Ring Insurance 101: How to Insure an Engagement Ring

You’ve likely just bought an engagement ring–congratulations! This is an exciting purchase and one that makes sense to insure and protect for the days to come.

Hand Holding Charlotte Peachy-Pink Sapphire Ring in Box

Wondering How to Insure an Engagement Ring

We commend you! This is an incredibly smart and responsible step when making a large, meaningful purchase like a diamond engagement ring. You’re probably excited and giddy and all of the good feelings as you get closer to your marriage, but we want you to know about how to protect your ring before it’s too late! Read below for practical tips and advice from experts on how to insure a diamond ring.

Get a Free Appraisal

The process of learning how to insure an engagement ring can be intimidating. Maybe you didn’t even know that this is something you should do! No worries–we’re here to give you all the information you need.

When you purchase your ring through Taylor Custom Rings, you get a free appraisal to assist you in obtaining insurance on your ring. We have great connections in the jewelry business, so we’ll also send you a referral for a jewelry-specific insurance company! We want to make this process and experience as smooth as possible for you, so we do our best to provide you with all the tools and resources you need to make the best decision.

When deciding how to insure an engagement ring, you may decide to add your ring to any existing insurance that you already have, like a homeowners or renters policy, instead of a jewelry-specific insurance company. Maybe you already have an insurance company that you trust, which is great! It’s entirely up to you how you decide to insure your cherished ring. No two policies are the same, so be sure to read thoroughly and find out if there is a deductible as you decide how to insure an engagement ring.

Sabrina Diamond Ring with Diamond Halo and Gold Band on Hand

Insure Your Ring Immediately

If you’re wondering when and how to insure a diamond ring, we highly recommend insuring it immediately through an insurance company of some kind–jewelry-specific or otherwise. You might be in your honeymoon phase, but don’t forget to come back down to earth for the practical stuff! You’ll thank yourself later. The reason we give this advice about how to insure an engagement ring is because your insurance policy will be able to cover things that our warranty cannot. These things include theft, loss, or damage. We give you this advice so that no tragedies keep you from holding your beautiful ring close! 

How Much Does Jewelry Insurance Cost?

While learning about how to insure an engagement ring, you’ll come across many different price points. Typically, though, jewelry insurance costs 1-2% of the total cost of your engagement ring. If your engagement ring was $6,000, your jewelry insurance could cost as little as $60 per year to insure. This will vary among insurance companies, but this is to say that the price won’t be something that is burdensome or too much. 

You Should Consider How to Insure a Diamond Ring For These Reasons

It’s important to ask yourself a few questions when considering how to insure an engagement ring and whether it’s worth the effort: 

  • Can I afford to replace my ring if it’s lost or stolen?
  • Would it burden me financially if I had to repair or replace my ring?
  • Do I spend time active outdoors or working with my hands?
  • Do I travel frequently?
  • Am I going to worry and stress about my ring if I don’t insure it?

If you’ve answered yes to any of these questions, it might be a good idea to follow these tips for how to insure an engagement ring and invest a small amount of money into doing it. Peace of mind is worth it! You’ll be grateful when you get to avoid major costs in the future if anything happens to your ring.

Close Up of Stevie Radiant Cut Diamond Ring

What Questions Should I Ask When Choosing a Policy?

In the process of learning how to insure a diamond ring, know that choosing a policy is an important step. In order to make the best choice for you, go into any conversation with an insurance agent with questions ready. Your insurance agent should help you understand more about how to insure an engagement ring. Here are a few questions that might be useful to ask:

  • What is specifically covered and not covered?
  • Does filing a claim affect my homeowner's or renter's policy?
  • Is there a deductible?
  • What happens if my ring is lost, stolen, or damaged?
  • Will my ring be repaired or replaced with the same quality and type of materials as the original?
  • Will I be able to choose the jeweler?

These questions will give you a good understanding of how each policy will work. When deciding how to insure an engagement ring, compare and then choose the best option!

We Are Here to Help

At Taylor Custom Rings, we want to help you make the most confident decision and ensure that you feel peace about protecting your new ring. Don’t hesitate to reach out with any questions as you move forward!