---
title: "Should I Get Engagement Ring Insurance?"
url: https://gittelsonjewelers.com/should-i-get-engagement-ring-insurance/
date: 2021-09-23
modified: 2021-09-23
author: "Sammy"
description: "You're getting engaged! This is one of the most exciting times in your life and your engagement ring is probably one of the most valuable things you will own for..."
categories:
  - "Engagement Rings"
  - "insurance"
tags:
  - "How much does engagement ring insurance cost?"
  - "insuring your engagement ring"
  - "Should I Get Engagement Ring Insurance?"
  - "What is engagement ring insurance?"
image: https://gittelsonjewelers.com/wp-content/uploads/2021/03/IMG_2506-1024x1024.jpeg
word_count: 1290
---

# Should I Get Engagement Ring Insurance?

You're getting engaged! This is one of the most exciting times in your life and your engagement ring is probably one of the most valuable things you will own for the foreseeable future. It's only natural then to worry about keeping it safe. Thankfully, there are plenty of options for engagement ring insurance so that you can enjoy wearing your beautiful ring on your finger without the stress of losing or damaging it.

> Gittelson Jewelers will provide you with a certified diamond ring appraisal that will show the gemstone's attributes and total value for insurance purposes.

The average cost of[ a Gittelson Jewelers ring](https://www.bluenile.com/build-your-own-ring/settings) in 2020 was just under $7,000, with the most expensive little beauty sold offering a jaw-dropping $75,000! And for some people, money isn't everything, but for most people, it's a major factor. But the sentimental value can really weigh on you if you happen to lose it. Having your ring insured will help offset those yucky feelings.

If you've just got engaged, you might be wondering: Should I insure my engagement ring? To get a better understanding of the process of insuring your ring, the costs involved, and common mistakes to avoid, we've covered a few of the basics below for you.

[![Pave Halo engagement ring](https://gittelsonjewelers.com/wp-content/uploads/2021/03/49869_NGN_RD_angledProfile-1024x884.jpeg)](https://gittelsonjewelers.com/wp-content/uploads/2021/03/49869_NGN_RD_angledProfile.jpeg)

## What is engagement ring insurance?

Engagement ring insurance is a form of jewelry insurance that's sole purpose is to protect your valuable jewelry. Just like the insurance we are used to, a standalone jewelry insurance policy protects against things like loss, theft or damage, and other items. These of course depend on your policy or insurance company, but many will cover damage or loss.

Engagement ring insurance is often overlooked which is odd when you think of the cost of buying an engagement ring. We have homeowners insurance, car insurance, and home warranties. We even buy extended warranties on television and other electronics, so it stands to reason that we should also consider insuring our precious engagement rings.

### Does your home insurance policy cover your engagement ring?

If you're a renter or a homeowner, jewelry is usually covered in a 'named perils' section of your insurance policy. This means a loss isn't covered unless it was listed specifically on your policy. Some people may find this type of coverage suitable enough, whereas others may prefer to insure their jewelry with a standalone policy. The benefit is that it covers those smaller, but just as valuable jewelry pieces that are separate from your home belongings. A standalone policy will often offer more comprehensive protection against some of the trials you may face if your engagement ring goes missing out of the blue, or in very sad circumstances, has been stolen or damaged.

When purchasing your ring at **[Gittelson Jewelers](https://www.instagram.com/gittelsonj/)**, we'll provide you with a certified diamond ring appraisal that will show the gemstone's attributes and total value for insurance purposes.

### How does engagement ring insurance work?

Most people hear the word insurance and make haste for the nearest exit. It's a subject that can be tricky to understand but it doesn't have to be complicated. Knowing how to protect your beloved ring can give you some invaluable peace of mind.

No two insurance policies are alike. You'll want to ask questions and find a policy that has comprehensive coverage aimed specifically at protecting against the common perils associated with your precious engagement ring.

