Getting engaged is an exciting time in any couple’s life. After the big question is popped, it’s time to start planning the rest of your lives together.
One crucial consideration is insuring the engagement ring. After all, you want to protect the symbol of your love and commitment.
Choosing the right engagement ring insurance can give you peace of mind. The ring is likely one of your most expensive and sentimental items.
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The right insurance policy will cover you in case of loss, theft, or damage.
We’ve researched the top insurance companies for engagement rings based on coverage, customer satisfaction, affordability, and more.
Keep reading for the inside scoop on the 15 best options for engagement ring insurance in 2024.
What is Engagement Ring Insurance?
Engagement ring insurance provides financial protection for your ring in case of a covered incident.
Policies usually cover:
- Loss
- Theft
- Damage
- Resizing or repairs
- Loss of stones
- Loss of ring setting
Some policies may also cover the following:
- Appraisal updates
- Worldwide coverage
- Cash payout up to policy limits
Engagement ring insurance gives you peace of mind that your ring is protected, no matter what happens.
What to Look For in the Best Engagement Ring Insurance
The best engagement ring insurance policies offer:
- Comprehensive, guaranteed replacement: The policy should cover loss, theft, damage, repairs, sizing, appraisals, and more. Cash payout for full replacement value is ideal.
- Worldwide coverage: Protection at home or while traveling internationally.
- No deductible: You shouldn’t have to pay anything out of pocket to file a claim.
- Streamlined claims process: Easy to understand, fast claims processing and payment. Access to helpful customer service.
- Financial stability: Choose an established insurer with strong financial standing. This gives confidence they’ll be there if you need to file a claim.
- Bundling discounts: Lower premiums when you bundle with renters or homeowners insurance.
- Flexibility: Ability to make changes and customizations so the policy meets your needs.
Now that you know what to look for, let’s dive into the top engagement ring insurance options for 2023.
15 Best Companies for Engagement Ring Insurance
Based on reputation, coverage, affordability, and customer satisfaction, here are 15 great choices to insure your engagement ring:
1. Jewelers Mutual
For over 100 years, Jewelers Mutual has specialized solely in protecting jewelry. They offer comprehensive ring insurance and excellent service.
Highlights
- Covers loss, theft, and damage with zero deductible
- Guaranteed replacement with cash payout up to policy limits
- Streamlined claims process and responsive service
- Bundling discounts with homeowners/renters insurance
- Customizable coverage options
Cost: Starts around 1% of the ring’s value per year
2. State Farm
Known for auto and homeowners insurance, State Farm offers a jewelry rider to protect engagement rings. Enroll by contacting your local agent.
Highlights
- Provides worldwide coverage
- No deductible
- Simple claims process through a local agent
- Bundling discount with State Farm policies
Cost: Around 1% of the ring’s value per year
3. Chubb
Chubb offers high-end coverage and white glove service. Ideal for a costly designer or custom ring.
Highlights
- Covers loss, theft, and damage with cash payout
- Worldwide coverage with no deductible
- VIP claims service and valuables concierge
- Can insure jewelry collections on one policy
Cost: Up to 3% of ring’s value per year
4. Allstate
Allstate’s ring insurance can be added to renters’ or homeowners’ policies. Work with your local agent for fast enrollment.
Highlights
- Covers worldwide loss, theft, damage, repairs
- No deductible
- Streamlined claims through Allstate agent
- Bundling discount with other Allstate policies
Cost: Around 1% – 2% of ring’s value annually
5. USAA
USAA offers affordable jewelry insurance for military members and their families. Bundles with homeowners/renters.
Highlights
- Zero deductible with worldwide coverage
- Guaranteed replacement up to limits
- Simple claims process for USAA members
- Discounts when bundling multiple policies
Cost: Around 1% of the ring’s value per year
6. Augusta Precious Metals
Specialty insurer Augusta insures jewelry up to $100,000 in value.
Highlights
- Covers loss, theft, and damage worldwide
- Cash payout for replacement up to policy limits
- No deductible
- Streamlined claims process
Cost: Around 1.2% of ring’s value annually
7. Revelry
Revelry offers comprehensive ring coverage and a modern buying experience. Purchase online in minutes.
Highlights
- Insurance up to $200,000 value
- Loss, theft, damage replacement coverage
- Worldwide protection with no deductible
- Easy online claims 24/7
Cost: Around 1.2% of the ring’s value per year
8. Honey
Honey’s free browser extension automatically finds discounts and coupon codes. Members can get ring insurance for less.
Highlights
- Partners with Jewelers Mutual for coverage
- Loss, theft, damage with cash payout
- Bundling discounts available
- Honey finds coupons for lower rates
Cost: Around 1% of the ring’s value annually
9. Winston Surety
Winston offers specialty jewelry and engagement ring coverage starting at $100.
