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Whether you are planning to propose or you’ve just said “yes,” getting (or giving) an engagement ring is one of the most exciting and memorable moments of your life. So, now that you have the ring, what’s next? Most people think of the wedding, but considering the investment that goes into choosing and buying a ring, engagement ring insurance is something you don’t want to forget about during all the excitement.
Don’t make the mistake of assuming that your home insurance will have it covered. You might be surprised to find out that most home policies limit jewelry coverage anywhere from roughly $1,500 to $5,000 (on average). Buying an engagement ring insurance policy is often the only way to make sure your ring is fully covered.
So, how do you know which company to go with? We reviewed over a dozen engagement ring insurance options to help you figure out if you need engagement ring insurance and what your best options are.
The 7 Best Engagement Rings Insurance Companies of 2022
Best Overall: JIBNA
JIBNA
Why We Chose It: As our top pick, JIBNA has several stand-out features that set it apart from the rest, such as the annual valuation review and flexibility in a claim (due to the agreed value settlement option). Plus the company can insure any kind of engagement ring, big or small, newly purchased, custom-designed, and heirloom pieces, too.
What We Like
- Coverage for loss, theft, damage, and disappearance
- Agreed value loss settlement option (cash settlement to insured value)
- Renewal valuation updates to ensure you are not over (or under) insuring
- Significant discounts when you provide a Jewelry Insurance Standards Organization (JISO) appraisal
What We Don’t Like
- No online quote
- No coverage for unmounted gems
- You may have to add your fiancé(e) as an “additional person insured”
A specialist in insuring jewelry, the Jewelry Insurance Brokerage of North America (JIBNA) provides coverage through licensed insurance brokers. It offers coverage for loss, theft, damage, and disappearance on an agreed value settlement basis. The advantage of the agreed value settlement is that you do not have to replace the item in a claim to get paid; rather, you can opt for a cash value settlement equal to the insured value, instead.
Once insured with JIBNA, you can benefit from the value-added service of an annual valuation. On your renewal, market information is used to review the details of your ring to assess if its insured value is still in line with current replacement values. This service can save money by avoiding you paying for increased premiums due to over-insurance. The valuation also identifies when market values have increased and will help make sure you do not under-insure as well.
JIBNA offers temporary coverage for any newly acquired jewelry that you may need to add to the policy (up to $10,000). If you are looking to save money on your engagement ring insurance, the company offers significant discounts to those who provide JISO appraisals.
The JIBNA policy may require you to add your fiancé(e) to the policy in some cases, and it is important to keep in mind that it does not insure unmounted gems, so if you bought a diamond with the intention of setting it onto a ring, it does not provide coverage for that. JIBNA does not offer online quotes, but you can call one of its experts to help you decide on the right policy option.
Best Budget: Zillion
Zillion
Why We Chose It: Zillion earned a spot on our list because its online pricing was the best among companies offering online quotes.
What We Like
- No deductible policy options
- Backed by AXA XL, a top-ranked specialty insurer
- No requirement to add the wearer as a named insured
- Sells coverage through retailers and direct to consumer on the website
What We Don’t Like
- Repair or replacement policy (no full value cash settlements)
- Must submit personal information to get a quote by email
- If you want to save money with a higher deductible, it does not have that option
- Must submit a receipt or appraisal to confirm the quote or obtain coverage
- Claims are submitted through the website; customer service may have delays
Zillion sells insurance online, as well as through partnerships with various jewelers. There is no requirement to add the wearer as a named insured (unlike some other policies we reviewed).
Zillion’s engagement ring policy has no deductible. When comparing higher-value items, sometimes the pricing was only a few dollars less than the competition. However, it is noteworthy that Zillion did require some personal information in the quote process, which could explain the reduced rate compared to others quoting online who only add discounts later. The company offers a standard “repair and replace” coverage and is backed by AXA XL.
Although you have to submit personal information such as your name, address, phone number, and email to get a quote online, the response time is excellent. Your quote will come by email and will let you know the next steps to confirm the quote and obtain coverage, which includes providing a receipt or appraisal.
Claims and customer service are available via a short website form. When we asked Zillion for more information on coverage options via email, we had answers within minutes (during business hours).
