Best Engagement Ring Insurance Companies

Jewelers Mutual provides the best coverage for all types of engagement rings.

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Getting engaged is an exciting milestone for any couple. But after the celebration ends, it’s important to think about how you’re going to protect your rings for the years to come. Engagement ring insurance companies sell specific policies that protect your engagement rings from common losses, like theft, damage, and disappearance. 

There are several engagement ring insurance providers on the market, and each has its pros and cons. The best engagement ring insurance companies offer affordable premiums, flexible coverage limits, low or no deductibles, and a seamless digital experience, with instant quotes and online claim reporting. 

Best Engagement Ring Insurance Companies of 2021

Best Overall : Jewelers Mutual


Jewelers Mutual

Jewelers Mutual

  • Free Appraisal: No
  • No. States: 50 states
  • Online quotes: Yes
Why We Chose It

Jewelers Mutual has extensive industry experience insuring fine jewelry and engagement rings and is backed by major jewelry organizations. It also offers affordable premiums and customizable policies.

Pros & Cons
Pros
  • More than 100 years in business

  • Option for $0 deductible policy

  • Low-cost premiums

Cons
  • No 24/7 customer service

  • Doesn’t offer free appraisals

Overview

We chose Jewelers Mutual as the best engagement ring insurance company because it’s one of the most reputable. The company was founded in 1913, and after more than 100 years in business, it has received support from prominent jewelry organizations like the American Gem Society and Jewelers of America.

Engagement ring insurance from Jewelers Mutual costs between 1% and 2% of the ring’s value. The company covers all types of engagement rings, with flexible coverage limits and the option for a zero deductible policy. You can get a free quote online to see your personalized rate. 

If your ring gets lost, damaged, or stolen, you can file a claim online or by calling an agent during business hours. You can also make basic changes to your coverage through the online customer portal. 

Keep in mind that you don’t need an appraisal to purchase engagement ring insurance from Jewelers Mutual, but you will need an appraisal or a receipt to file a claim. You’ll need to get your own appraisal as Jewelers Mutual doesn’t offer free valuations.

Best for High-Value Rings : Lavalier


Lavalier

Lavalier

  • Free Appraisal: No
  • No. States: 50 states
  • Online quotes: Yes
Why We Chose It

If you got engaged with a high-value ring, Lavalier is a great choice for insurance. The company offers high policy limits for every type of engagement ring, and you can work with your personal jeweler if your ring needs to be repaired.

Pros & Cons
Pros
  • Generous policy limits

  • Instant rate quotes online

  • Flexible deductibles up to $2,500

Cons
  • No way to manage your policy online

  • Appraisals required for rings valued at $5,000 or more

Overview

Lavalier is our top pick for high-value engagement ring insurance because the company offers high coverage limits. You can get coverage for individual rings up to $50,000 and up to $150,000 in coverage for multiple rings. We also like that Lavalier allows you to work with your own jeweler for repairs and replacements. 

Lavalier’s engagement ring insurance policies are underwritten by Berkley Asset Protection, which was established in 2008. Rings are covered on an all-risk basis, which covers perils like theft, damage, sudden disappearance, and loss, anywhere in the world and while traveling.

To purchase a policy from Lavalier, you can get a quote online, choose your coverage limits, and set a deductible between $0 to $25,000. Premiums typically cost between 1% to 2% of the ring’s value.

While you can file a claim online, you can’t make changes to your policy without contacting an agent. Additionally, one of the major downsides to Lavalier is that appraisals are required if your engagement ring is valued at $5,000 or more. 

Best on a Budget : Travelers Insurance


Travelers Insurance

Travelers Insurance

  • Free Appraisal: No
  • No. States: 50 states
  • Online quotes: No
Why We Chose It

If you’re shopping for engagement ring insurance on a budget, Travelers Insurance allows you to add an endorsement to your existing home insurance policy, which may be cheaper than purchasing a separate jewelry insurance policy. 

