How to Insure Engagement Ring Purchases
Buying engagement ring insurance is as simple as shopping around for a quote, signing up for a policy, and then enjoying peace of mind with comprehensive coverage that protects against theft, loss, and damage.
While the process is simple, it’s important not to underestimate the value of engagement ring insurance and understand all the benefits of specialized jewelry insurance, which can cover the gaps left by homeowners or renters insurance.
Our comprehensive guide answers all your questions related to how to insure an engagement ring, including:
- What does engagement ring insurance cover?
- How much does engagement ring and jewelry insurance cost?
- Where can you purchase engagement ring insurance?
- How does a homeowners insurance or renters insurance policy fail to protect jewelry?
Plus, get a brief summary of how you can go about insuring your jewelry today.
What You Will Learn
- How to Insure Your Engagement Ring
- How Much Does Engagement Ring Insurance Cost?
- How Do Engagement Ring Insurance Policies Work?
- What Does Engagement Ring Insurance Cover?
- Engagement Ring Insurance Vs. Existing Homeowners Or Renters Insurance
- Engagement Ring Insurance Vs. Engagement Ring Warranties
- How to Get an Engagement Ring Insured FAQs
- How to Get My Engagement Ring Insured with BriteCo
How to Insure Your Engagement Ring
Buying insurance coverage for your engagement ring starts with getting quotes from specialty jewelry insurance providers and determining which one best suits your needs.
As part of this process, you will likely need to get your engagement ring appraised and submit detailed information regarding its value. If you need help with this part, BriteCo offers an online appraisal service.
After you have compared insurance rates and each policy contract to decide which insurance company to go with, then you can lock it in by making a payment.
In some cases, your actual policy may be subject to underwriting review, but you can usually get a ring insured within a few business days at most.
How Much Does Engagement Ring Insurance Cost?
Engagement ring insurance cost will vary depending on multiple factors, but it’s safe to assume you’ll pay 1–5% of the ring’s total value per year. That means if you paid $5,000 for an engagement ring, you can expect to pay just $50 for coverage each year.
If you decide to protect your other uninsured jewelry at the same time, your insurance cost will also be 1–5% of your total jewelry collection’s value, per year. BriteCo’s additional coverage options include general jewelry insurance (which you might prefer if you want wedding ring insurance) and insurance for luxury watches.
How Do Engagement Ring Insurance Policies Work?
Now that you know how to get insurance on a ring, what happens if you need to actually use it?
If you need to repair or replace your engagement ring for damage, theft, or loss, the process is equally simple. You will need to submit a jewelry claim to your provider. After they process it, they will either pay you the full value of your piece so you can replace it or they will work with a trusted jeweler in your area to have the piece repaired.
Just remember that to keep your policy active, you’ll need to pay your premiums either monthly or annually. Some providers, including BriteCo, will also regularly update your piece’s appraised value, so that your coverage remains consistent with potential replacement or repair costs.
What Does Engagement Ring Insurance Cover?
An engagement ring insurance policy protects you from financial loss if your ring is accidentally damaged, lost, or stolen.
BriteCo’s comprehensive policies are designed to come in handy in real-life scenarios because we know accidents happen!
For example, say you…
In all these cases, you will have financial protection through BriteCo and enjoy complete peace of mind if and when they happen.
What Does Engagement Ring Insurance Not Cover?
Engagement ring insurance typically does not cover damage caused intentionally, or loss or damage that occurred during particularly exceptional circumstances, such as military action.
Engagement Ring Insurance Vs. Existing Homeowners Or Renters Insurance
Engagement ring insurance protects the full value of your ring under a wide range of circumstances, whereas a homeowners policy only protects a partial value if your ring is stolen or damaged during a covered event, like a fire.
So while homeowners or renters insurance will protect your most cherished items to a degree, significant coverage limits exist. Most policies will only pay up to $2,000 to repair or replace jewelry, after you pay your policy deductible. Most will typically not pay if your ring is stolen or damaged outside of your home, and will not cover accidental damage at all.
You can purchase additional coverage from your current insurance company to insure jewelry, but your policy costs will likely increase if you ever need to make a claim.
Engagement Ring Insurance Vs. Engagement Ring Warranties
An engagement ring warranty will cover the repair or replacement cost if it suffers from a manufacturer-related defect. But it will not cover repairing or replacing a stolen, lost, or accidentally damaged ring, like a specialized jewelry insurance policy.
Additionally, engagement ring warranties only last so long — generally about one to two years after the date of purchase — and they often require you to take the ring into a preferred jeweler for regular inspections and cleaning.
As such, while an engagement ring warranty does have its place and offers a degree of protection, it’s hardly enough to offer true peace of mind.
How to Get an Engagement Ring Insured FAQs
How Much Will Engagement Ring Insurance Cost?
Your engagement ring insurance cost will vary depending on the underwriting company issuing your policy, but you can expect to pay about 1–5% of your engagement ring’s total value per year.
Will Engagement Ring Insurance Replace My Ring with One of Lesser Quality?
No. If you experience an unexpected loss of your original ring, your policy will help you replace it with one of the same kind and value.
What Does Engagement Ring Insurance Cover?
Coverage will vary based on the insurance provider, but BriteCo covers jewelry loss, theft, and accidental damage at home and during worldwide travel.
How Much Will Home Insurance Give Me for a Lost Engagement Ring?
Home insurance only covers valuable items like engagement rings to a limited degree, and will not pay anything for a lost engagement ring. Typically, home insurance will only give you a portion of the money necessary to replace a piece that’s stolen or damaged during a covered event, such as a house fire.
Should I Insure My Engagement Ring?
Yes! You should definitely insure your engagement ring, so you can replace or repair it if it’s damaged, lost, or stolen. An engagement ring is a particularly special piece of jewelry, and losing or damaging it is not only a financial loss, but also a sentimental loss.
How to Get My Engagement Ring Insured with BriteCo
Getting your engagement ring insured with BriteCo starts with requesting an insurance quote. From there, we’ll work with you to gather additional details, provide you with your quote, and answer any questions you have.
Enjoy the best protection against sentimental loss by investing in affordable, comprehensive engagement ring protection now. Learn more and get your engagement ring insurance quote today.
Get a Quote:
The Easy Way to Insure Your Jewelry - and Save Money!
UP NEXT: A Buyer’s Guide to the Cadillac Cut Diamond
Author
