Everything You Need To Know About Wedding Ring Insurance In 2022

Jennifer Skulski

Published: Jan 19, 2022

Last Updated: Feb 24, 2022

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Wedding rings are beautifully symbolic, yet can be quite expensive, making wedding ring insurance ever so important to invest in. A lot can happen to a wedding ring. It could get damaged, lost, or stolen. Maybe the band is fine, yet the gems fall off or go missing. Being prepared ahead of time for potential mishaps is sure to save you from extra stress and expenses down the road.

Let’s dive into how wedding ring insurance works, how much it may cost, and what the best wedding ring insurance plan might be for you and your partner.

Disclaimer: This post includes affiliate links. When you make a purchase we may receive a small commission at no extra expense to our readers.

What Is Wedding Ring Insurance?

Wedding ring insurance refers to the policy you choose to cover the financial repercussions that may occur should your engagement ring or wedding ring get lost, stolen, or damaged. Depending upon your coverage, should any incidents occur, your insurance plan can get your ring replaced, fixed, or even get you reimbursed monetarily.

Insurance is designed to protect the things you deem valuable. Life insurance, car insurance, and homeowners insurance are all popular forms, but wedding ring insurance can be just as useful to you. 

wedding band photo
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Cost Of Wedding Ring Insurance

Couples spend thousands of dollars on engagement rings and wedding bands. On average, newlyweds end up spending between $1,000 and $5,500 on wedding rings. This typically equates to 3 to 10 percent of your overall wedding budget.

As for wedding ring insurance, the cost will mainly depend upon the policy coverage you’re looking for as well as the value of your ring. On average, couples should expect to pay $1 to $3 annually of insurance for every $100 the ring is valued. Thus, considering the average ring price, the best wedding ring insurance can cost anywhere from $30 to $150 per year.

wedding ring insurance

How Wedding Ring Insurance Works

Getting your gorgeous, priceless wedding band properly insured may feel overwhelming, but by following the steps below, you can rest at ease knowing your valuable rings are taken care of. Let’s dive into the process!

1. Choose A Coverage Provider

To get your wedding ring insured, you’ll need to first choose the coverage provider that you’ll want to work with. Each provider may have different ways of providing you assistance in the event of a ring mishap. If you’re worried about losing the ring, making sure the policy offers lost wedding ring insurance is important. You’ll also want to look into if the coverage offers replacements, repairs, or compensation, and to what extent or under what circumstances.

There are a couple of places you can go to find your coverage, so let’s go over both options.

Homeowners Or Renters Insurance

If you already have a homeowners or renters insurance policy, you can easily add your wedding rings to the list of items you want to be covered by your policy. With your current insurance, you can purchase an insurance rider which essentially is an extension or addition to your policy. In this case, the rider would be in regards to the piece of jewelry you’d like to insure.

While adding a rider to your current homeowners’ insurance policy can be a convenient way to insure your wedding ring, you’ll want to be cautious. Should your ring actually get lost, stolen, or damaged, the results might affect your entire insurance policy by making your homeowners’ or renters’ insurance premium increase.

homeowners insurance with wedding ring insurance

Independent Wedding Ring Insurance Companies

If you don’t currently have renters or homeowners insurance or you’re simply interested in an alternative, you can also get your ring insured through an independent insurance company that deals specifically with jewelry insurance.

The first option of extending your homeowners’ insurance to cover jewelry may return lackluster results that don’t fully cover what you’re looking for. Seeking insurance from an independent company that specializes in jewelry can be a great option for you to negotiate the policy and coverage you expect when insuring your ring. Below are a few independent companies that are worth a closer examination for those couples looking for the best wedding ring insurance possible.

Jewelers Mutual

Jewelers Mutual has over 100 years of experience in the jewelry insurance industry. They understand that jewelry has both a face value and sentimental value, and thus their policies cover loss, theft, damage, disappearance, flood or earthquake, and worldwide travel.

Gemshield

Gemshield jewelry insurance personalizes a policy with jewelry in mind. They cover loss, theft, damage, and mysterious disappearance. Gemshield also covers repairs and replacements while also offering worldwide coverage for when you’re off traveling such as during your honeymoon and beyond.

