Michael's Jewelers

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Engagement Ring

Engagement Ring Insurance: What You Need to Know

Not only are engagement rings significant financial investments, but they’re also a priceless symbol of an unforgettable moment in a couple’s story. As such, you’ll want to make sure your investment is protected, especially if you plan to wear it daily. Insuring your engagement ring is a vital part of answering the “what ifs” that no one wants to think about after accepting their new favorite piece of jewelry. 

What if it gets stolen? What if it falls off your finger while you’re walking the dog? What if it inadvertently gets damaged during your everyday life? Accidents happen, and it’s always good to be prepared. Engagement ring insurance ensures that you’re ready on the off-chance that an accident occurs. 

What Is Engagement Ring Insurance?

Engagement ring insurance is a contractual agreement that you will pay a monthly premium into. Your investment will be covered if your engagement ring is stolen, lost, or damaged in exchange for the monthly fee. If you need to file an insurance claim, your insurance company will then cover the cost of replacement or repair. 

How Much Does Engagement Ring Insurance Cost?

Your monthly premium will be proportionate to the value of your engagement ring. On average, you can expect to pay $1-$3 in annual premiums for every $100 your ring is worth. There are outside risk factors, such as the rate of theft in your zip code, that may impact the final premium amount. 

Tips for Insuring Your Engagement Ring

Not all jewelry is created equal — and neither is insurance. For this reason, you’ll want to dot your I’s and cross your T’s before you agree to any insurance program. The below tips will help you make the most out of your engagement ring insurance: 

  • Research coverage providers and consider bundling with your home and auto insurance. 
  • Ask a lot of questions, especially related to any possible exclusions.
  • Have your ring independently appraised. Most insurance companies will require an appraisal for any item over $5,000. 
  • Request a diamond grading report.
  • Reappraise your ring every 2 to 3 years and inform your insurance company of any changes in value. 

For more information about how to select and appraise bridal jewelry, including custom design, don’t hesitate to reach out to our team today!