Jewellery Insurance Essentials: Protecting Your Prized Engagement Ring

Whether you are planning on proposing or you’ve just accepted an engagement ring, the question that comes to mind is how to ensure that this stunning, symbolic, and rather expensive piece of jewelry is protected from all kinds of harm. Jewellery insurance is something that your salesperson will offer, so when you are wondering if it’s worth the extra pennies, we’ve put together a full guide so you can not only decide if insurance is for you but which plan is best suited for your lifestyle.

Jewellery insurance isn’t for everyone; the only times I’ve gone with the insurance option are when I’ve spent a lot of money at once on something, the insurance itself is extremely affordable, and it’s a one-time purchase. This might be different for everyone else, but if you are considering insuring your prized engagement, we’ve put together a comprehensive guide.

Jewellery Insurance: Protect Your Precious Possessions
Protect your valuable jewelry with jewellery insurance.
Learn more about what it is and why you need it.

How can I insure my engagement ring?

There are many ways you can insure your engagement ring, and if you are anything, I want to know all the options I have available so I know I am making the right choice moving forward.

You can check if your engagement ring is already insured under your home insurance. If not, this is a simple fix. You can call up your provider and ask to add it to your policy for an extra monthly fee.

Through the jeweler itself, if you have not yet selected the engagement ring, it might be best to ask the company you are buying it from if they offer any insurance policies or if, in fact, they would recommend a private company. This could include some perks, such as regular cleanings and other little perks that might not come with adding it to your home insurance.

There is a standalone engagement ring insurance policy. This could be suitable if your ring is particularly valuable or you want a broader protection policy in place. You will need to factor this in, as this is an expensive policy.

If you are still wondering which policy might work, you can get the engagement ring appraised by a professional. They will give a full rundown of what should and shouldn’t be included in your policy.

Do I need jewelry insurance?

If you are wondering if you need to insure your jewelry, there might be some factors you should consider.

What are the risks?

While usually, you should never take your engagement ring off, it’s not always the case for some people, and their jobs will require them to take them off. This leaves a huge risk of misplacing them or being stolen. This is something that is a strong factor indicating insurance is the best route. Rings, in general, are small, and once misplaced, it can take a very long time to find them. You never know if they’ve rolled under something or in a jeans pocket.

On the subject of theft, this is very common. Whether your home is burgled or you’ve been stopped by a stranger in the street, they tend to go for the jewelry first, and as sad as it is, it happens more often than not. No matter how nice the area you live in, it’s always a risk factor, and if you’ve already spent a lot of money, it’s always better to be safe than sorry.

How Much Did You Spend?

Not everyone needs the big ring or might have the means to afford it for an engagement ring. It’s all symbolic; at the end of the day, if you don’t think it needs insurance, then that is your prerogative. If, on the other hand, you have the means to buy an expensive ring, you should always put some extra change away for some insurance. This will make you feel more secure but it is also the most sensible option when all that money is invested in one product, especially if you know your finances might have to take it off.

How much does jewelry insurance cost?

This is extremely dependent on the cost of the ring and also on what type of insurance policy you have. The most affordable option could be getting it added on top of your home insurance.

What Does It Cover?

Engagement cover usually includes theft, loss, and damage. You could find an insurance provider that could offer all three, or maybe you want one to be covered. This is all dependent on what works best for you.

Jewellery Insurance
Jewellery Insurance: Protect Your Precious Possessions

Final Thoughts

When it comes to insurance coverage, you should always do your research. You never know what could happen but also make sure you are careful with the whole buying process. I would always recommend that you buy your expensive pieces in-store; it cuts out a lot of the online scams. Although investment fraud lawyers are available for these online purchases at great scales, it’s always best to take that extra step in the world of security.


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