#### What's covered

Each insurer will have its own set of inclusions. As an example you want to look for:

- Loss- Theft- Damage- Disappearance- Loose stones- Worldwide travel

#### What's not covered

It's also important to know what is not covered under the policy. Common things not covered are:

- War and authority- Deterioration- Critters- Intentional actions

Remember this next time you leave your ring out on the table while your brand new dog is milling around. If he swallows it, that's likely not covered.

#### Your peace of mind

In terms of what you will receive if the worst were to happen to your diamond engagement ring, most policies will reimburse you for the cost to repair or replace your diamonds. This means that you don't have to stress about finding an equal replacement for your piece that will help heal that heart-wrenching sentimental loss that comes with losing or damaging your engagement ring.

Depending on when this may happen (if at all) in your life, you may realize that fashion and tastes have changed, and perhaps it's time to switch it up a bit. If you have a replacement policy, you'll be afforded the luxury of shopping once again for the perfect ring. Gittelson Jewelers can help in your search or even **[design a custom engagement ring](https://gittelsonjewelers.com/custom-jewelry-design/)** for you.

[![Rose Gold Wedding Rings](https://gittelsonjewelers.com/wp-content/uploads/2021/07/66996969-1024x1024.jpg)](https://gittelsonjewelers.com/wp-content/uploads/2021/07/66996969.jpg)

### How much does engagement ring insurance cost?

If you've just gotten engaged and spent a small fortune on a shiny new addition to your jewelry collection, spending more money in the lead-up to the wedding is probably the last thing on your mind. However, it may come as a surprise that jewelry insurance is not as expensive as you think.

It is important to know that the cost of jewelry insurance will be different for everyone. Some factors that can affect the price include the value of your ring, and also where you live.

Generally speaking, jewelry insurance will cost 1-2% of the value of your engagement ring. So, for some quick math if you spend the average engagement ring price at Gittelson Jewelers of $7,000, expect to pay around $70 per year to insure it. Or, you can look at it like this: you're paying about $1 to $3 for every $100 of the value of your ring.

### Tips for insuring your ring

The **Dos**

- Do your research and make sure the policy you choose has adequate coverage that suits your needs and budget.- Provide a detailed sales receipt or an appraisal with each piece of jewelry you wish to cover, that way, you will be covered for the correct value if you need to submit a claim. Again, Gittelson Jewelers does this as part of our process.- Obtain a diamond certificate or grading report for your engagement ring. - Remember to reappraise. It's possible that the value of your engagement ring has likely increased since it was purchased. Make sure you update your books accordingly for insurance purposes.- Ask questions and ensure you understand your policy thoroughly.

The **Don'ts**

- Don't make assumptions that you are covered with your homeowners or renters policy as most don't provide extensive coverage if any.- Don't wait to start your policy. We know your engagement will be a busy and exciting time, but you'll be kicking yourself if something were to happen in the meantime. Imagine losing it immediatley on a honeymoon in the ocean somewhere. It happens!!- Don't keep your valuation documents, receipts, and certificates in an easily accessible location. Perhaps a home safe and backed up digitally as well.

## Protect your precious gemstone jewelry

This may be the first time you've thought about jewelry insurance. The surprise and excitement that comes with your engagement will surely have you on cloud nine, and digging through the world of insurance will be the last thing on your mind.

Given the sentimental and financial value of your engagement ring, it's worth learning more about jewelry insurance and whether it's right for you. If you want that extra level of protection beyond standard insurance, a jewelry-specific insurer can be a great option. If you need recommendations, Gittelson Jewelers has a few engagement ring insurance recommendations for you.

With a bit of care, your engagement ring should bring you joy for many years to come.

## Contact Gittelson Jewelers

Engagement ring shopping? Our business is all about helping couples navigate the diamond ring world - the 4 Cs, what to look for, and offering the most competitive price possible. Schedule a time to chat with us about a ready-to-wear engagement ring or a custom ring that you design together.