The Best Engagement Ring Insurance of 2023

BriteCo offers robust coverage and excellent pricing.

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Buying an engagement or wedding ring is one of the biggest investments you can make. And whether you’re recently engaged or have been married for decades, it’s never too late to protect your ring from potential risks.

A standalone jewelry insurance policy is one of the best and most affordable ways to protect your diamond ring and other types of fine jewelry. Most engagement ring insurance policies cover rings against damage, mysterious loss, and theft, anywhere in the world.

To help you find the best engagement ring insurance, we compared the largest jewelry insurance providers nationwide. We looked at important features like plan costs, plan benefits, whether appraisals are required, the ease of getting coverage, and more.

Best Engagement Ring Insurance of 2023

Best Overall : BriteCo


BriteCo

BriteCo

Pros & Cons
Pros
  • Policies include many covered perils

  • Includes coverage for preventive ring maintenance

  • Annually increases for inflation and metal/gemstone pricing

  • Affordable premiums

  • High coverage limits

Cons
  • Must provide contact information to get a quote

Why We Chose It

After reviewing more than a dozen jewelry insurance providers, we determined that BriteCo has the best engagement ring insurance overall.

BriteCo’s policies protect engagement rings against many covered perils, including theft, robbery, accidental damage, mysterious disappearance, and some natural disasters, like hurricanes and earthquakes. It also covers some preventive ring maintenance, like prong re-tipping, bent or broken prong repair, and stone tightening. Plus, coverage is available for engagement rings valued up to $150,000. We also found that BriteCo premiums for engagement rings were about 3% below average. And the company received far fewer complaints than expected over the last three years.

You’re eligible for discounts if you have a home safe or central station burglar alarm. And if you pay your premium upfront, you can get a 5% discount. BriteCo also adjusts your coverage annually, in light of inflation and changing gemstone and metal prices. 

But while BriteCo provides online quotes and an online application, quotes require your contact information, unlike many competitors. 

Best Online Application Experience : GemShield


GemShield

GemShield

Pros & Cons
Pros
  • Quick quotes

  • Easy online application process

  • Comprehensive coverage against a variety of perils

  • Can work with any jeweler to repair your ring

Cons
  • Rings valued at more than $5,000 must be appraised

  • Can only insure individual rings up to $35,000 

Why We Chose It 

Applying for insurance can be time-consuming, but GemShield makes it easy to get a quote and apply online in just a few minutes. Out of the providers we reviewed, GemShield has the best online application experience.

To get a quote from GemShield, you’ll enter your ZIP code and your ring’s estimated value, then choose a deductible between $0 and $1,000. You won’t be asked to provide any contact information until you start the application process.

However, one of the downsides of GemShield is that your engagement ring must be appraised if it’s valued at more than $5,000. You can insure individual rings for up to $35,000, with a maximum combined policy limit of $100,000 (some exceptions granted subject to review). 

GemShield’s jewelry insurance policies provide robust engagement ring coverage for a variety of perils, including mysterious loss, theft, earthquakes, and floods, even when traveling abroad. If something happens to your ring, you can work with any jeweler of your choosing to repair or replace the item.

Best for No Appraisals : Jewelers Mutual


Jewelers Mutual Insurance Company

 Jewelers Mutual Insurance Company

Pros & Cons
Pros
  • No appraisal needed to purchase insurance

  • Short application process

  • Online quotes with no contact information required

  • More than 100 years in business

Cons
  • Must pay in full if your annual premium is less than $200

Why We Chose It

With Jewelers Mutual, you can purchase an insurance policy without having your engagement ring appraised first, regardless of the value of your ring. Of the best insurance companies we reviewed, it’s one of the few that doesn’t have an appraisal requirement. 

Jewelers Mutual has a seamless online quote and application process. After answering a few questions about your ring, you’ll get an instant quote, and can continue with the purchase process if you’re ready to buy a policy. You don’t need to provide your contact information upfront.

