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.
Do I need to insure my engagement ring?
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