Engagement rings can cost several thousand dollars, depending on the type of ring you choose. While it would be ideal if your homeowners or renters insurance automatically covered new jewelry, this typically isn’t the case. Given this, you could be financially vulnerable if your engagement ring is ever stolen, lost, or damaged.
Jewelry insurance can help ensure your engagement ring—and your bank account—are adequately protected. We’ve rounded up some of the best engagement ring insurance companies to make getting the coverage you need easier.(See full methodology.)
- Best overall: BriteCo
- Best for automatic coverage increases: Jewelers Mutual
- Best for flexible appraisals: Chubb
- Best for affordable coverage: GemShield
- Best for flexible deductibles: Lavalier
Note that deductibles and other numbers mentioned are up to date as of March 4, 2024, and are subject to change.
1. Best overall: BriteCo
About: Established in 2017 by experienced jewelers, BriteCo offers stand-alone engagement ring and jewelry insurance. The company specializes in providing fast online quotes, allowing potential customers to review and obtain coverage quickly.
- Appraisal required: Yes
- Estimated annual premium for $5,000 women’s engagement ring: $48-$72
- AM Best rating: A+
- Customer support: You can reach BriteCo support via chat on their website or email.
Our verdict
BriteCo will cover your engagement ring for up to 125% of its appraised value, making it a good option if you’re concerned your ring will fluctuate in value frequently over time. It also has a high maximum coverage limit of $150,000 for a single piece of jewelry. This level of coverage sets it apart from competitors. Further, BriteCo also charges no deductibles, and you’re covered for loss, damage, theft, and mysterious disappearance no matter where you are in the world.
Because BriteCo automatically updates your coverage annually based on changes to your ring’s value, you won’t need to worry about reappraisals every year or two. Overall, this insurer is a good choice if you’re seeking straightforward, flexible coverage
2. Best for automatic coverage increases: Jewelers Mutual
About: Jewelers Mutual was established in 1913, and the company is known for its financial stability and good reputation with customers. It offers stand-alone jewelry insurance policies that provide valuable protection for your engagement ring.
- Appraisal required: No
- Estimated annual premium for $5,000 women’s engagement ring: $59-$75, depending on deductible
- AM Best rating: A+
- Customer support: Jewelers Mutual customer service can be reached over the phone Monday to Thursday between 7 am-7 pm CST, and Fridays between 7 am-6 pm CST. You can also reach them by email.
Our verdict
Jewelers Mutual offers flexible deductibles ranging from $0-$5,000, making it a suitable option for many customers. If your ring is lost, stolen, or damaged for a covered reason, this company will pay out up to 100% of its appraised value. You won’t need an initial appraisal to get coverage through this insurer, though you may need to provide a receipt if you file a claim.
That said, Jewelers Mutual recommends an initial appraisal and re-appraisals every two years. It doesn’t offer an in-house appraisal service, so you’ll need to work with an independent appraiser to get your ring valued. As an alternative to re-appraisals, Jewelers Mutual provides an “Insurance Value Adjustment” option that will automatically revalue your ring based on the current market and increase your coverage accordingly. We also rank Jewelers Mutual as the best overall jewelry insurance option and best for insuring your luxury watch like a Rolex or Cartier.
Learn more about the insurer in our full Jewelers Mutual review.
3. Best for flexible appraisals: Chubb
About: Founded in 1882 as an underwriting company, Chubb has evolved to become a trusted insurer. It offers coverage for engagement rings and other jewelry, and several other insurance products for homes, cars, boats, and more.
- Appraisal required: For items valued at $100,000 or more
- Estimated annual premium for $5,000 women’s engagement ring: Online quotes not available.
- AM Best rating: A++
- Customer support: Chubb’s customer service can be reached over the phone or via email
Our verdict
Chubb is a great choice for those seeking flexible appraisal requirements. This insurer only requires an appraisal if your engagement ring is valued at $100,000, or more. While this flexibility may be a perk, getting your engagement ring appraised can ensure you get the proper amount of coverage.
If you have an existing Chubb policy with itemized coverage, your new engagement ring will automatically be covered for up to 90 days post-purchase. This protection provides a buffer if you want ample time to shop for coverage or add your new ring to your existing policy. There’s also an ongoing benefit with Chubb: If your ring’s current replacement cost value exceeds your coverage amount, the company will pay out up to 150% of its value after a covered event.
Learn more about the insurer in our full Chubb insurance review.
4. Best for affordable coverage: GemShield
About: Founded in 1997, GemShield is an established jewelry insurer offering competitive pricing and flexible deductibles. It covers your ring against common incidents, like theft, loss, mysterious disappearance, and damage.
- Appraisal required: For items valued at $5,000 or more
- Estimated annual premium for $5,000 women’s engagement ring: $52-$63, depending on the size of your deductible
- AM Best rating: A+
- Customer support: GemShield’s customer service can be reached over the phone on weekdays between 9 am to 5 pm ET. You can also contact them via email.
Our verdict
GemShield offers relatively affordable engagement ring insurance compared to competitors, making it a good choice if you don’t want to spend a lot to insure your ring. And those who opt for a higher deductible will benefit from even lower monthly premiums. But opting for a higher deductible could mean a bigger financial risk if your ring is lost, stolen, or damaged. Weighing the pros and cons of a high deductible is essential before getting coverage.
