Engagement & Wedding Diamond Ring Insurance Options

The moment an engagement ring slips on your finger, it takes on a life of its own and becomes one of your most treasured possessions. While nothing could ever truly replace it — knowing you have insurance to protect your engagement ring can help give you peace of mind.

How to Insure an Engagement or Wedding Ring

While you’ll probably insure many of your belongings in your lifetime — an engagement ring is special. Insuring an engagement ring doesn’t happen every day, so it can seem a little confusing. To help you find the coverage you need, we’ve come up with some helpful tips:

Tip 1: Get Engagement Ring Insurance Right Away

Your best bet is to insure the engagement ring as soon as it’s purchased. That means the person who buys the ring should establish insurance, at least initially. You never know what can happen before or during the proposal, especially if it’s an elaborate proposal. Having a little extra protection might just save the moment.

Tip 2: Whoever Wears It, Insures It

Once the proposal has been made and the ring is on the finger, it’s the wearer’s responsibility to insure it. It’s also possible to add the engagement ring, or eventually the wedding ring, to your renters, condo or homeowners insurance with itemized personal property coverage.

Tip 3: You Can Add an Engagement Ring to Renters or Homeowners Insurance

Are you wondering why you’d need to add itemized personal property coverage when you already have renters insurance or homeowners insurance?

You’re correct if you think that you’re already covered, but it may not be enough to replace your cherished ring. Most renters and homeowners policies offer some protection for personal property but there’s typically a $1,000 or $2,000 cap on jewelry. You’re also only covered for specific events listed on your policy and a deductible may apply. If your ring is more valuable than that, adding itemized personal property coverage for your engagement or wedding ring means you can set a higher coverage limit and be covered for more types of losses. For example, losing your ring when traveling. Please note that the coverage limit cannot be greater than the appraised or documented value of the ring.

How do I cover a ring?

Engagement ring coverage can vary, so it’s important to ask what specifically is covered in the policy. Typically, adding itemized personal property coverage to your ring covers it if it’s lost, stolen or damaged, and it even covers you when you’re traveling, whether in the country or overseas. Be sure to ask your agent what happens if it’s lost, stolen or damaged and check if there are requirements for documenting a loss and/or damage. Finally, make sure you know what jewelers you can use for repairs or replacement.

What’s itemized personal property coverage?

Itemized personal property coverage is extra coverage you can add to your policy to offer further protection for specific types of personal property, like your engagement or wedding ring. It’s an open peril policy, which broadens your coverage by insuring your jewelry against all kinds of unexpected events except those that are specifically excluded by your policy.

Here are a few more things to know about insuring your engagement or wedding ring:

Engagement Ring Insurance Premiums Are Flexible

Rates vary for a number of reasons, such as location, cost of ring and policy, but it’s usually very affordable. If you want to lower your cost even more, you should consider getting a policy with a higher deductible. Your agent can give you more specific information on how to insure your ring at a price within your budget.

You’ll Need Diamond Documentation to Get Your Ring Insured

Your insurer is going to want some documentation of your ring’s value. If you purchased it, be sure to hold on to those receipts! An appraisal might be required but be prepared to pay a little bit for the appraisal itself. If the diamond is a half-carat or larger, you’ll probably get a diamond certificate from your jeweler, which is also great documentation of its value.

Reappraise Your Ring Every Few Years

If you’ve had a policy on your ring for years but haven’t had your ring reappraised, you may want to consider it because jewelry tends to increase in value over the years. If your ring is worth more, you’ll need more coverage so you can replace it if something should happen.

As you’re planning for your future — take the time to plan how you’re going to protect your future. Connect with your American Family Insurance agent by scheduling a personal insurance review. This way you can review all of your upcoming insurance needs to make sure you have that safety net of security for your new life together.

This article is for informational purposes only and based on information that is widely available. This information does not, and is not intended to, constitute legal or financial advice. You should contact a professional for advice specific to your situation.

This information represents only a brief description of coverages, is not part of your policy, and is not a promise or guarantee of coverage. If there is any conflict between this information and your policy, the provisions of the policy will prevail. Insurance policy terms and conditions may apply. Exclusions may apply to policies, endorsements, or riders. Coverage may vary by state and may be subject to change. Some products are not available in every state. Please read your policy and contact your agent for assistance.

*Customers who bundle home and auto insurance policies may save up to 23% on both policies together (as of December 2023). Discounts may vary by state, property, policy form and company underwriting the home and/or auto policy. Discounts may not apply to all coverages on a home or auto policy.