How Much Is Engagement Ring Insurance?

April 29th, 2022

If your ring is worth over $1,000, it is a good idea to get it insured sooner rather than later. Engagement ring insurance protects your investment if the ring is damaged, lost, stolen, or falls victim to a mysterious disappearance. The best part? Insuring your ring is much easier than you might think. Today, we’ll walk you through how to insure engagement rings and factors that impact ring insurance costs.

How Much Does Engagement Ring Insurance Cost?

When you’ve invested in a beautiful piece of jewelry like a diamond engagement ring, it’s important to consider your insurance options. Insuring your ring may not be the first thing you think of, but it’s an essential step to protect your valuable piece. One option is to add it to your homeowners insurance policy or renters insurance policy. However, the coverage limit for jewelry items on a typical homeowners policy or renters insurance policy might not be enough to cover the cost of the ring. In that case, you might need a standalone jewelry insurance policy for comprehensive coverage. Insurance coverage from specialized jewelry insurance companies like BriteCo™ offers more specific and comprehensive coverage

Different factors determine your actual engagement ring insurance cost, including the value of your ring, the specifics of your policy, and your risk factors. The annual cost of insuring your ring will typically range from 1% to 3% of the appraised value. That said, BriteCo™ offers affordable jewelry insurance at rates ranging from .5% to 1.5% of the appraised value. Additionally, BriteCo™ policies provide automatic coverage of up to 125% of the appraised value of your ring at no extra cost. This can give you peace of mind, knowing that if something happens to your ring, your insurance carrier has you covered for more than what it’s worth. This makes it an attractive option when you purchase engagement ring insurance. Plus, our policies come with zero deductibles.

A deductible is the amount that an insured must pay in the event of a loss before the insurance company contributes. In other words, it is a certain amount of agreed upon money that you will pay upon a claim. When a claim is made and say your deductible is $500, you will only be responsible of paying up to $500 towards the cost of that claim. However, most customers prefer policies with no deductibles.

You should get your ring insured as soon as possible after purchasing it (even before you propose). A business that specializes in jewelry insurance will provide you with the greatest ring insurance policy. The actual amount will be determined by numerous factors as previously said, including where you live and the cost of the ring. This means that you should expect to pay between 50 cents to $1.5 for every $100 of value.

Engagement ring insurance is a risk-mitigation strategy in the event of loss, theft, damage, or mysterious disappearance. Preventative maintenance is also covered by ring insurance. BriteCo replacement policies will enable you to collaborate with the jeweler of your choice to guarantee that your emotional loss is kept to a minimum.

Suggested Read: What Is a Deductible in Insurance? | BriteCo Jewelry Insurance

Does diamond ring insurance cost more?

While diamond might be a precious stone, the short answer is no, diamond ring insurance does not cost more. Jewelry insurance is based on the overall cost of the item, and does not depend on the stone. Enjoy your diamond, and rest easy knowing insurance will be simple, affordable, and provide the protection you need.

Step 1: Choose Your Jewelry Insurance Provider

A common option is to add your ring to your homeowner’s insurance policy. However, when finding the best engagement ring insurance policy, consider insuring with a top-rated specialized jewelry insurance provider. BriteCo™ offers comprehensive insurance policies for fine jewelry beyond what general insurance companies provide. Not only do we cover the basics like loss and theft, but we take it a step further by including provisions for preventative maintenance in our policies to keep your ring in the best condition.

Step 2: Get an Engagement Ring Insurance Quote

Once you choose your provider, you can get a quote telling you the available policy options and their cost. There are a few pieces of information you’ll need to submit to an insurance company to receive an accurate quote, including:

  • Engagement Ring Appraisal– An appraisal is a detailed description of the ring, including the approximate cost of replacing the ring. This information needs to be updated, which isn’t typically a problem for recently engaged couples looking into how to get an engagement ring insured. If, however, you want to insure a ring you’ve had for many years, you may need to get it reappraised before you can do so.
  • Basic Information About the Policy Holder– An insurance provider will ask for basic contact information about the policyholder and the person wearing the ring if they are not the same person.
  • Other Information Required by the Jewelry Insurance Provider– Insurance companies may ask additional questions about your occupation, prior claims, criminal history, and more to create a customized policy.

If you have this information accessible and are ready to get started, you can quickly and easily get a FREE jewelry insurance quote from BriteCo™ today!

Step 3: Choose Your Jewelry Insurance Policy

Now, you may be wondering, how much is engagement ring insurance? A widespread but mistaken belief is that insuring your jewelry items come with a hefty price tag, but that’s not true.

Fortunately, there are policies available to fit various budgets so that you can keep your ring safe regardless of the ring insurance cost. When shopping for a jewelry insurance policy, be sure to note coverage limits, deductibles, and limitations to ensure the ring insurance cost is worth the price you’re paying. Additionally, consider whether the policy is a blanket or scheduled policy and review the settlement terms. These policy components greatly determine the ring insurance cost. In general, a blanket policy costs more than a scheduled policy. Although the latter requires more documentation, since it is the most common jewelry policy.

The settlement terms have to do with the claims process and whether you receive actual cash value or replacement cost should your ring be stolen, misplaced, or damaged. While replacement cost policies may increase your overall ring insurance cost, they do provide higher-quality coverage.

BriteCo™ Offers the Best Engagement Ring Insurance Policy

Now that you know how to get an engagement ring insured, it’s time to put what you learned into practice and protect your precious investment. At BriteCo™, you can start the insurance process as soon as you purchase the ring, even before the actual engagement. The annual premiums for a BriteCo™ policy are generally lower than other jewelry insurance companies, making it a more affordable option. So, if you’re looking to insure your diamond ring, it’s worth considering all your options and choosing the one that offers the best coverage for your needs. That way, you know your ring is protected the moment you place it on your fiancé’s finger. Don’t wait to experience our long list of benefits, including monthly and annual payment plans, free annual insurance value updates, worldwide coverage, competitive policies, and more. Get started with our quick and easy process of insuring a ring for the first time by getting a jewelry insurance quote from BriteCo™ today!

Also Check:

Ring Appraisals Most Common FAQs
Engagement ring buying survey of purchasing and insurance practices
What is an Insurance Premium? | BriteCo Jewelry Insurance

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Dustin Lemick, Founder & CEO BriteCo

About the Author

Dustin Lemick is the Founder and CEO of BriteCo and a third-generation jeweler with over thirteen years of retail jewelry experience. He holds a Graduate Gemologist degree from the Gemological Institute of America (GIA) and has in-depth knowledge and expertise in appraisal systems, diamond and gemstone markets, retail pricing models, insurance replacement models, and jewelry quotation pricing systems.

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BriteCo Inc. is a licensed insurance agency in all fifty states and the District of Columbia.