Content of the material
- Best Way to Insure Jewelry: The Takeaway
- Guide for Choosing the Best Engagement Ring Insurance Companies
- Is Engagement Ring Insurance Right for You?
- Comparing Engagement Ring Insurance Companies
- How to Insure Your Engagement Ring
- Where to get engagement ring insurance
- Best for Members of the Military: USAA
- What Is Jewelry Insurance?
- Specialized Jewelry Insurance
- Step #4: Raise your limits or add an endorsement
- Best for Lower-Value Rings: Gemshield
- What Does Engagement Ring Insurance Exclude?
- What Are the Expected Costs of Jewelry Insurance?
- Do: Get an Appraisal (or at least a receipt)
- How does engagement ring insurance work?
- Protecting All Things Jewelry Since 1913
- Final Thoughts on Jewelry Insurance
- Want to pay less for better jewelry insurance?
- Online Features:
- About Lavalier:
- Lavalier Ratings
- The Details:
- Types of Jewelry Insurance
- Specialized Jewelry Insurance
- Mysterious Disappearance Coverage
- Claims Can Affect Your Insurance Credit Score
- Homeowners Insurance Coverage
- When is Umbrella Coverage Preferable to Specialized Insurance?
- How Much Does Jewelry Insurance Cost?
- Do: Check with Your Agent
- Step #2: Call your independent agent
- Do I Need Engagement Ring Insurance?
Best Way to Insure Jewelry: The Takeaway
Going through the many jewelry insurance policies can seem like a daunting task, especially if it’s your first time insuring an engagement ring or a similar high-value piece.
We ranked BriteCo as our number one pick since they have a fast and easy coverage process, and you can get your quote online without speaking with an agent.
Additionally, BriteCo comes with zero deductibles, so you won’t need to pay anything out of pocket when making a claim.
Insuring your ring can help you avoid a lot of headaches in the future, and it’s a great way to protect all your valuables in case of theft, loss, or damage.
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.
Where to get engagement ring insurance
You have two main options when it comes to engagement ring insurance:
- Add it as a rider to your current homeowners/renters insurance policy.
- Get a stand-alone engagement ring insurance policy.
The easiest route is option one (add it to your existing home or renters’ insurance policy).
One company offering up some of the best engagement ring insurance is Lemonade. With Lemonade, you add your engagement ring as an “Extra Coverage” to your existing policy. There’s no deductible if you need to file a claim and it covers nearly everything, including accidental damage and accidental loss.
According to Lemonade, the only thing it doesn’t cover is normal wear and tear and damage caused by war/nuclear fallout (something I hope you and your shiny ring never experience).
Best for Members of the Military: USAAGet a Quote
Why We Chose It: USAA stood out for the variety of options available to insure engagement rings for members of the military and their families.
What We Like
- No deductible
- In-house gem lab with gemologists from the Gemological Institute of America (GIA)
- No appraisal required under roughly $15,000
- Discount if you bundle with other USAA products
- Will pay scheduled item limit if it's not feasible to replace, repair or restore the item
What We Don't Like
- Repair or replace policy
- Only available to military members or their families
- Available to policyholders as a rider, only available as a standalone policy in Florida, Pennsylvania, Hawaii, New Hampshire, New Mexico, and New York
The United Services Automobile Association (USAA) offers military members and their families the option to insure engagement rings on a personal property floater that may be purchased as a standalone policy in certain states. USAA is the third-largest home insurer in the U.S. it ranks highly for customer satisfaction in independent surveys, has low levels of complaints with the NAIC, and has a stellar AM Best credit agency rating.
USAA’s valuable personal property floater does not require an appraisal for jewelry under about $15,000 (one of the higher limits among most of the companies we reviewed). USAA also takes jewelry insurance seriously with an in-house gem lab and the option to get paid the insured limit if you can’t replace, repair, or restore the item in a claim.
For USAA members who do not add a jewelry floater, it is also notable that the company offers the highest, standard homeowner jewelry limit we’ve seen (for a basic policy) at about $10,000. Although limited and subject to deductible, it is still a nice added benefit if you decide to insure your home with them.
It also offers discounts when you bundle engagement ring coverage with your home policy. To get a quote with USAA, sign up for a quote on its website or mobile app, or call them directly. USAA does not provide quotes to non-members, therefore you have to provide USAA your military information and get an account with them before you can obtain a quote.
Overall, if you are eligible for coverage as a military member (or family), explore what USAA has to offer.