Pros & Cons
Pros
  • High coverage limits available

  • Zero deductible required

  • Option for valuable items rider or personal articles floater

Cons
  • Must have a Travelers home insurance policy

  • Can’t get a quote online

Overview

Travelers Insurance offers affordable endorsements that cover engagement rings if you already have a homeowners insurance policy from the company. You can add one of two riders—a Valuable Items Plus endorsement or a Personal Articles Floater—which could be cheaper than purchasing a standalone jewelry insurance policy.

Travelers’ insurance riders extend your coverage limits for jewelry and other valuables. You can purchase up to $50,000 of coverage with a maximum payout of $10,000 or $20,000 per item, depending on the state. Neither of these riders requires you to pay a deductible.

In the event of a loss, Travelers will reimburse you for your engagement ring’s value based on a recent appraisal or receipt. However, the Travelers website doesn’t mention whether you need an appraisal to add one of these riders to your existing home insurance policy.

With Travelers’ Valuable Items Plus endorsement and Personal Articles Floater, you need to contact the company to get a quote and add these riders to your current policy.

Best for Military Members : USAA


USAA

USAA

  • Free Appraisal: No
  • No. States: 50 states
  • Online quotes: Yes
Why We Chose It

Active duty and retired military service members can get the best engagement ring coverage through USAA as long as they have a current USAA home or renters insurance policy.

Pros & Cons
Pros
  • Affordable coverage starting at $2 per month

  • No deductible required

  • Blanket and scheduled coverage is available

Cons
  • Must have a USAA renters or home insurance policy

  • Coverage is only available to military personnel

Overview

If you’ve served in the military, your best choice for engagement ring insurance is USAA. Existing USAA customers with a home or renters insurance policy can add a valuable personal property endorsement to get more coverage for all types of engagement rings.

Policyholders can add this endorsement for as little as $2 per month and there is no deductible required. It covers your rings anywhere in the world in the event of loss and damage. USAA offers scheduled valuable items coverage for one ring or blanket valuables coverage for multiple rings and other pieces of jewelry in your collection.

With a blanket policy endorsement, there’s a maximum per-item limit of $2,500 and a total policy limit of $10,000. Individual policy endorsements have more flexible coverage limits. You can also upgrade to a replacement cost coverage policy which offers a bigger payout after a claim.

To insure an engagement ring with USAA, you only need to get the item appraised if it costs more than $15,000. However, an appraisal or receipt is required when you report a claim. You can get a quote for valuable item coverage online, but you need to have an existing USAA account to do so.

Best for Online Quotes : BriteCo


BriteCo

BriteCo

  • Free Appraisal: No
  • No. States: 50 states
  • Online quotes: Yes
Why We Chose It

You can get a quote for engagement ring insurance from BriteCo in just one minute and purchase a policy online. The company also makes it easy to update your coverage through the online customer portal. 

Pros & Cons
Pros
  • Easy to get a quote online and file claims

  • Standard policies cover preventative maintenance

  • Market increase value is covered

Cons
  • No in-person agents

  • Need an appraisal to buy coverage

Overview

If you want to get engagement ring insurance quickly, check out BriteCo. You can get a quote online in just 60 seconds, and you can complete the checkout process without ever contacting an agent. BriteCo also has flexible payment plans with the option to pay monthly or annually.

BriteCo’s engagement ring insurance covers your items on an all-risk basis, which includes many causes of loss including disappearance, theft, and damage. The coverage limits are flexible and there are no deductibles. We also like that preventative maintenance is covered so if your diamond gets loose or a prong gets bent, BriteCo will pay for the repairs.

Another perk of BriteCo is that standard policies include market value increase coverage. So if you experience a loss, the company will pay up to 125% of the appraised value to replace it, which maximizes your payout. Filing a claim with BriteCo is easy through the website.

BriteCo is one of the most popular jewelry insurance providers, but the biggest downside is that you need to get your items appraised before you can purchase coverage, regardless of the ring’s value. The company doesn’t offer free appraisals, so you’ll need to visit your jeweler to get one.

