Do I Need to Insure My Engagement Ring?

It’s been awhile since we’ve talked about insuring your engagement ring. And it’s one of our most frequently asked questions. The short answer to whether or not you need to insure your engagement ring is: yes. I’ll explain in more detail below the reasons why engagement ring insurance is a necessity.

After you get engaged, you will have a shiny, new addition to your finger. We want to offer some advice on getting the proper protections in place for your new piece of jewelry long into the future. Engagement ring insurance will protect you if you were to lose your ring, if your ring were to get stolen and even if your ring were to sustain damage. Insuring your engagement ring will save you some heartache in the rare event that something were to happen to your beloved piece of jewelry.

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Best Time to Purchase Engagement Ring Insurance

We think this needs to happen as soon as possible. Your fiance can even get an insurance policy for the ring as soon as it’s purchased. Protecting your engagement ring with insurance needs to be a priority – because let’s face it – things happen.

Price of Engagement Ring Insurance

The price for engagement ring insurance varies based on several factors including the value of your ring, where you live, as well as whether or not your policy has a deductible. For most people, jewelry insurance will cost 1-2% of the value of your jewelry. For example, a $5,000 engagement ring could cost as little as $50 per year to insure.

Steps to Insuring an Engagement Ring

You will need a diamond certificate from an organization such as the Gemological Institute of America. This report tracks color, cut, clarity, and carat weight. This information found on this certificate will be helpful for your appraiser and can even help you find your diamond in the event of theft.

You will also need to get your ring appraised. Make sure the appraiser has reputable credentials. Make sure they are a member of a national appraisal society. Seeking out an accurate appraisal will make sure that the price you are paying to insure your ring is the most accurate based on the appraised value.

Places to Get Your Engagement Ring Insured

You will need to seek out a specialized jewelry insurance policy that provides comprehensive coverage.

  • If you are a Geico policy holder, GEICO Insurance Agency has teamed up with Jewelers Mutual Insurance Group to offer jewelry insurance.
  • You can even go through Jewelers Mutual directly, as they specialize in jewelry insurance.
  • State Farm also has a personal articles policy that covers jewelry as well. If you are current State Farm customer, call your agent to add this to your current coverage.
  • Allstate has some great options available for jewelry, such as engagement rings, also.

Question to ask: 

Ask your insurer if the ring remains insured if you were to travel outside of the U.S. Where can you take your ring for repairs? Will it cover damages – or just loss or theft? What type of identification will be necessary to file a claim?

One last tip to leave you with: ask your insurer what types of repairs contribute to your deductible.

We hope this covers some questions you had about getting your engagement ring insured. If you have any others, send us an email:, and we will make sure to answer them in an upcoming post.

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