Besides affordable coverage and flexible deductibles, those with an existing GemShield policy can benefit from automatic coverage for their new engagement ring 30 days post-purchase. GemShield insures individual pieces for a maximum limit of $35,000.
5. Best for flexible deductibles: Lavalier
About: Lavalier has offered comprehensive jewelry insurance to its customers since its founding in 2013. Policyholders benefit from discounts and flexible deductibles.
- Appraisal required: For items valued at $5,000 or more
- Estimated annual premium for $5,000 women’s engagement ring: $61-$75, depending on the size of your deductible
- AM Best rating: A+
- Customer support: Lavalier customer service can be reached over the phone or email
Our verdict
Like GemShield, Lavalier offers flexible deductibles, so you can customize your coverage based on your preferences and risk tolerance. Its coverage is a bit more expensive than you’d find with some competitors, but opting for a higher deductible for your engagement ring insurance could lower your costs.
You can also reduce your insurance costs by taking advantage of the discounts Lavalier offers. Policyholders can get discounts for having a home safe, a home alarm system, certain gemstone grading reports, and more. Lavalier insures single pieces for up to $150,000, so it’s also a suitable choice if you have a high-value ring.
What to know about engagement ring insurance
You can get your engagement ring insured with a stand-alone jewelry insurance policy or through your homeowners or renters insurance company. A stand-alone policy can be more advantageous than an add-on to your homeowners or renters coverage, though.
Typically, standard home and rental insurance policies will cap what they’ll pay out if a piece of jewelry is lost or stolen. Often, this cap is around $1,500. Given that engagement rings cost around $5,500 on average in 2023, per a recent study by bridal website The Knot, you could face a significant financial loss if your ring is valued higher than the cap set by your insurer.
Deductibles also tend to be higher with a home or renters policy than they are with stand-alone jewelry insurance. You might pay around $1,000 or $500, for example, before your property insurance kicks in. And if you submit a homeowners or renters claim, your premiums might increase.
For these reasons, opting for a stand-alone jewelry policy is often a wise choice for insuring an engagement ring. Standalone policies may cover the entire cost of repairing or replacing your ring, deductibles tend to be lower, and coverage is generally affordable.
How to choose engagement ring insurance
To choose the best engagement ring insurance for your needs, consider the following factors as you compare companies.
- Cost: Typically, engagement ring insurance costs around 1% to 2% of your ring’s value in a given year. Still, certain insurers may offer less expensive coverage than others, so it’s important to obtain multiple quotes before deciding on a policy.
- Coverage: Many jewelry insurers cover loss, theft, damage, and disappearance, but coverage can vary.
- Exclusions: Likewise, exclusions can also vary. Many insurers won’t cover things like normal wear and tear, pest damage, intentional loss or damage, manufacturer defects, and damage or loss due to a rare incident like war or a nuclear event.
- Appraisal requirements: Some jewelry insurers may require initial and ongoing appraisals for all pieces, while others may only require an initial appraisal if your engagement ring is over a certain value. Researching appraisal requirements can help you understand what to expect when you get a policy.
- Deductible options: As mentioned, deductibles with a stand-alone jewelry insurance policy may be lower than your homeowners or renters deductible. Different insurers offer different deductible options, so comparing companies can help you find one that best suits your needs.
- Policy limits: You’ll also want to consider policy limits, especially if your engagement ring’s value is significantly higher than the average. Certain jewelry insurance companies will only insure a piece of jewelry up to a certain limit, such as $35,000.
Frequently asked questions
How much is engagement ring insurance?
The cost of engagement ring insurance will vary depending on a few factors, including the value of your ring, your location, and the company and deductible you choose. That said, you may be able to insure your ring for as little as 1%-2% of its value. If it’s valued at $5,000, your coverage could be around $50-$100 per year.
What does engagement ring insurance cover?
Engagement ring insurance typically covers damage, loss, theft, and disappearance. However, coverage may vary by insurer, so it’s essential to compare plans to get the protection you need for your ring.
What’s the process of insuring your engagement ring?
The process of insuring your engagement ring will generally involve comparing insurance companies, getting quotes, selecting an option, getting an appraisal if needed, and obtaining coverage. Note that this process may vary depending on the insurer you choose.
What is a reasonable price for engagement ring insurance?
Engagement ring insurance generally costs around 1%-2% of a piece’s value, so anything within that range is likely a reasonable price for coverage. If the cost of coverage exceeds 2% of your engagement ring’s value, consider obtaining quotes from other companies to find more affordable coverage.
Our methodology
The Fortune RecommendsTM editorial team compared the top engagement ring insurance companies on the market to develop our list of top companies. We considered the following important data points when evaluating potential companies.
- Company strength: During our evaluation, we assessed each company’s financial strength and reputation. We reviewed their (or the policy issuer’s) AM Best ratings and NAIC Customer Complaint Scores.
- Average premiums: We obtained quotes from jewelry insurance companies as part of our evaluation process. Each company on our list offers competitive premiums and deductibles.
- Available policies: All of the companies we’ve listed offer stand-alone jewelry insurance coverage, not an add-on to a standard homeowners or renters policy.
- Minimum/maximum value: We also determined if the companies listed above had maximum coverage limits or required engagement rings to be valued at a certain amount to qualify for coverage.
Shopping for an insurance policy can be complicated. That’s why we put together guides to help you choose the right insurance company for your small business, as well.
