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Everything You Need to Know About Ring Insurance

Protect yourself in case something were to happen to your engagement ring.

After announcing the good news to your friends and family, insuring your engagement ring is the first thing you should do after saying yes.

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Photo: Lucas Rossi and Michelle Kyle

After announcing the good news to your friends and family, insuring your engagement ring is the first thing you should do after saying yes. In fact, it won’t hurt to suggest your future fiancé(e) insure the ring even before proposing. If they intend to keep the engagement ring in a safe and secure place before popping the question during a quiet night at home, it might not be necessary. However, if there’s traveling involved due to proposing on a trip, there are many opportunities for the ring to get lost or damaged. Unfortunately, there’s even the chance that it could get stolen from your home. 

engagement ring insurance
Photo by KingenSmith; Floral Design by HMR Designs

There are two main options when it comes to insuring an engagement ring. You can either go through a jewelry-specific policy, or add a rider to your renter’s or home insurance. If you go with the latter, it’s important to remember to update your policy if you move. When looking through insurance options, make sure to be covered for loss and damage, as opposed to just theft. These insurance policies are usually only 1-2% of the cost of the ring annually, so it’s worth it to have the full value of the ring covered. That way if something does happen, you can replace it with something of equal value without having to contribute out of pocket. 

The price of your insurance will be lower if you have a safe or vault to keep your engagement ring safe, and it will tend to be higher if you have had a ring stolen or lost in the past. However, even if the cost is a little higher than average, it is still a good idea to protect your investment – particularly for engagement rings that cost five figures and above.

Even though ring insurance helps keep you and your beloved covered monetarily, there are still sentimental reasons why you would want to keep your engagement ring safe. Obviously it’s better to not lose your ring if you can avoid it, right? That’s why there are times we recommend not wearing it. If you can’t stand having your finger bare, a stand-in ring made from sterling silver and cubic zirconia is a good option. For those who are especially active outdoors, a silicone ring – such as the ones made by Groove Ring – are particularly useful in that you don’t have to worry about scratches or other damage, yet you will still indicate that you are married or engaged. 

Find out what you need to know about resizing your engagement ring as well as how to upgrade it down the line.