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Engagement and Wedding Ring Insurance 101

We can always provide an appraisal for a ring you purchased from us in the event of a loss.

At a Glance

There are three insurance options: Replacement, Homeowners/Renters and Actual Value. The general rule is: you get what you pay for.
Engagement and Wedding Ring Insurance 101: Wedding and engagement rings can be expensive investments and you may want to insure them.

Renter’s and Homeowner’s Insurance: Renter’s and Homeowner’s Insurance typically allows you to add specific expensive items to your existing coverage—for an extra fee. However, read the fine print carefully. The ring may not be covered if it is lost on the beach, or damaged if you run over it with your Harley. These policies typically apply to items lost through theft.

Policies that Insure Actual Value: Policies that Insure Actual Value view the engagement ring a little bit like an automobile—something that depreciates over time. For example, suppose you pay $1,500 for a ring and it is lost ten years later. You may only be paid $800, because it has eight years of wear on it. Generally, this option is the least expensive and you end up getting what you pay for.

Even if ten years from now, your partner loses the ring and you decide you do not want to replace it, you may be able to at least pay for a trip somewhere romantic and beautiful.

Replacement Insurance Policies: Replacement Insurance Policies are by far the most comprehensive. Essentially, this policy insures the actual market value replacement of an item.
For example, if your engagement ring has a flawless, 1ct diamond that has excellent symmetry, polish and cut, this rock on a platinum band, it is highly likely that the value of this will go up over the next several years. The insurance company will replace it for something exactly equivalent in the market place. You may receive more money from the insurance company than you originally paid for the ring. These policies tend to be most expensive.