Like most of the engagement ring insurance companies we reviewed, Jewelers Mutual allows you to pay your premium in monthly installments. But if your annual premium is less than $200, you must pay the full premium upfront. 

Jewelers Mutual has been in business since 1913 and is endorsed by several reputable jewelry organizations, including the American Gem Society and Jewelers of America. The company has been insuring fine jewelry for more than 100 years and is one of the oldest jewelry insurers in the industry.

Best for Discounts : Lavalier


Lavalier in purple font with illustration of shield

 Lavalier

Pros & Cons
Pros
  • Several discounts for policy savings

  • Simple online quote and application process

  • Individual rings can be insured for up to $50,000

  • Deductibles up to $25,000

Cons
  • Must pay your annual premium in full

  • May not insure watches on a standalone basis

  • Must have an appraisal if your ring is valued at $5,000 or more

  • Can’t submit a claim online

Why We Chose It 

Lavalier offers lots of discounts that can help you save money on engagement ring insurance. You can get a discount for having a home alarm system, keeping your ring in a home safe, providing a certified gemstone grading report, and storing your jewelry in a bank vault or safe deposit box. You can also choose a high deductible (up to $25,000) to get a lower rate.

Lavalier insures engagement rings for up to $50,000 each, with a combined maximum policy limit of $150,000. But before you can get a policy, you must get your ring appraised if it’s valued at more than $5,000. While Lavalier insures many types of rings and other jewelry, the company may choose not to insure watches on a standalone basis. (According to the company, this is due to a recent increase in loss activity.)

Getting an engagement ring insurance policy from Lavalier is quick and easy. You can get a quote in 60 seconds and apply online in just 10 minutes. But when you’re ready to purchase, you must pay your annual premium upfront and in full. Lavalier is the only one of the best companies we reviewed that doesn’t offer monthly payments.

Lowest Premiums : WAX


Wax Insurance

 Wax Insurance

Pros & Cons
Pros
  • Cheapest engagement ring insurance premiums

  • Ring insurance policies are underwritten by Chubb

  • Unlimited coverage

  • Provides coverage for accidental breakage

  • Policies pay cash at agreed value

Cons
  • No instant online quotes (without the app)

  • No customer service phone number 

Why We Chose It 

Out of the engagement ring insurance companies we reviewed, WAX had the lowest premiums. We found that coverage for engagement rings cost about 7% less at WAX relative to other providers. Plus, WAX’s engagement ring insurance policies are underwritten by Chubb, which has 140 years of experience in the insurance industry. You can get unlimited and robust coverage for a variety of perils, including accidental breakage. WAX is particularly suited to those who have a valuable jewelry collection (or are building one) that they’d like to schedule coverage for.

To get an engagement ring insurance quote from WAX, you have two options: you can fill out an online form and wait for the quote to be emailed to you, or download the mobile app. We found this moderately irritating when other companies provide quick, no-commitment quotes. There is also no customer service phone number listed on the website. 

But after this hurdle, you can use the app to apply for a policy, submit claims, and get new pieces covered—just snap a picture to add the new jewelry to your policy. In some states, you can even take out a loan against your collection. Appraisals are required for pieces worth more than $100,000.

Best for High-Value Rings : Chubb


Chubb logo

Chubb

Pros & Cons
Pros
  • High coverage limits for expensive rings

  • Can file a claim online

  • Option for a cash settlement after a claim

  • New jewelry pieces are automatically covered for 90 days

Cons
  • Few discounts available

  • Can’t get a quote or apply online

Why We Chose It

Chubb is a reputable insurance company that specializes in insuring high-value properties and personal items, which is why we named it the best engagement ring insurance company for high-value rings.

Chubb offers high coverage limits for wedding band or engagement ring insurance, and new rings or jewelry pieces are automatically insured for 90 days on your policy.

If something happens to your engagement ring, Chubb makes it easy to file a claim online. Once the claim is approved, you’ll receive the payout in just 48 hours. You also have the option to take the settlement in cash, rather than using the money to repair or replace your ring.