Best Direct Insurer: Jewelers Mutual
Jewelers Mutual Insurance Company
Why We Chose It: Jewelers Mutual sells insurance directly to consumers online, but also act as the issuing insurer for other well-known insurance companies (such as GEICO). It made our list because of its reputation, accessible online quotes, and specialized coverage features.
What We Like
- Coverage for loss, theft, damage, disappearance, and loose stones
- Multiple options to insure with or without a deductible
- Quick online quote (no personal information required to get a price)
- Includes preventative repairs (like stone tightening)
- Insurance for the full appraised value on a “repair or replace basis”
What We Don’t Like
- No full-value cash option
- Need a recent appraisal
- You must repair or replace, you will not receive a check (or money)
Founded in 1913, Jewelers Mutual is a well-established insurance company specializing in jewelry coverage.
The company offers “repair or replace” coverage for all the basics, like loss, theft, disappearance, but also includes coverage for preventative repairs. Its repair or replacement coverage means Jewelers Mutual will settle a claim on a “same kind and quality” basis (including brand names).
Note that Jewelers Mutual will not offer a cash settlement if there’s an incident, and you must have a recent appraisal to insure your ring (or receipt). Unlike other engagement ring insurance options, Jeweler’s Mutual is the insurance company itself; it does not underwrite through a third party. We also like that it allows you to use your own trusted jeweler and can insure a broad range of ring values with multiple deductible options.
The company received its 34th consecutive A+ rating from AM Best credit agency and has an A+ rating with the Better Business Bureau. However, customer reviews range in preferred experiences and opinions.
Best High-Value Insurer: Chubb
Chubb
Why We Chose It: Chubb offers specialized coverage for engagement rings with coverage advantages we did not see elsewhere. Chubb’s commitment to pay up to roughly 150% of the insured value (if market valuation causes your item to be underinsured at the time of a claim), and flexibility with appraisals earned Chubb a spot on our list.
What We Like
- Appraisals only required for jewelry valued at about $100,000 or more
- Newly acquired items are covered for up to 90 days (about 25% of itemized coverage)
- Will pay up to around 150% of insured value to account for market value increases
- No deductible coverage
- Worldwide coverage
- No obligation to replace with full value (cash settlement) coverage
- 48-hour fast claims settlement
What We Don’t Like
- Must speak to an agent to obtain quotes
- Underwriting details or eligibility criteria not specified online
Chubb is a high-value home insurer with an excellent reputation for settling claims quickly (and easily).
It insures engagement rings for up to 150% of the insured value, with no obligation to replace the item in a loss. The company does not require appraisals for items under roughly $100,000; policies have no deductible, and coverage is available worldwide.
Another nice feature of the Chubb policy is that newly acquired items are covered up to 25% of the current insured jewelry value, and for up to 90 days. As a specialist, the company will not have any trouble insuring an heirloom piece or any custom-made jewelry.
Chubb also offers additional insurance solutions for valuable article coverage on items such as precious weddings gifts or your new home. The company only works through agents, so you will not be able to get a quote online.
Best for Lower-Value Rings: Gemshield
Gemshield
Why We Chose It: The GemShield policy is easy to obtain and offers a broad range of coverage, but only up to a maximum ring value of about $35,000, which is why we picked it as the best insurer for small amounts of (basic) coverage.
What We Like
- Worldwide coverage for lost, stolen, broken or damaged items, or missing stones
- Automatic coverage for new jewelry (limited)
- Choice of the jeweler in a claim (either your own, or one of their in-network jewelers)
- Can also provide gem coverage
What We Don’t Like
- Must repair or replace in the event of a loss
- Roughly a $35,000 maximum value per item (although there may be exceptions allowed)
- Limited deductible options (from zero to $1,000)
- Maximum combined item policy limit is $100,000
GemShield offers basic engagement ring insurance coverage with easy online quotes. It underwrites the insurance through StarNet Insurance Company (a Berkley Corporation company), which has low levels of complaints with the National Association of Insurance Commissioners (NAIC) and a stellar AM Best credit agency rating.
The policy offers coverage for lost, stolen, and broken or damaged items. Additionally, GemShield will cover missing stones. And no matter where you are, you don’t need to worry about issues with coverage since it’s worldwide.
