Jewelry Insurance

How To Insure Engagement Rings For First-Timers

By Conor Redmond, BriteCo Chief Insurance Officer
July 16th, 2021

If your engagement 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 engagement 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.

Step 1: Choose Your Jewelry Insurance Provider

A common option is to add your engagement 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 company. 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 engagement 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? 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 engagement 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 engagement ring insurance cost, they do provide higher-quality coverage.

How Much is Engagement Ring Insurance?

Different factors determine your actual engagement ring insurance cost, including the value of your ring, the specifics of your policy, and your risk factors. However, in general, you can expect to pay 1% to 3% of the appraised value of your ring. Lucky for you, BriteCo™ policies are very affordable at .5 to 1.5% of appraised value along with automatic coverage of up to 125% of the appraised value of your engagement ring for free. Plus, our policies come with zero deductibles.

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. That way, you know your engagement 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 an engagement ring for the first time by getting a jewelry insurance quote from BriteCo™ today!

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About the Author

Conor Redmond, FCAS, MAAA, is the Chief Insurance Officer for BriteCo and a fully credentialed actuary with over 8 years' experience in the property and casualty insurance industry. Conor most recently served as the research director for Property Casualty Insurers Association of America, providing valuable actuarial insights and support for the organization’s nearly 1,000 members.
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BriteCo Inc. is a licensed insurance agency in all fifty states and the District of Columbia.
Please see the Licenses section of this website for more information. All insurance policies underwritten and issued by Glencar Insurance Company and administered by BriteCo.