To get an engagement ring insurance policy from Chubb, you’ll need to contact an agent. Chubb does not have online quotes, and you can’t apply online, either. If your ring is valued at more than $100,000, you will also need to have the ring appraised before you can purchase an insurance policy. 

Final Verdict 

BriteCo’s engagement ring insurance policies provide comprehensive coverage for many different perils, include some ring maintenance, and annually adjust your coverage based on real-time metal and gemstone prices. But for quick and easy quoting, check out GemShield, Lavalier, and Jewelers Mutual. For very high-value engagement rings and jewelry collections, also consider WAX and Chubb.

How to Insure a Diamond Ring

To insure a diamond ring, the first thing you will need to do is find out how much it’s worth. The best way to do this is to get the ring appraised by a certified jeweler. If the ring has been repurposed or is an heirloom, try to visit an appraiser that has expertise with your specific ring type. 

After you have the appraisal, you can get quotes from several jewelry insurance companies. You may need to submit a copy of the appraisal before you can purchase a policy. Make sure to store your ring somewhere safe, like in a safe deposit box or home safe, when it’s not being worn. Some insurance companies offer a discount if you store your ring in a secure place.

Do You Need Engagement Ring Insurance?

The biggest benefit of engagement ring insurance is that your ring is protected against many potential risks, like damage, theft, and accidental loss (which is not covered by homeowners and renters policies). If you couldn’t afford to replace or repair your ring if something happened to it, it’s a good idea to consider insurance.

Frequently Asked Questions
  • How Much Is Engagement Ring Insurance?

    The cost of engagement ring insurance depends on a variety of factors, like your location, the value of your ring, and your policy’s deductible. However, most engagement ring insurance companies base the price of coverage on 1% to 3% of the appraised value of the ring.

    In 2020, the average engagement ring cost $3,756, based on our American Wedding Study. Using that figure as an example, the average cost of engagement ring insurance would be somewhere between $37 and $112 per year.

  • Will Homeowners or Renters Insurance Cover an Engagement Ring?

    Your homeowners or renters insurance policy likely covers your engagement ring, but most policies provide a very small amount of coverage relative to standalone jewelry insurance policies. Depending on the value of your ring, your home or renters insurance policy may not cover the full cost.

    In addition, a property insurance policy will not cover your ring against the same perils as a jewelry insurance policy. For example, many home and renters insurance policies don’t cover mysterious disappearance or ring damage. If you’re on the fence about engagement ring insurance, it’s a good idea to review your homeowners or renters insurance policy to see if your ring is covered, what perils are covered, and what the coverage limits are. 

  • Can I Insure an Engagement Ring Before I Propose?

    Yes, you can purchase engagement ring insurance before the proposal. There are a few ways to do it. One option is to add the ring as a “scheduled item” to your existing homeowners or renters insurance policy. However, you might also consider purchasing a standalone engagement ring insurance policy for more protection.

    To buy an insurance policy on an engagement ring, you’ll need to choose a company, get a quote (based on the value of the ring), and purchase coverage. Keep in mind that some insurance companies require an appraisal. After you propose, you can add your significant other to your insurance policy as the ring wearer. 

Methodology

To choose the best engagement ring insurance companies, we evaluated the largest jewelry insurance providers that sell coverage nationwide. We looked closely at plan costs for each company, including whether discounts are available and if the company allows monthly payments.

We also prioritized companies that have excellent quote and application experiences. Insurance companies with no appraisal requirements and a short and simple application earned extra points in our review, as did companies that didn’t require you to submit contact information upfront.

We also considered customer service and satisfaction via each company’s three-year average NAIC index. We referred to AM Best ratings and years in business for financial stability, and evaluated coverage inclusions and exclusions. All the companies we reviewed offer basic coverage for ring loss, theft, and damage, but most of the best insurers offer more comprehensive coverage with protection against additional perils. 

Brides / Designed by Amelia Manley

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