What Type of Insurance Do I Need for My Engagement and Wedding Rings?

Standard homeowners insurance and renters insurance policies provide some coverage for rings and other types of jewelry, although coverage may only apply to a limited number of perils up to a sublimit that is below your regular coverage limit. If you want more comprehensive insurance for engagement rings and wedding rings, you should consider buying scheduled personal property coverage or standalone jewelry insurance.

Read below to learn more about engagement ring insurance including the specific benefits of certain types of policies and how much you may have to pay for additional coverage.

Key Takeaways While homeowners insurance automatically covers wedding and engagement rings, coverage is often limited to 16 named perils and payouts may be restricted by sublimits stated in the policy. If you want higher sublimits and coverage for more perils, you may want to add a scheduled personal property coverage rider to your home insurance policy or purchase a separate jewelry insurance policy. Insurance for valuable items such as engagement and wedding rings typically costs 1% to 2% of the value of the covered items. Wedding and engagement rings may be worth insuring because they are commonly lost or stolen and can cost thousands of dollars to replace.

Do I Need To Insure My Engagement and Wedding Rings?

You may want to consider buying insurance for your wedding rings and engagement rings due to the high costs associated with losing rings and the high risk of losing them. Wedding rings cost $1,000 on average, while engagement rings cost $5,500 on average.^[1]

Meanwhile, one survey found that nearly 40% of male respondents in the United States had temporarily misplaced or permanently lost their wedding band at some point.^[2] In addition, jewelry is among the most stolen items in home invasions along with cash and gold.^[3]

What Types of Insurance Cover Engagement and Wedding Rings?

See the following sections for an overview of the various types of diamond ring insurance coverage you may need to purchase to fully protect your valuables.

Personal Property Coverage

The personal property coverage portion of a standard homeowners or renters insurance policy covers your belongings including rings and other types of jewelry. Coverage is usually provided on a named peril basis, which means your home insurance company will only cover losses caused by the following 16 perils:

Fire or lightning	Theft
Windstorm or hail	Volcanic eruptions
Explosion	Falling objects
Riot or civil commotion	Weight of ice, sleet or snow
Damage by aircraft	Water/steam discharge from home systems and appliances
Damage by vehicle	Sudden/accidental tearing, cracking, burning or bulging of home systems
Smoke	Freezing of home systems
Vandalism or malicious mischief	Sudden/accidental power surges

You should also note that basic home insurance policies often apply sublimits to claims involving valuable possessions like engagement and wedding rings. For example, some policies will only pay out a maximum of $1,000 for jewelry theft claims no matter how much the stolen jewelry is worth.^[4] As a result, a basic homeowners policy could leave you underinsured if you have rings worth several thousand dollars.

Insurance Riders

You can secure extra wedding ring insurance coverage by purchasing an insurance rider known as scheduled personal property coverage. This homeowners insurance add-on allows you “schedule” certain items, meaning you can select higher sublimits that apply specifically to those items in order to insure them at their replacement cost value (RCV).

One perk of scheduled personal property insurance is that claims involving scheduled items may not require an upfront deductible. In addition, this endorsement may cover some losses that aren’t covered by a basic homeowners insurance policy. For example, your scheduled personal property coverage may reimburse you if your ring slips off your finger while you are washing your hands and falls down your bathroom sink drain.^[5]

Jewelry Insurance

Alternatively, you can buy a separate specialized jewelry insurance policy that is specifically designed to cover high-value pieces of jewelry such as wedding and engagement rings. This kind of policy may cover numerous losses that aren’t covered by homeowners insurance such as unexplained disappearances, accidental physical damage, flood or earthquake damage and even some types of wear and tear.[6]

Another benefit of this type of jewelry insurance is that it is not connected to your homeowners insurance policy at all, which means that filing a jewelry-related claim will not raise your home insurance premium like it would if you only had homeowners insurance with a scheduled personal property endorsement.

How Much Does Wedding and Engagement Ring Insurance Cost?

Standalone jewelry insurance policies generally cost between 1% and 2% of the total value of the jewelry covered by the policy.^[6] For example, if you take out a policy to cover $15,000 worth of jewelry, your annual premium will likely land in the $150 to $300 range.

A scheduled personal property coverage endorsement to your home insurance policy will likely cost you about the same amount, according to Samuel Greenes, CEO of BLUE Insurance. The appraised value of your scheduled items will play a major role in determining your insurance prices but other factors can also come into play.

“The insurance company will look at where you live,” Greenes said in a message to SmartFinancial. “Some areas have higher theft risks, which can push the price up a bit. The type of item matters too — a high-end watch collection, for instance, might be slightly pricier to insure than a simple ring.”

How To Insure Your Engagement and Wedding Rings

You should compare quotes from around three to five insurance companies in order to find a homeowners insurance policy that includes sufficient wedding and engagement ring coverage. Requesting quotes often involves sharing information such as where you live and how valuable your jewelry collection is.

To simplify the insurance shopping experience, you should use an online marketplace platform like SmartFinancial. All you have to do is answer a few questions and we’ll connect you with insurance agents who are prepared to help you find the best engagement ring insurance policy for your circumstances. Click here if you’re interested in receiving a free homeowners insurance quote in just a few minutes.