Best for Market Protection : Chubb Insurance


Chubb Insurance

Chubb Insurance

  • Free Appraisal: No
  • No. States: 50 states
  • Online quotes: No
Why We Chose It

If your engagement ring increases in value over time, Chubb’s jewelry insurance comes with built-in market value increase coverage, which offers a higher payout in the event of a claim on an item that has appreciated.

Pros & Cons
Pros
  • Rings are covered at their agreed value

  • Standard policies include market value increase coverage

  • High appraisal requirements

Cons
  • Can’t get a quote online

  • Must work with an agent to purchase coverage

Overview

Chubb is one of the leading jewelry insurance providers, and we recommend it for market increase protection. If your engagement ring increases in value after you purchase a policy, Chubb will provide up to 150% of the appraised value in the event of a covered loss.

Engagement ring insurance from Chubb comes with flexible coverage limits and no required deductible. New rings are automatically covered for up to 90 days if you have an existing policy, and you have the option to purchase scheduled coverage for one item, or blanket coverage for multiple rings.

Chubb covers your rings at their agreed value. If you lose your ring or if it gets damaged or stolen, you can choose to accept a cash settlement for 100% of the agreed value. You’re only required to provide an appraisal if your individual rings are worth more than $100,000.

Generally speaking, Chubb is a great jewelry insurance company and it has a strong reputation in the industry. However, you can’t get a quote online, and you also need to work with an agent to file a claim and make basic updates to your policy.

Final Verdict

Engagement ring insurance can be a good investment, but it can be challenging to decide which provider is right for you. Based on our comparison, we feel that Jewelers Mutual is the best carrier overall. Jewelers Mutual has unmatched industry experience and is supported by major jewelry organizations in North America. The company also offers flexible coverage limits and deductibles, affordable premiums, and online claim reporting.

Compare the Best Engagement Ring Insurance Companies

Company Price  Appraisal required? Coverage Limit  Policy Types (list) 
Jewelers Mutual
Best Overall
Varies No  Varies Jewelry insurance 
Lavalier
Best for High-Value Rings 
Varies  Yes, for rings valued at more than $5,000  Varies Jewelry insurance 
Travelers Insurance
Best on a Budget 
Varies  Not disclosed (contact your agent for appraisal requirements)  Up to $50,000, with a maximum payout of $10,000 or $20,000 per item (varies by state)  Valuable Items Plus Rider Personal Articles Floater
USAA
Best for Military Members 
Varies  Yes, for rings valued at more than $15,000  Up to $10,000, with a maximum payout of $2,500 per item (for blanket coverage)  Valuable personal property endorsement 
BriteCo
Best for Online Quotes 
Varies  Yes, appraisals required for all rings  Varies  Jewelry insurance 
Chubb Insurance
Best for Market Protection 
Varies  Yes, for rings valued at more than $100,000  Varies  Jewelry insurance 

Guide for Choosing the Best Engagement Ring Insurance Companies

Is Engagement Ring Insurance Right for You?

Whether you’re recently engaged, or have been married for decades, it’s never too late to purchase engagement ring insurance. Getting engagement ring insurance is a good idea if your home or renters insurance policy doesn’t offer adequate protection for valuables.

Before you decide to buy engagement ring insurance, check your current policy limits and have your ring appraised. If your current policy doesn’t cover the full value of your ring, a separate engagement ring insurance policy or endorsement can extend your coverage limits, and provide extra protection for losses like mysterious disappearance. 

On the other hand, if your existing home or renters insurance policy will cover your engagement ring in full, you may not need a secondary policy. Just keep in mind that most homeowners insurance or renters insurance policies won’t cover things like market value increase or preventive maintenance.

