Home » Lost Your Engagement Ring? Here is How Ring Insurance Works

Lost Your Engagement Ring? Here is How Ring Insurance Works

by MaggieBloom

What if you lost your engagement ring? Jewelry insurance can provide peace of mind and help ease the financial burden. It’s not just a little mistake, it’s an expensive mistake! Replacing an engagement ring or wedding band is considered one of the top four most expensive purchases couples will make. A staggering 47% of people have lost their engagement rings or wedding bands at some point in time. But there’s good news. By purchasing jeweler’s insurance, you can provide yourself and your loved ones with financial support, peace of mind and even a tax deduction should you need to replace the ring in the future. Do you know how ring insurance works? Read on!


Ring Insurance Covers Jewelry Theft and Loss

One of the biggest advantages to getting insurance for your ring is that you can be reimbursed or have a replacement should a thief take the ring from you or if it is lost. Ring insurance coverage offers protection against theft, loss, accidental damage, and vandalism of your jewelry including engagement rings, wedding bands, loose diamonds, platinum and gold rings, and more. It is written on a “replacement value” basis meaning you won’t have to pay out-of-pocket for the replacement cost of your ring but will receive an amount that covers the current market value of your jewelry.


It’s Good For Your Loved Ones Too

Engagement ring insurance is also an excellent idea if someone in your life, such as a spouse or child, has one or more sentimental pieces of jewelry that are important to them. This insurance coverage can help with replacement costs should they lose a cherished ring or piece of jewelry. It’s also a good idea if someone has their eye on targeting your collection and wants to get their hands on some of your treasures. This coverage is available for jewelry including rings, bracelets, earrings, pendants, necklaces, and more.


It’s one of the most affordable types of insurance you can buy, considering what you may be able to replace if you were to lose your engagement ring or wedding band

As stated earlier, the cost of a replacement ring can range from a few hundred dollars up to thousands and thousands depending on the size and quality of the ring. On top of that, it’s a very personal item and will usually be one of your most valued pieces in your collection so it makes sense that you would want to take steps to protect yourself from losing it.


It Can Help with Other Types of Jewelry Too

Disaster will happen no matter what you have in your collection. So why not take steps to protect the sentimental items that are important to you and your loved ones by making sure they are insured? This is a great way to ensure that if one piece of jewelry is lost, you have options available to recoup some of your losses. Although coverage is written with a specific ring in mind, if you have jewelry in your collection, from engagement rings to other types of rings, bracelets, necklaces, and more, the policy can be extended to cover all the pieces for an additional fee.


It’s Usually an Inexpensive, Affordable, and Worthwhile Purchase

The cost of a piece of jewelry is only half the story. If you take into consideration the cost of replacement and its sentimental value, it may be one of the most important items in your jewelry collection. If your insurance requires a deductible, which is the amount of the claim you must pay upfront before the insurance will cover any losses, you can still gain financial protection. In addition to providing peace of mind and protection against monetary loss, this type of insurance is one of the best ways to ensure that you can replace some or all of your sentimental jewelry.



Like most things in life, there are some drawbacks to insuring your engagement ring. One of them is the fact that you may be required to take a valuation of the ring at your current insurance provider’s office. It’s usually recommended to shop around for your ring so you can compare prices on policies. Some policies may also require a waiting period to have coverage in effect. Just speaking plainly and simply, if you’re getting married, it’s a good idea to take steps to protect your future together. Jewelry insurance can help you accomplish that goal should the unexpected happen.

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