Best Engagement Ring Insurance Policies for Peace of Mind
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That gorgeous new engagement ring is a symbol of love that's designed to last forever. But even though diamond rings are resilient, they're not impervious to damage, theft, or loss. Your homeowners or renters insurance policy won't be sufficient to cover an expensive ring or protect against mysterious disappearance, but a standalone jewelry insurance policy can provide peace of mind. Whether you drop your ring in the disposal or leave it in your hotel room, insurance can pay for repair or replacement.
To help you choose an engagement ring insurance provider, we evaluated the largest jewelry insurance companies nationwide based on cost, plan benefits, and the application process, including whether appraisals are required. We selected the five best options for newly engaged couples or people planning proposals, so you can pick the insurer that best meets your needs.
Best Engagement Ring Insurance of 2022
Best Overall: BriteCo
Best Online Application Experience: GemShield
Best for No Appraisals: Jewelers Mutual
Best for Discounts: Lavalier
Lowest Premiums: Wax Insurance
Best Overall: BriteCo
Pros & Cons
Pros
Affordable premiums for engagement rings
Up to 125% replacement value
Some coverage for preventive maintenance
No complaints with the NAIC
Coverage adjusted annually based on inflation and gemstone/metal prices
Cons
Personal info required for a quote
Why We Chose It
BriteCo offers better than average pricing for engagement ring insurance, and the coverage is more robust compared to some other companies. All policies have a $0 deductible and you're covered for up to 125% of the appraised value of your ring. Plus, BriteCo uses proprietary algorithms to evaluate and adjust your coverage annually based on increases in inflation or gemstone, diamond, or metal prices. What's more, BriteCo even provides some preventive maintenance coverage. Policies only exclude mechanical breakdown, prior damage, deterioration, wear and tear, and voluntary parting (which means you intended to lose or give your ring away).
You can get a quote online from BriteCo, but you'll need to provide your contact information. While appraisals aren't required to start coverage, they are recommended. BriteCo allows you to add a co-insured at no cost. The company is great for customer satisfaction as well. BriteCo has glowing reviews on Facebook and Google and has received no complaints with the NAIC over the last two years. The company holds an A+ (Superior) financial strength rating with AM Best, indicating a superior claims paying ability.
Best Online Application Experience: GemShield
Pros & Cons
Pros
Quick and easy quote without contact info
Fully digital and fast application
Flexible deductibles
Cons
Appraisals required for rings worth $5,000 or more
Coverage generally capped at $35,000 per item
Why We Chose It
GemShield makes it really easy to get a quote—just enter your zip code, the value of your engagement ring, and choose your deductible. No personal info or mobile app download required. The application is digital and takes 10 minutes or less to complete, but you will need an appraisal for items valued at $5,000 or more. GemShield allows you to start claims online as well. Coverage is not quite as comprehensive as BriteCo's, but the policy only excludes nuclear hazard and war, intentional damage and loss, and manufacturer's defects, which are more commonly covered by warranties.
You can choose a deductible up to $1,000 to keep premiums low, and GemShield offers some discounts for security measures as well, but the company's quoted premiums for engagement rings were slightly higher than some other insurers. The company's policies are underwritten by a carrier with an A+ (Superior) financial strength rating from AM Best and far fewer complaints with the NAIC over the last three years than expected given its market share.
Best for No Appraisals: Jewelers Mutual
Pros & Cons
Pros
Appraisals not required in most cases
Quick and easy online quote
Preventive repairs may be covered
Cons
Excludes damage from pests
Charges higher premiums than some other providers
Why We Chose It
In most cases, you will not need an appraisal to insure your engagement ring with Jewelers Mutual. What's more, the insurer has over a century of jewelry industry experience and an A+ (Superior) financial strength rating with AM Best. The company also has excellent customer reviews on Trustpilot and far fewer complaints than expected with the NAIC over the past three years, given its size. Plus, it's incredibly simple to get a quote without providing any contact information, and appraisals are not required in most cases, although having one may help you avoid disputes during the claims process.
Jewelers Mutual provides robust, worldwide coverage that includes some preventive repairs and allows you to work with the jeweler of your choice. Several discounts are available as well. However, unlike some other jewelry insurance providers, Jewelers Mutual does not cover damage from pests, so you should make sure to store your ring securely if you're not wearing it.
Note that you can also get coverage backed by Jewelers Mutual through Geico jewelry insurance.
