Worried about insuring your precious ring? We’re here to tell you everything you need to know about insurance for a ring, whether it’s a diamond, sapphire, ruby, or other gemstone. Don’t let a single moment of uncertainty or fear stop you from getting the engagement ring of your dreams.
We’ll go over what an insurance policy is and how it protects your investment so that when something happens to your ring – whether it’s an accident or a natural disaster – you can rest assured with the knowledge that you’re covered.
How much insurance do you need for a ring?
An answer to this question depends on the type of ring and the amount of money, if any, you’re willing to invest in it. If you can afford to spend over $1,000 on your ring, we recommend a diamond-specific policy. (For an extra $100 or so per year, a sapphire-specific policy will cover your stone and will also cover the diamond in case something happens to the sapphire.) Even if you can’t afford to spend more than $500 or $1,000 on your ring, we still recommend getting individual policies for both the diamond and the sapphire.
How much should I insure my engagement ring for?
As with most insurance policies, you’re going to be covered for your ring’s cash value. This means you’ll be covered for what the ring is worth–not how much you paid for it. A $600 ring would be covered for $600, not for its original purchase price.
Ring insurance policies are typically underwritten by companies that specialize in jewelry insurance.
Typically, an insurance policy is also going to cover physical damage as well as theft or loss of a ring. In the unlikely event that your engagement ring is damaged or stolen, an insurance company will do one of two things: they will replace your ring with a similar one (if they decide that your original was irreplaceable) or they will pay you the agreed upon value of your lost or damaged item.
Also, your policy will cover you if one of the gemstones inside your ring gets chipped or otherwise damaged beyond repair.
What’s the difference between insurance for a diamond and insurance for a sapphire?
While both ring insurances are designed to protect you in the case of theft or loss, they do differ in how they’re going to pay out when it comes to replacing your engagement ring.
Diamond-specific policies are going to replace your ring with another equal in value, while sapphire-specific policies will cover your broken sapphire regardless of its value.
How much does it cost to insure a $3000 ring?
Typically, ring insurance policies are going to be created for three years. If you’d like to extend your coverage for an additional year or two, that’s going to cost anywhere between $50 or $100 per year.
If your ring is of fine quality and is worth more than $3,000, you might be able to get more comprehensive coverage for a premium of up to $250. However, this will depend on the amount of money that you have spent on your ring. The more you spend on the stone, the higher your policy’s premium is going to be.
In 2022, the cost of ring insurance may range between 1 and 3 per cent of the value of the item insured, but can be higher or lower, depending on the risk profile of the individual. On average, you can expect to spend $1 to $3 for every $100 your ring is worth. In theory, this means paying $100 to $300 a year for a $10,000 bauble.
What if I don’t want my engagement ring replaced?
If you don’t want the insurance company to replace your ring with a similar one, you don’t have to buy a policy that covers diamond-specific rings. With a sapphire-specific policy, however, you’re not insured against any damage or theft of your sapphire and the company will cover any damage it receives as long as it is equal in value.
How does theft, loss, or damage get paid out?
Most policies will require you to file a claim within 60 days of an incident. Once you’ve filed a claim, the insurance company will investigate and then handle your claim. If you need to file a claim after 60 days have passed, the insurance company is going to take a harder look at your situation and may not allow it.
You’re also going to want to try your best to prove who lost or stole it so that the insurance company can proceed with faster action on your behalf.
How much is it going to cost to insure my diamond?
As we mentioned before, ring insurance policies are typically underwritten by companies that specialize in jewelry insurance. Because of this, there’s no way for us to accurately predict how much a diamond-specific policy is going to cost you.
As with most things, the more risk your insurance company has to cover in terms of size and value of your engagement ring, the higher the price tag will be. A $3000 diamond-specific policy could cost anywhere between $100 and $200 per year.
What if I want a greater level of protection?
If you want an additional safety net in the case of theft or loss, you may consider something like insurance for your house or your car. This way, if someone breaks into your house and steals your engagement ring or it gets stolen out of your car when you’re not looking, you have a little more coverage to help make up for the loss.
Do I need a policy if I’m only spending $1000 on an engagement ring?
If you’re only spending $1,000 or less, the best way to protect yourself is with an individual policy for both the diamond and the sapphire. You can purchase a simple, two-year diamond-specific policy for about $65 – $100 per year.
This is going to be your best bet for protecting your investment as well as helping you sleep at night knowing that there’s coverage in place – no matter what happens.
How do I make sure my ring insurance is the right one for me?
Don’t worry! We’ve got you covered. Whether you’re looking to purchase a policy right now or you’re just wondering if it’s worth the money, give us a call and we’ll help you figure that out. We have access to hundreds of insurance companies and have relationships built with the top names in the industry.
There are a few ways to get a sense of the value that your ring might be worth. A quick Google search can yield quotes from several jewelers who have made a name for themselves in the industry, but your best bet is to contact us for assistance. We know what all of the top companies are charging, and we can help you decide which option is best for you.
Many people may also wonder if it’s worth it to insure their rings, especially if they’re only spending a few hundred dollars on them. The truth is that even though you spend a pittance on your ring, it is still an investment – and one that’s very important to you.
FAQ’s about insurance for a ring:
- Is insurance for a ring even worth it?
Yes! Even if you only spend a few hundred dollars on your ring, it’s a good idea to insure it. While the actual value of the ring may be out of proportion with how much you spent on it, you are still insuring an item of sentimental value–and combined with factors like size and quality, this item is worth something.
- Is it possible to get insurance for a ring without replacing it?
It’s not a bad idea to ask your jeweler about the possibility if you think your ring might be stolen or otherwise lost. However, there are insurance agents who may be able to help you get some of the coverage that you need without having to replace your ring.
- Are there any other ways I can protect my engagement ring from theft or loss?
Because the value of an engagement ring is usually so high, having an extra level of coverage is definitely recommended. It may not seem like much, but even something as simple as jewelry theft can still have a significant impact on your finances.
- When does the policy begin and end?
Most policies will begin on the day you purchase your ring. However, it’s a good idea to check your policy just to make sure there are no extra details that you need to be aware of. If your ring is insured from day one, it will be covered as soon as you get home.
- Do I have to call the insurance company after my engagement ring is stolen or lost?
While this isn’t a necessity, it’s going to make things a lot easier if you can give them any details they need in order to move forward with your claim.