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JIBNA

JIBNA is a personal jewelry insurance company that’s devoted to learning all about the ring you wish to insure in order to offer you the most complete coverage. For example, they offer all-risk coverage, including disappearance and travel. 

Zillion

Zillion jewelry insurance allows you to wear your prized jewelry with confidence, knowing the rest is taken care of. They offer protection against loss, theft, damage, worldwide travel, shipping, disappearance, and natural disasters.

Chubb

Chubb is an independent insurance company that offers insurance on a wide variety of items including valuables and jewelry. Their jewelry insurance policy offers individualized coverage for you and your partner to customize your policy to fit your needs.

2. Get An Appraisal

Once you’ve decided on the coverage provider you’ll choose for your lost wedding ring insurance, you’ll next have to get your ring appraised. This is a standard procedure in order for your insurance provider to get an understanding of the true value of your ring.

Why This Is Important

You won’t be able to insure your wedding ring if you’re unsure of its authentic value. An appraisal will take into account all the dazzling features your ring has to offer, including carat, cut, clarity, and color. It’ll also take into account the quality of the diamonds, the quality of any other stones, the metal, and the wedding ring style and craftsmanship.

After thoroughly analyzing all these aspects, the appraiser will be able to determine the value of your ring to have on record should anything happen to it. The more valuable your ring is, the more important an appraisal will be as every detail and diamond counts.

pear jewelry ring

Ensure The Appraiser Has The Right Credentials

You don’t want just anybody to determine the value of your priceless wedding ring. Be sure to meticulously do your research to guarantee that the appraiser is skilled and experienced within the industry. Look for appraisers with top customer reviews as well as ones that are members of national appraisal associations.

Furthermore, once the appraisal is complete, be sure to compare its appraised value to the price you ultimately paid for it. Getting an appraisal that is much higher than market value may seem thrilling at first, but in the end, it’ll cause you to pay much more for your insurance than you should be paying.

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3. Ask For A Diamond Certificate

Authenticity comes with a price. If you paid a pretty penny for a dazzling diamond ring, you’ll want to get a diamond certificate that validates the top-tier quality of that diamond or multiple diamonds.

Why This Is Important

Diamonds are precious stones with their own characteristics. Should anything happen to your ring or diamond, you’d want your lost wedding ring insurance to help you replace or compensate you for a ring with a diamond of equal quality.

The overall quality or characteristics of diamonds are categorized by the “4Cs.” This includes cut, color, clarity, and carat weight. Getting a diamond certificate from a gemological lab such as from the Gemological Institute of America can help during the appraisal in determining the value of the ring. A detailed report of the diamond’s quality can also assist in the recovery process should your ring be stolen or go missing.

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Wedding Ring Insurance: Frequently Asked Questions

Does insurance cover if you lose the ring?

Depending upon your insurance, it may cover if you lose your wedding ring. Most independent jewelry insurers will cover lost wedding ring insurance, while insuring a ring with homeowners insurance may come with limitations for lost wedding rings.

How long does it take to get wedding ring insurance?

Wedding ring insurance is relatively simple to obtain and can even be purchased on the same day you buy your wedding ring.

Should I insure the ring before I propose?

It’s best to insure your wedding ring as soon as possible in order to feel at ease should anything happen to it, even before you propose.

Who should get wedding ring insurance?

Wedding ring insurance is for every couple out there who is interested in protecting the valuable nature of their wedding rings. Traditionally, wedding rings are quite expensive so if you’d rather protect yourself against unexpected costs should the ring get lost, damaged, or stolen, it’s best to purchase wedding ring insurance.

Should you get wedding ring insurance with a deductible? 

A deductible is the amount you have to pay for your insurance claim before the insurance provider pitches in. Typically, a lower deductible means you’ll pay a higher annual premium. Thus, when determining your deductible for wedding ring insurance, it ultimately depends upon how much you wish to repeatedly pay per year versus how much you’d want to front should anything happen to your ring.

Rest Assured With Your Ring Insured

Weddings alone can already be an overwhelming and stressful planning process. Put a bit of your mind at ease by insuring your precious wedding ring. We hope that this guide has answered all your burning questions about what wedding ring insurance is and how it works.

Be sure to do your research as to which ring insurance policy and provider best meets your standards. After selecting your coverage and getting a professional appraisal, you’ll be well on your way to having a property-insured wedding ring!

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