Preparation
That gorgeous new engagement ring is a symbol of love that’s designed to last forever. But even though diamond rings are resilient, they’re not impervious to damage, theft, or loss. Your homeowners or renters insurance policy won’t be sufficient to cover an expensive ring or protect against mysterious disappearance, but a standalone jewelry insurance policy can provide peace of mind. Whether you drop your ring in the disposal or leave it in your hotel room, insurance can pay for repair or replacement.
To help you choose an engagement ring insurance provider, we evaluated the largest jewelry insurance companies nationwide based on cost, plan benefits, and the application process, including whether appraisals are required. We selected the five best options for newly engaged couples or people planning proposals, so you can pick the insurer that best meets your needs.
Best Overall: BriteCoBest Online Application Experience: GemShieldBest for No Appraisals: Jewelers MutualBest for Discounts: LavalierLowest Premiums: Wax Insurance
BriteCo stands out for its affordable, comprehensive coverage, excellent customer satisfaction, and attention to your policy with annual coverage adjustments. Jewelers Mutual is another highly reputable company that you may choose if you want to avoid appraisals. But if you don’t mind speaking with an expert, you may be able to get a lower premium from Wax, which will be especially important if you have a very pricey engagement ring. And if you can qualify for Lavalier’s discounts or want to choose a higher deductible, you might find the company offers an even better value.
Most jewelry insurance providers estimate that it costs between 1% and 2% of an engagement ring’s value annually for insurance coverage. Most couples spend over $6,000 on an engagement ring. If that’s how much you spend, you’ll likely pay between $60 and $120 annually for insurance. But your actual premium will depend on where you live, how much you spent on the ring, and the deductible you choose. And some insurance companies charge higher rates than others.
First, compare pricing and coverage—get customized quotes from a few different jewelry insurance companies and compare plan benefits. Next, ask the right questions. Make sure you understand how to prove your ring is lost, what is required to file a claim, and what is excluded from your policy. Ask if you’ll be protected when traveling worldwide and whether mysterious disappearance is covered. Then, get an appraisal if needed, apply for coverage, and keep your policy updated. Many jewelry insurers recommend getting an updated appraisal every two years, since the value of your engagement ring can change.
Homeowners and renters policies include some coverage for jewelry and other valuables, but coverage is often capped around $1,500. That’s not enough to cover a typical engagement ring, and you’ll also be subject to your deductible. Furthermore, mysterious disappearance is not covered under most renters and homeowners policies. Another reason having a standalone policy is a good idea is that filing a claim won’t impact your homeowners or renters premiums.
The process of insuring a diamond ring is the same as insuring any valuable piece of jewelry. You’ll want to get an appraisal, especially if the ring is an heirloom or if the diamond was reset from an heirloom piece and you don’t have a receipt. Then, compare quotes and ask how to prove your ring is lost, what is required to file a claim, and what the policy excludes. Ask if you’ll be protected when traveling worldwide and whether mysterious disappearance is covered.
In addition to comparing quotes across companies and checking whether monthly payments and discounts were offered, we evaluated the coverage offered by each provider, focusing on whether mysterious disappearance was covered and policy exclusions. We also looked at financial strength ratings, years in business, and complaint data to assess financial stability and customer satisfaction. (We eliminated companies with high complaint indices and poor financial standing.) We placed particular importance on the ease of the quote and application process, including whether an online application was offered, the simplicity of online quoting, and the minimum value requiring an appraisal.