Best for Discounts: Lavalier
Pros & Cons
Pros
Offers a variety of discounts to policyholders
Flexible deductible options
Quick and easy online quote
Cons
Appraisals required for rings valued at $5,000 or more
No online claims
Why We Chose It
Lavalier offers reasonable pricing and several discounts. You can get a discount for keeping your ring in a safe, bank vault, or safety deposit box, and you can also get savings for having an alarm or getting a gemstone grading report. You can also choose a $0 deductible or one up to $25,000 to lower your premiums. It's easy to get a quote and apply online for a policy, but you will need an appraisal if your ring is worth $5,000 or more.
Lavalier doesn't offer a way to start a claim online, but the company offers comprehensive coverage with few exclusions. Only manufacturer's defects, intentional damage, and rare circumstances like nuclear hazard or war are not covered. Lavalier policies are underwritten by a company that has an A+ (Superior) financial strength rating with AM Best and far fewer complaints with the NAIC over the last three years than what was expected given its market share.
Lowest Premiums: Wax Insurance
Pros & Cons
Pros
Lowest premiums for engagement rings of the providers we reviewed
High coverage limits and no appraisals required under $100,000
Up to 150% replacement for covered losses
Cons
No instant online quote
Why We Chose It
You'll need to provide your email address and wait for a message to get a quote from Wax, but premiums are the lowest of any provider we reviewed. With the company's high coverage limits, it's a great option for a particularly costly diamond ring. You'll even be covered for up to 150% of the original appraised value, making the coverage great for inflation protection. And if you have a collection of other jewelry or plan to purchase new jewelry, Wax makes it easy to add new items to your policy by snapping a picture with the app.
You won't need an appraisal to get coverage for a ring worth less than $100,000, but we suggest having one to make the claims process easier. Wax policies are underwritten by Chubb, a 140-year-old insurance company with an A+ (Superior) financial strength rating from AM Best. Chubb also received fewer complaints with the NAIC over the last three years than expected given the company's size.
Final Verdict
BriteCo stands out for its affordable, comprehensive coverage, excellent customer satisfaction, and attention to your policy with annual coverage adjustments. Jewelers Mutual is another highly reputable company that you may choose if you want to avoid appraisals. But if you don't mind speaking with an expert, you may be able to get a lower premium from Wax, which will be especially important if you have a very pricey engagement ring. And if you can qualify for Lavalier's discounts or want to choose a higher deductible, you might find the company offers an even better value.
Frequently Asked Questions
How Much Is Engagement Ring Insurance?
Most jewelry insurance providers estimate that it costs between 1% and 2% of an engagement ring's value annually for insurance coverage. Most couples spend over $6,000 on an engagement ring. If that's how much you spend, you'll likely pay between $60 and $120 annually for insurance. But your actual premium will depend on where you live, how much you spent on the ring, and the deductible you choose. And some insurance companies charge higher rates than others.
How Do I Get an Engagement Ring Insured?
First, compare pricing and coverage—get customized quotes from a few different jewelry insurance companies and compare plan benefits. Next, ask the right questions. Make sure you understand how to prove your ring is lost, what is required to file a claim, and what is excluded from your policy. Ask if you'll be protected when traveling worldwide and whether mysterious disappearance is covered. Then, get an appraisal if needed, apply for coverage, and keep your policy updated. Many jewelry insurers recommend getting an updated appraisal every two years, since the value of your engagement ring can change.
Does Renters or Homeowners Insurance Cover Engagement Rings?
Homeowners and renters policies include some coverage for jewelry and other valuables, but coverage is often capped around $1,500. That's not enough to cover a typical engagement ring, and you'll also be subject to your deductible. Furthermore, mysterious disappearance is not covered under most renters and homeowners policies. Another reason having a standalone policy is a good idea is that filing a claim won't impact your homeowners or renters premiums.
How to Insure a Diamond Ring
The process of insuring a diamond ring is the same as insuring any valuable piece of jewelry. You'll want to get an appraisal, especially if the ring is an heirloom or if the diamond was reset from an heirloom piece and you don't have a receipt. Then, compare quotes and ask how to prove your ring is lost, what is required to file a claim, and what the policy excludes. Ask if you'll be protected when traveling worldwide and whether mysterious disappearance is covered.
Methodology
In addition to comparing quotes across companies and checking whether monthly payments and discounts were offered, we evaluated the coverage offered by each provider, focusing on whether mysterious disappearance was covered and policy exclusions. We also looked at financial strength ratings, years in business, and complaint data to assess financial stability and customer satisfaction. (We eliminated companies with high complaint indices and poor financial standing.) We placed particular importance on the ease of the quote and application process, including whether an online application was offered, the simplicity of online quoting, and the minimum value requiring an appraisal.
