The 7 Best Engagement Ring Insurance Companies of 2021

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Whether you are planning to propose a marriage or just said ‘yes’, getting (or gifting) an engagement ring is one of the most exciting and memorable times of your life. So, now that you have the ring, what’s the next step? Most people think about marriage, but given the investment involved in choosing and buying a ring, engagement ring insurance is something you don’t want to forget during all the excitement.

Don’t make the mistake of assuming your home insurance will cover it. You might be surprised to find that most home insurance policies limit jewelry coverage to around $ 1,500 to $ 5,000 (on average). Buying an engagement ring insurance policy is often the only way to make sure your ring is fully covered.

So how do you know which company to choose? We’ve reviewed over a dozen engagement ring insurance options to help you determine if you need engagement ring insurance and what your best options are.

The 7 Best Insurance Companies for Engagement Rings of 2021

Final verdict

Your decision to choose engagement ring insurance and your choice of a provider can make a significant difference in recovering from a loss. Insuring an engagement ring will ultimately be an individual decision depending on how much coverage you want, what you are willing to pay, whether or not you are willing to have an appraisal done, and whether you are covered by an insurance policy. home insurance, or need a completely separate. In some cases (like with Chubb and USAA), you might be able to get a stand-alone policy with competitive coverage, which gives you a discount on your other policies. Always look at the big picture when comparing your options.

What is engagement ring insurance?

Engagement ring insurance is a type of valuable item insurance policy that covers scheduled or general items, usually with an option for no-deductible and all-peril coverage. Comprehensive coverage means that all types of losses are covered, unless they are specifically excluded. A common advantage of an all risks or open risks policy is coverage in the event of a mysterious disappearance.

How much does engagement ring insurance cost?

A valuable item coverage or engagement ring insurance typically costs around $ 1 or $ 3 per $ 100 of its insured value. The cost of coverage may vary depending on the insurance company, as well as the discounts you are entitled to (if any). For example, if you purchase engagement ring insurance through the same company that insures your home as a separate jewelry policy, you may be eligible for a rebate on the reunion.

Will home or tenant insurance cover an engagement ring?

Home insurance will cover an engagement ring under the standard policy limit, subject to the deductible. A standard home insurance policy typically covers around $ 1,000 to a maximum of $ 5,000. Depending on the type of coverage you have, you may only be covered for the named perils, which means the basics, like theft. It is not very comprehensive coverage.

The best thing to do is ask your home insurer what coverage is included and how much it would cost to program the ring on a jumper. Your home insurance company will usually be able to offer you additional jewelry coverage for an additional cost that will have higher limits, no deductible (or both), and may provide competitive coverages similar to the stand-alone policies on our list. . Some insurers even have partnerships with companies on this list and can get you the same coverage through them (while potentially offering you discounts on your home policy).

Do you need engagement ring insurance?

Losing an engagement ring before you even walk down the aisle (and have to pay for another) can be both financially and emotionally devastating. You can reconsider this insurance once you’ve had your ring for many years without incident – paying hundreds (or thousands) of dollars for 20 years adds up. You have to do the math on what makes sense. Certainly in the early years, however, it is worth considering.

Whether or not you need special insurance for your engagement ring depends on your situation. If you are worried about losing a stone from the ring or losing the ring itself, then paying for the coverage will give you peace of mind. Engagement ring insurance also allows you to replace the ring if it is stolen or if something is wrong.

What information do I need to provide to insure my engagement ring?

Depending on the supplier, you may need to provide a sales receipt, jewelry appraisal, photographs, and additional details about the ring (and who will wear it). Some insurers will only require an appraisal when a ring is valued over a certain amount.

An insurance company may also ask you to provide information about how you will wear the ring, where it will be kept, and even personal questions about your background. Some insurers will ask you if you have ever had jewelry (or loss) insurance or a criminal record. It varies depending on the insurance company.

How long does it take to purchase engagement ring insurance?

In most cases, you can purchase engagement ring insurance online and get a response within minutes. Some companies will require a photograph, copy of an appraisal, or receipt showing proof of purchase (or value) before you insure, which may take longer. Each insurance company has different criteria.

Can I insure an engagement ring before submitting?

You don’t need to wait until you offer to insure the ring. Your engagement ring is a valuable investment and insurance companies will usually have a solution to help you out without spoiling the surprise. You have two options: call your home insurance company and add the ring to your policy as an endorsement (the ring is yours until you offer it), or, if you want to cover the ring engagement with its own policy, contact an engagement ring insurance company and explain the situation.

Should you purchase engagement ring insurance with deductible?

Many insurers offer policies with no deductible, but you might be wondering if a higher deductible will save you money. We tested different rates and found that an increased deductible offered between 3% and 20% off, but depending on the value of the ring, it didn’t make much of a difference for items under $ 10,000 or so. For example, the average cost of insuring a $ 5,000 ring was between about $ 93 and $ 100 with no deductible. A $ 250 deductible saved about $ 3 to $ 7 per year, and a deductible of about $ 2,500 saved about $ 22 per year. For higher value rings, this can make all the difference, saving up to around $ 100 or $ 150 per year (or more) on cost.


We researched over a dozen insurance companies that cover engagement rings and looked at their overall policies, features, and whether stand-alone policies were available. We also looked at the average cost of coverage for rings priced from around $ 3,000 to $ 500,000 to test online quotes and the application process, using New Town zip code 10016. York.

We then looked at each of the companies’ insurers and checked their financial strength ratings with the AM Best credit agency and their overall reputation with the National Association of Insurance Commissioners. After checking for financial stability and reputation, we benchmarked online reviews and cross-checked insurance policy wordings (if applicable) to compare coverage and refine our list.