Revivalist is a reader-supported endeavor and our posts may contain affiliate links. When you buy through links on our site, we may earn an affiliate commission.
Whether you just got engaged or you’re thinking about marrying your partner, engagement ring insurance is likely on your mind. You have insurance for your other valuables, like your car and home. Why would your ring be any different?
Check out this guide to learn everything you need to know about engagement ring insurance to decide if it’s right for your future. It could save the day and give you more peace of mind before walking down the aisle.
What Is Engagement Ring Insurance?
Romance movies make it seem like people buy engagement rings and propose to their unsuspecting partners. It’s supposed to be romantic, so talking about engagement ring insurance might seem too practical for your love story.
The truth is that 72% of brides influence their engagement ring purchase by talking about their preferences beforehand. Given that the average ring also costs nearly $4,000, insurance could provide budget-saving financial help. You’ll get money back or a complete refund if something happens to your ring, but only your policy covers the specific type of damage that occurs.
What Do Policies Cover?
Engagement ring insurance policies cover various types of damages, depending on the extent of the coverage you need. Your future policy could step in to repair or replace your ring after events like:
Have fun browsing potential engagement rings and daydreaming about your favorite cut, even if it costs more than you thought it would. Insurance is a secondary way to protect your or your partner’s investment throughout the length of the policy.
Questions to Ask an Insurance Provider
Insurance providers have various policies to match your coverage preferences and financial capabilities. Get to know each possibility better by asking essential questions, such as:
- Where can we get my ring repaired under this policy?
- What type of theft proof does the insurance company require? (Security camera footage, police reports, etc.)
- Does their policy cover my ring if I travel to another country?
- What types of damage are included in the policy?
- Does the policy adjust with inflation?
You wouldn’t want to report a damaged or stolen ring only to discover a loophole or lapse of coverage in your insurance. Bring a list of questions to each potential insurance provider to compare their answers and make the best decision for your needs.
Schedule a Ring Appraisal
A ring appraisal might be necessary to get insurance. If you inherited a ring and don’t know what it’s currently worth or want to double-check that you bought your ring for the correct price, schedule an appraisal. They cost an average of $75-100 per appraisal, depending on which stop you pick.
An expert will evaluate your ring and provide a paper copy of their estimate. You’ll need that copy to verify your ring’s worth to insurance companies.
Understand Premiums vs. Deductibles
When comparing policies, the final decision will likely come down to premium and deductible costs. The premium for a policy will be the fee you pay each month to keep the policy active. It’s like your monthly car or home insurance payments.
The deductible is how much you have to pay to repair or replace your ring before the insurance covers a portion or the rest of the ring’s value. If you want your policy to provide total coverage, the low or nonexistent deductible will cause your monthly payment to increase. The amount you pay each month will be your investment into the total coverage for repairs or replacement.
Consider Getting Ring Insurance
Engagement ring insurance saves the day for many couples. If your ring accidentally washes down a sink drain, cracks after dropping on a hard surface or gets stolen, your insurance provider could fix the problem so your monthly budget doesn’t change. It’s worth your consideration if your ring will cost more than you can pay to replace it out of pocket.
Subscribe to Our Weekly Newsletter
We would love to connect deeper with you!