Comparing Engagement Ring Insurance Companies

It’s important to compare several engagement ring insurance providers before choosing one. When it comes to things like coverage options, deductibles, and customer reviews, every insurance company is different. Here are some factors to consider:

  • Coverage limits: Insurance carriers offer varying coverage limits. When evaluating insurance providers, make sure to choose a company that can provide enough coverage to insure the full value of your ring. 
  • Deductibles: Many engagement ring insurance companies offer low or zero deductible policies. Check to see what deductible options are available, as they will affect your monthly or annual premium.
  • Premiums: Get personalized rate quotes from each provider to see what premium you’ll pay. While most engagement ring insurance policies cost between 1% and 2% of the ring’s value, your rate will depend on other factors, like your location, deductible, coverage limits, and your insurance carrier.
  • Appraisals: It’s also important to check the appraisal requirements when you evaluate ring insurance companies. Some providers require an appraisal to purchase coverage, and others don’t. Additionally, some carriers don’t require an appraisal to buy a policy, but you need one to file a claim. 

How To Insure Your Engagement Ring 

Once you’ve chosen an engagement ring insurance provider, the next step is to get a quote. Many providers offer free online quotes, but some companies require you to call an agent. To get a quote, you’ll need to provide some personal information and share a photo, receipt, or appraisal document for your ring. 

After you get your quote, you can adjust your coverage limits and deductible, and purchase a policy. You will also get to choose when your coverage begins.

Some insurance carriers allow customers to make changes to their coverage, add new rings, and file claims online. Other carriers, however, require you to work with an agent to make updates and report losses. 

Frequently Asked Questions

What Is Engagement Ring Insurance?

Engagement ring insurance is an endorsement or standalone policy that protects your ring against damage, theft, or loss. After buying an engagement ring, you can protect your investment with jewelry insurance. You can buy a stand-alone policy or get limited coverage—often $1,500 or less—through your homeowners or renters insurance policy. You may add higher amounts of coverage through an endorsement, rider, or personal articles floater.

What Do Engagement Ring Insurance Companies Cover?

Engagement ring insurance companies typically cover damage, mysterious disappearance, theft, and loss. However, every company offers slightly different coverage.

Most policies cover your jewelry on an all-risk basis, which means that your ring is protected against any peril that is not explicitly excluded from your policy. Additionally, rings are usually covered anywhere in the world, including during travel.

The most notable things that engagement ring insurance typically won’t cover include general wear and tear, intentional damage, and fraudulent sales.

What Does Engagement Ring Insurance Exclude?

When you purchase engagement ring insurance, you can expect to see some of the exclusions you may see in your homeowners insurance policy. These include things like a manufacturer’s defect, intentional acts, normal wear and tear, or incidents resulting from war. You will also have to cover routine maintenance like resizing, cleanings, or appraisals on your own.

What Are the Costs Involved With Engagement Ring Insurance Companies?

The biggest cost of engagement ring insurance is the premium. Most insurance carriers advertise rates between 1% and 2% of your ring’s value. So, for instance, a $3,000 engagement ring could cost anywhere from $30 to $60 per year to insure.

However, several factors impact the cost of engagement ring insurance, besides your ring. The insurance company you choose, your location, your coverage limits, and your deductible can also affect the price.

Do Engagement Ring Insurance Companies Require an Appraisal?  

Some engagement ring insurance companies do require an appraisal, but others don’t. It often depends on the value of your ring. That’s why you should check the appraisal requirements before you purchase an insurance policy.

Also, keep in mind that while some providers don’t need to see an appraisal before you buy coverage, some do require an appraisal to file a claim. And if your ring gets damaged or lost, getting an appraisal will be challenging.

Is It Worth It To Insure an Engagement Ring?

The average couple spends $5,500 on an engagement ring. For many people, it may be worthwhile to spend $50 to $100 per year to protect that investment—especially with so many insurers offering to repair or replace the ring with another of similar quality and value.

Methodology

To choose the best engagement ring insurance companies, we compared 10 carriers, including both jewelry insurance companies and property insurance companies that sell valuable item endorsements. 

For each company, we looked into the coverage limits, deductibles, premiums, ease of getting a quote, claim reporting process, and appraisal requirements. We also considered the online experience, customer reviews, and the area of availability for every provider.

Article Sources

  1. theknot.com. “How Much to Spend on an Engagement Ring.” Accessed May 27, 2021.