ring qualifies for coverage under your homeowners or renters policy. 

Jeweler insurance

Some jewelers offer their own in-house insurance policies when you purchase your engagement ring from them — this means that they’ll take care of the repair or replacement in their shop for you. Do your homework and read reviews from other customers who have had their rings insured through this jeweler to make sure they’re a credible provider equipped to provide high quality and reliable repair services. 

Jewelry insurance providers

There are also specialized jewelry insurers (like Jewelers Mutual Insurance, for example) that offer engagement ring insurance policies. Because these providers are focused exclusively on jewelry, they may offer wider coverage options and benefits geared specifically to jewelry customers. For example, they might cover repairs for everyday wear and tear for your ring.

Credit cards

Some credit cards provide built-in coverage for jewelry purchases. Check your card's benefits to see if your engagement ring will be covered. If your current credit card doesn’t cover your ring, and you’re looking to open a new joint account as a couple, this could be a factor in your search — look for new credit cards that might cover engagement ring insurance so you can take care of two things at once. 

How to Care for Your Ring

In addition to buying engagement ring insurance, you can take steps on your own to prevent damage and loss from occurring in the first place. Take precautions to help keep your ring in flawless condition:

• Have your ring cleaned twice a year by a professional jeweler for optimum care. This prevents buildup that can cause damage and catches issues before they get serious.
• Take off your engagement ring before doing physical activities like exercising and gardening to prevent dings, dirt accumulation, and accidental damage or loss.
• Store your ring safely in a special padded jewelry box when you’re not wearing it. While it’s tempting to leave it on the counter or the side of the sink, it’s too easy to drop it, forget it, or knock it down a drain.
• Avoid exposing your ring to chemicals like bleach, perfume, soap, or lotion. Even the simplest household items can include ingredients that dull the shine of your ring.
• Be mindful when wearing your engagement ring around water. To be extra safe, don't wear it while swimming, in the shower, or in hot tubs.

Buying dedicated engagement ring insurance is one of the best ways to care for your jewelry. It will give you and your partner the peace of mind that this cherished symbol of your commitment is protected. Before you start searching for insurance plans, get your engagement ring appraised by a highly trained professional. Our team of experts at Quick Jewelry Repairs will provide you with a complete and comprehensive appraisal document detailing all of the information about your ring that you need to begin your search for insurance coverage.