It’s important to note that this is a “repair or replace” policy, but that comes with some perks like choosing your own jeweler and automatic coverage for newly acquired items.
Best Online Quotes: Lavalier
Lavalier
Why We Chose It: Lavalier stands out for its broad range of deductibles to choose from, its fast online quotes with no personal information required, and the ability to quote high limits of insurance (even beyond its stated maximum of $50,000) within seconds.
What We Like
- Quick online quotes
- Deductible options from zero to about $25,000
- Coverage for jewelry in transit (for inspection)
- Automatic coverage for newly acquired jewelry up to around $10,000 (or 25%)
- Choice of the jeweler in a claim (either your own jeweler or one of their in-network jewelers)
- Discounts available for approved grading reports, home safes, and alarm systems at home
What We Don’t Like
- You must repair or replace in a claim
- Roughly a $50,000 maximum value per item (there may be exceptions allowed)
- If you decide to cancel your policy, there is a minimum earned premium of $50.00
- You may have to pay the jeweler first in a claim and then get reimbursed
Lavalier underwrites insurance through Berkley National Insurance, a Berkley Corporation subsidiary, (like Gemshield’s insurer). However, the company offers many insurance limits and coverage features.
At Lavalier, extra coverage features like jewelry in transit, available discounts for home safes and alarm systems, and approved gem grading reports make for a well-balanced policy to consider when looking for “repair or replacement” engagement ring coverage quotes online.
Lavalier prides itself on being a provider that only insures and protects against risks specific to jewelry. Thus the company is ideal if you want a policy separate from one for homeowners or renters.
Best for Members of the Military: USAA
USAA
Why We Chose It: USAA stood out for the variety of options available to insure engagement rings for members of the military and their families.
What We Like
- No deductible
- In-house gem lab with gemologists from the Gemological Institute of America (GIA)
- No appraisal required under roughly $15,000
- Discount if you bundle with other USAA products
- Will pay scheduled item limit if it’s not feasible to replace, repair or restore the item
What We Don’t Like
- Repair or replace policy
- Only available to military members or their families
- Available to policyholders as a rider, only available as a standalone policy in Florida, Pennsylvania, Hawaii, New Hampshire, New Mexico, and New York
The United Services Automobile Association (USAA) offers military members and their families the option to insure engagement rings on a personal property floater that may be purchased as a standalone policy in certain states. USAA is the third-largest home insurer in the U.S. it ranks highly for customer satisfaction in independent surveys, has low levels of complaints with the NAIC, and has a stellar AM Best credit agency rating.
USAA’s valuable personal property floater does not require an appraisal for jewelry under about $15,000 (one of the higher limits among most of the companies we reviewed). USAA also takes jewelry insurance seriously with an in-house gem lab and the option to get paid the insured limit if you can’t replace, repair, or restore the item in a claim.
For USAA members who do not add a jewelry floater, it is also notable that the company offers the highest, standard homeowner jewelry limit we’ve seen (for a basic policy) at about $10,000. Although limited and subject to deductible, it is still a nice added benefit if you decide to insure your home with them.
It also offers discounts when you bundle engagement ring coverage with your home policy. To get a quote with USAA, sign up for a quote on its website or mobile app, or call them directly. USAA does not provide quotes to non-members, therefore you have to provide USAA your military information and get an account with them before you can obtain a quote.
Overall, if you are eligible for coverage as a military member (or family), explore what USAA has to offer.
Final Verdict
Your decision in selecting engagement ring insurance and your choice of a provider can make a significant difference in recovering from a loss. Insuring an engagement ring will ultimately be an individual decision. You will need to consider how much coverage you want, what you’re willing to pay, whether or not you’re willing to have an appraisal done, and whether you have coverage from a homeowners’ policy, or need an entirely separate one. In some cases (like with Chubb and USAA), you might be able to get a standalone policy with competitive coverage, which gives you a discount on your other policies. Always look at the big picture when comparing your options.
What Is Engagement Ring Insurance?
Engagement ring insurance is a type of valuable articles insurance policy that provides coverage for either scheduled or blanket items, usually with an option for no deductible and all-risk coverage. All-risk coverage means that all types of losses are covered unless they are specifically excluded. A common advantage of an all-risk or open perils policy is coverage for mysterious disappearance.