Highlights
- Policies start at only a $100 value
- Loss, damage, and repairs covered
- Theft protection available as an add-on
- Simple claims process via the app
Cost: Around 1.2% of ring’s value per year
10. Protecht
Protecht uses technology to make buying engagement ring insurance fast and easy.
Highlights
- Purchase coverage 100% online in minutes
- Covers loss, damage, repairs
- Worldwide protection
- Fast claims via mobile app
Cost: From 1.25% of ring’s value annually
11. Blue Nile
Blue Nile offers ring insurance starting at $119 per year for extra peace of mind.
Highlights
- Covers loss, theft, damage
- One complimentary resize
- Lifetime maintenance
- Easy to add during ring purchase
Cost: Around 1.25% of the ring’s value per year
12. Nelson Blue
Nelson Blue makes ring insurance modern and hassle-free. Buy online in under 3 minutes.
Highlights
- Covers worldwide loss, damage, repairs
- Cash payout for replacement value
- Seamless claims via app
- Customize coverage as needed
Cost: From 1.25% of the ring’s value per year
13. Roanoke Trade
Roanoke Trade offers jewelry coverage starting at $2,500 for affordable protection.
Highlights
- Policies start at only $2,500 value
- Theft, loss, and damage covered
- Quick online purchase and claims
- Discounts at certain jewelers
Cost: From 1.25% of the ring’s value annually
14. BriteCo
BriteCo leverages AI for quick online ring insurance purchases.
Highlights
- Coverage from $1,000 to $100k value
- Loss, theft, damage protection
- Worldwide coverage and cash payout
- AI assistant helps customize the policy
Cost: From 1.5% of the ring’s value per year
15. Lemonade
Lemonade’s home insurance riders can cover engagement rings and other valuables.
Highlights
- Add jewelry rider to renters/home policy
- Covers loss, theft, and damage worldwide
- Seamless claims through the mobile app
- Gives back unused premiums
Cost: Around 1% of the ring’s value annually
Why Do You Need Engagement Ring Insurance?
An engagement ring is likely one of your most expensive purchases. The average cost of an engagement ring today is around $5,500. However, luxury and custom rings can easily cost $10,000 and up.
Even if you’re careful, there’s always a risk of your ring becoming lost, stolen, or damaged.
Rings can easily slip off fingers. Theft happens. Accidents like drops or snags can damage the structural integrity of the ring.
Replacing an engagement ring is costly. And there’s the sentimental value on top of the financial value.
Insuring your ring protects your investment and memories. If anything happens, you’ll have the cash to repair or replace the ring.
What Does Engagement Ring Insurance Cover?
Engagement ring insurance policies generally cover the following:
1. Loss or theft
If your ring is lost or stolen, insurance will reimburse you or replace the ring up to policy limits. This includes mysterious disappearances with no explanation.
2. Damage
Damage includes chips, cracks, breaks, or any event that impacts the structural integrity of the ring. Some policies cover damage from wear and tear over time too.
3. Resizing and repairs
Most policies cover resizing and repairs like re-tipping prongs, tightening settings, or replacing small diamonds or side stones. There are usually limits per repair/claim.
4. Appraisals
Periodic appraisals may be covered to maintain the ring’s current value. This ensures adequate coverage over time.
5. Worldwide coverage
Many policies cover your ring anywhere in the world. So you’re protected while traveling too.
6. Cash payout
If your ring can’t be replaced or repaired, the insurance company will pay out the replacement value in cash up to policy limits.
7. No deductible
Most ring insurance policies have no deductible. You don’t pay anything out of pocket to file a claim.
How Much Does Engagement Ring Insurance Cost?
Engagement ring insurance annually costs 1% to 3% of the ring’s value.
So, for example:
- On a $2,000 ring, expect to pay $20 to $60 per year
- For a $5,000 ring, costs range from $50 to $150 annually
- A $10,000 ring would be $100 to $300 per year
The final cost depends on the value of your ring, the insurance company, and policy options.
Bundling engagement ring insurance with homeowners or renters insurance may offer discounts too.
Consider paying for insurance upfront for multiple years to lock in rates. Rates likely won’t decrease over time as the ring’s value increases.
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Conclusion
Protecting your beautiful engagement ring is simple with the right insurance. Compare costs and coverage options to find the perfect fit.
Consider bundling with existing renters or homeowners policies for the best rates.
Most importantly, choose an established insurer that makes the claims process fast and headache-free.
Be sure to get coverage that meets your lifestyle, whether you travel often or mostly stay local.
Start your married life together with confidence. With ring insurance, you can relax and focus on the magic moments ahead, knowing your ring is protected.
