In most cases, engagement and wedding rings don’t come cheap. They both require proper planning and a realistic budget. You can’t just wake up one day and say you are going to buy these valuables. As you cannot buy a car without an insurance company in mind, this should be the same notion when purchasing these two rings. Since they are precious metals and diamonds, it’s prudent to consider an engagement ring insurance as well as a wedding ring. 

Homeowner’s insurance

It is a type of insurance covering your home’s valuable assets, which can include your jewelry, but that only goes to a specific dollar limit. As they limit the assets’ collective value that means there may be some circumstances they may not cover, such as loss and damage. It may be subject to deductibles, which may occur before compensation happens.

Therefore, it is safer to go for a more comprehensive cover for a wedding or engagement ring insurance such as rider, floater, or “scheduling property” to extend your current policy. All these ensure that your treasure will get covered in the event of a claim.  

Crucial things to look out for when going for a wedding or engagement insurance 

If your engagement ring insurance is not your first cover, then you know there will always be some fine prints to look out for in an insurance policy, such as:

What does their coverage entail?

Since you don’t want surprises when making a claim, ask what the insurance covers or doesn’t cover. In short, ask what they don’t include in their cover. They could not be covering theft or damage.

How do they do a replacement?

When the time comes for an insurance company to replace your lost wedding ring, how will they do it? Will they send you to a particular jeweler? Will you receive a cheque for your compensation? Will they ask you to choose a repairer, and will they cover partial repairs? These questions should answer your sentimental concern as you evaluate the replacement policy against your wedding ring.

Prove of loss

When you lose your engagement or wedding ring, you must report it to the insurance company. However, you need to know what type of proof they require.

Do they adjust the policy with inflation?

 Materials that make engagement and wedding rings are precious and valuable. Their prices are likely to inflate with the market value. Ask your wedding or engagement ring insurance if they will adjust your policy along with inflation.

How will the insurance assess the value of your ring?

There are several ways that an insurance company will use to assess the value of your product. One, they can use the original purchase price of your ring, or they will consider the current value of your treasure. Using the second option, they will request you to get an appraisal document from a reputable jeweler, which brings us to the next crucial point;

Jewelry appraisal

If you are buying your engagement or wedding ring in a reputable store, at the same time, you should get an appraisal document. It is a booklet detailing your ring product, all the material used, stone or gem, their condition, and their current value. It is advisable to get this as soon as you purchase your valuable ring to protect its value. It also saves you the headache of looking for a different appraisal later on when an engagement ring insurance company asks for the jewelry appraisal.

And if you inherited family jewelry that you used for a wedding ring, the same thing applies. First, you will get it appraised to know its current value and for insurance purposes.

NB: It is better to use one appraiser even as you return for an update; it becomes easier to have your documents. But to be on the safe side, always secure your docs for future references.


There is a general rule of insurance pricing of engagement and wedding rings where $1 is to $2. That means $100 value of your product per year.

In Conclusion, considering the value of engagement and wedding rings, it is prudent to protect them by getting engagement ring insurance. That should also cover your wedding ring to give you peace of mind. However, before you pick an insurance provider, use our tips above, and do some due diligence.