How Much Does Engagement Ring Insurance Cost?
Valuable article coverage or engagement ring insurance usually costs about $1 or $3 per $100 of its insured value. The cost of coverage can vary depending on the insurance company, as well as what discounts you are eligible for (if any). For example, if you purchase engagement ring insurance through the same company that insures your home as a separate jewelry policy, you may be eligible for a bundling discount.
Will Homeowners or Renters Insurance Cover an Engagement Ring?
Homeowners insurance will cover an engagement ring as part of the standard policy limit, subject to the deductible. A standard homeowner policy usually covers around $1,000 to $5,000 maximum. Depending on the type of coverage you have, you may only be covered for named perils, which means the basics, like theft. This isn’t very comprehensive coverage.
The best thing to do is ask your home insurer about what coverage is included and how much it would cost to schedule the ring on a rider. Your home insurance company will usually be able to offer you extra jewelry coverage for an additional cost that will either have higher limits, no deductible (or both), and can provide competitive coverages similar to the stand-alone policies on our list. Some insurers even have partnerships with companies on this list and can get you the same coverage through them (while potentially also getting you discounts on your home policy).
Do You Need Engagement Ring Insurance?
Losing an engagement ring before you even walk down the aisle (and have to pay for another one) could be both financially and emotionally devastating. You may reconsider insurance once you’ve had your ring for many years without incident—paying hundreds (or thousands) of dollars for 20 years adds up. Certainly, in the first few years, though, it is worth considering along with practicing everyday reminders when it comes to caring for your engagement ring.
Whether you need special engagement ring insurance coverage or not depends on your situation. If you are worried about losing a stone from the ring or losing the ring itself, then paying for the coverage will bring you peace of mind. Engagement ring insurance also allows you to replace the ring if it gets stolen or something else goes wrong.
What Information Do I Need to Provide to Insure My Engagement Ring?
Depending on the provider, you may need to provide a sales receipt, a jewelry appraisal, photographs, and additional details about the ring (and the person who will be wearing it). Some insurers will only require an appraisal when a ring is valued over a certain amount.
An insurance company may also ask you to provide information about how you will wear the ring, where it will be kept, and even personal questions about your background. Some insurers will ask whether you have ever had previous jewelry insurance (or losses) or a criminal record. It varies depending on the insurance company.
How Long Does It Take to Get Engagement Ring Insurance?
In most cases, you can apply for engagement ring insurance online and get an answer within a few minutes. Some companies will require a photograph, a copy of an appraisal, or a receipt showing proof of purchase (or value) before they insure you, which might take longer. Each insurance company has varying criteria.
Can I Insure an Engagement Ring Before I Propose?
You do not need to wait until you have proposed to insure the ring. Your engagement ring is a valuable investment and insurance companies will usually have a solution to help you out without ruining the surprise. There are two options: Call your home insurance company and add the ring to your policy as a rider (the ring is yours until you propose), or, if you want to cover the engagement ring with its own policy, contact an engagement ring insurance company and explain the situation.
Should You Get Engagement Ring Insurance With a Deductible?
Many insurers offer no deductible policies, yet you might be wondering if a higher deductible will save you money. We tested various rates and found that an increased deductible did provide between 3% and 20% in discounts, but depending on the value of the ring, this didn’t make much of a difference for items under about $10,000. For example, the average cost of insuring a $5,000 ring was between roughly $93 and $100 with no deductible. A $250 deductible saved about $3 to $7 per year, and a deductible of approximately $2,500 saved around $22 a year. For higher-valued rings, it can make a difference, saving up to about $100 or $150 a year (or more) on the cost.
Methodology
We researched over a dozen insurance companies that cover engagement rings and reviewed their overall policies, features, and whether standalone policies were available. We also looked at how much the average cost of coverage would be for rings ranging in price from roughly $3,000 to $500,000 to test online quotes and the application process, using the New York City zip code 10016.
We then looked into the underwriting insurer for each of the companies and verified their financial strength ratings with AM Best credit agency, and overall reputation with the National Association of Insurance Commissioners. After checking the financial stability and reputation, we referenced online reviews and cross-checked insurance policy wordings (where available) to compare coverage and narrow down our list.