How to Insure an Engagement Ring

The winter holidays are a popular time to get engaged, according to wedding planning website The Knot, which reports that 20% of US couples choose to put a ring on it between November and February.

If you’re among the recently engaged, you probably have a lot of things on your mind — the date, the ceremony, the honeymoon. But insuring your engagement ring should be one of them.  

In a 2021 survey from Jewelers Mutual Group, 70% of respondents said their engagement ring was one of the three most expensive items they owned and half revealed they’d be hard-pressed to replace it if it was lost, stolen or damaged.  

Jewelry insurance can ensure you have a keepsake of your commitment and an heirloom to pass down. Here’s what you need to know about insuring your engagement ring, including how it costs, how to pick the right company and how to get an appraisal.  

Some people assume their engagement ring is covered under their homeowners insurance. The reality is most policies have a pretty low limit for jewelry — usually about $1,500. The average price of an engagement ring in 2023 was $5,500, according to The Knot. 

That leaves you with several options. You can purchase a rider for the ring on your homeowners policy, also known as “scheduling.” If you don’t have homeowners insurance — or the value of your ring is more than your limit for scheduled personal property — you should consider a separate jewelry insurance policy.

Like scheduling a ring, jewelry insurance typically requires you to get an appraisal and you’ll pay roughly the same in premiums — about 1% to 2% of your ring’s value per year.

But the coverage limits on jewelry insurance are much higher. And a jewelry insurance policy will often replace your ring in instances that standard homeowners policies usually exclude — like floods, earthquakes and “mysterious disappearances.” (Say, you look down at your finger and the ring is just gone.)

Policies from Jewelers Mutual Group don’t just pay to replace a ring, they cover preventative maintenance like tightening a stone or fixing a broken or bent setting. You can also elect to have a deductible, which will lower the cost of your monthly premium.

We also recommend BriteCo, for its affordable monthly premiums and the option to get a virtual appraisal.
You can pay your BriteCo premiums monthly or get a discount for paying annually.

If you want to take out jewelry insurance on your engagement ring, there are a few steps to take.

Get the ring appraised

Most jewelry insurance companies won’t issue a policy without an appraisal, or a detailed assessment of the ring’s weight, materials and markings to determine its value. Some stores will include an appraisal for free when you buy the ring or you can find local appraisers through the National Association of Jewelry Appraisers or the American Gem Society.

Appraisal fees vary, but you can expect to pay anywhere from $50 to $200 and wait up to a week for it to be completed. (If you are getting several pieces appraised, you may qualify for a discount.)

Some companies provide lower-cost virtual appraisals: BriteCo offers a $26 online valuation for its policies with results available in 24 hours.

You’ll need a current appraisal if you have to file an insurance claim so it’s recommended to have your ring reappraised every three to five years.

Shop around for coverage

A standard engagement ring policy will run you about 1% to 2% of what your ring is worth every year. Most insurers offer online quotes so you can easily compare costs.

Be sure to see if there is a deductible and if there are any discounts. Some insurers will offer lower premiums for:

• Insuring multiple items
• Paying annually instead of monthly
• Having a home alarm system
• Storing the item in a safe deposit box
• Getting a gemstone grading report

Ask the important questions

Your engagement ring is probably one of the most expensive items you own. Before signing a policy, make sure you know the answer to these questions:

• What circumstances are and are not covered by the policy?
• Do I get to decide where to buy a replacement ring or have repairs made?
• Is my ring covered for loss or damage outside the US?
• Does the policy cover repairs and preventative maintenance?
• Does the value of my policy adjust for inflation?

If you recently got engaged, having jewelry insurance on your ring could give you not only peace of mind, but a good way to care for your ring and make sure it’s protected.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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