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December 13, 2022

Top Three Reasons for Insuring Engagement Rings



Congratulations! Your significant other just popped the question and put a ring on your finger!  Engagement rings have plenty of sentimental value.  But as we all know, they can also come with a hefty price tag. 

Whether you’re wearing a classic one carat solitaire or a stunning custom design, engagement rings are a significant investment.  In 2020, couples spent an average of just under $3,800.00 dollars per ring.  For most people, that’s almost double the amount of a monthly mortgage or rent payment.

While you’re proudly showing off that dazzling diamond ring to your friends, it’s important to think about protecting it with an insurance policy. 

What exactly is Engagement Ring Insurance?

Engagement Ring Insurance helps protect you by covering the cost of repairs, or a replacement, should your ring become lost, stolen or damaged. Here are the top three reasons why you may want to consider engagement ring coverage.

  1. Your Ring has High Value.  Consider the expensive materials used to create your special ring, such as gold, platinum and diamonds.  There’s no question, engagement rings are not cheap and once in your possession, you’ll need to think about what might happen if it became lost, stolen or damaged. Insurance will help cover the cost of repairs or a replacement.  This is especially important to consider, because as time goes by, your initial jewelry investment will often increase in value.
  2. Low Cost of Jewelry Insurance. Jewelry insurance doesn’t cost very much, so it would make perfect sense to have coverage.  You never know what may happen and having insurance will give you peace of mind.  A stand-alone jewelry policy typically costs about 1% to 2% of your jewelry’s value. That means a $5,000.00 engagement ring will only cost about $50.00 to $100.00 dollars per year to insure it.  A small price to pay for some reassurance.
  3. Additional Insurance Protection.  Typically, people who have a homeowners or renter’s policy may think they don’t need jewelry insurance, often believing their jewelry is automatically covered.  That may be true, depending on the limits of your policy.  For more expensive engagement rings, your homeowners or renter’s policy may not cover the cost in full.  Having an inexpensive jewelry policy may help you avoid paying out of pocket, should your ring become damaged, lost or stolen.

Tips For purchasing Jewelry Insurance

Now that you understand why it’s so important to ensure your jewelry is protected with insurance, there are a few things you should know before you purchase your policy.

First, check your existing homeowners or renter’s policy.  This will let you know what your current limits are, and if you may need to purchase additional coverage.  Your Partners Insurance agent can help by reviewing your policy with you.

If you need to, supplement your existing homeowners or renter’s policy with additional insurance, such as a jewelry floater.  This type of coverage will require you to provide an itemized list of jewelry to the insurance company, so that your policy will specifically cover the cost of these items.

If your engagement ring is extremely valuable, you may want to purchase a separate, stand-alone Jewelry Insurance Policy.  This type of insurance will ensure you have the right amount of coverage for your very expensive gems, should a replacement be needed.  One benefit of purchasing a stand-alone policy, is that jewelry claims won’t count against your homeowners policy.

To learn more about how to safeguard your engagement ring or any jewelry investment you’ve made, contact your Partners Insurance agent today.  They can make sure you have the coverage you need, no matter what life throws at you.

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