What Is Jewelry Insurance?
Like other types of insurance for a boat or a car, jewelry insurance is a financial product that provides coverage for the item at hand. With jewelry insurance, you can pay an annual premium for a policy that protects your jewelry against damage or theft. Policies often have a deductible, but some jewelry companies offer this coverage with no required deductible.
Some jewelry insurance policies require an appraisal for covered items over a certain amount, such as $5,000. You’ll need to make sure all jewelry you purchase and want coverage for is ultimately included and outlined in your policy as a "scheduled item."
Specialized Jewelry Insurance
A handful of insurers have made a name for themselves in the market by offering insurance policies specifically for jewelry. Jewelry insurers bring a few benefits when compared to scheduled coverage on a home insurance policy. In both cases, your jewelry is covered anywhere in the world.
However, with specialized jewelry insurance, there are fewer holes in coverage. Home insurance policies only cover specific risks, excluding floods and often earthquakes. Mysterious disappearance, which just means you don’t know how or where your jewelry was lost, is also a concern with some home insurers who won’t cover such claims. Specialized jewelry policies typically cover all risks, including floods and mysterious disappearance. Exclusions are also limited to less likely perils such as war or nuclear hazards. Don’t confuse this coverage with jewelry warranties, which are frequently sold by jewelers.
A jewelry warranty is much more limited in scope than an insurance policy and is usually structured as a service plan that does not insure loss.
Step #4: Raise your limits or add an endorsement
When insuring your ring, you have two options: raise your limits or schedule the ring as an endorsement. Homeowners and renters insurance policies include coverage for the contents of your home. However, a base homeowners policy typically limits theft of jewelry coverage up to $1,000, or sometimes just $500. Because of this, simply boosting your limits may not be enough to cover your fiancée’s new bling.
Scheduling the ring as an endorsement is another option. Although it may increase your policy’s premium cost, it provides coverage for a broader spectrum of losses. And your policy deductible doesn’t apply; this means that you could replace the ring at no additional cost to you.
When debating how to insure the ring, use your independent insurance agent as an expert resource to help you choose the best coverage for you.
Best for Lower-Value Rings: GemshieldGet a Quote
Why We Chose It: The GemShield policy is easy to obtain and offers a broad range of coverage, but only up to a maximum ring value of about $35,000, which is why we picked it as the best insurer for small amounts of (basic) coverage.
What We Like
- Worldwide coverage for lost, stolen, broken or damaged items, or missing stones
- Automatic coverage for new jewelry (limited)
- Choice of the jeweler in a claim (either your own, or one of their in-network jewelers)
- Can also provide gem coverage
What We Don't Like
- Must repair or replace in the event of a loss
- Roughly a $35,000 maximum value per item (although there may be exceptions allowed)
- Limited deductible options (from zero to $1,000)
- Maximum combined item policy limit is $100,000
GemShield offers basic engagement ring insurance coverage with easy online quotes. It underwrites the insurance through StarNet Insurance Company (a Berkley Corporation company), which has low levels of complaints with the National Association of Insurance Commissioners (NAIC) and a stellar AM Best credit agency rating.
The policy offers coverage for lost, stolen, and broken or damaged items. Additionally, GemShield will cover missing stones. And no matter where you are, you don't need to worry about issues with coverage since it's worldwide.
It's important to note that this is a "repair or replace" policy, but that comes with some perks like choosing your own jeweler and automatic coverage for newly acquired items.
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 Expected Costs of Jewelry Insurance?
Most jewelry insurance policies tend to cost between 1% and 2% of the jewelry's value in question. For example, an insurance policy to cover a wedding ring worth $10,000 could set you back between $100 and $200 per year.
Coverage can vary in terms of pricing and scope. If you choose a policy without a deductible and with full replacement value, you can expect to pay higher premiums.
Do: Get an Appraisal (or at least a receipt)
Why? Well, not only do you want to account for the value of your ring before it’s got to much wear and tear, but certain insurers require this for insuring your jewelry (just like when you buy a house, the insurance company needs a third party to verify the value of your engagement ring). Check out American Gem Society or the National Association of Jewelry Appraisers for local appraisers. If you’re going with a jewelry-specific policy like Jewelers Mutual you may be able to skip this step depending on the value of the ring.
How does engagement ring insurance work?
Engagement ring insurance usually works like this:
- You purchase an engagement ring insurance policy.
- You pay your monthly or annual premiums.
- You file a claim with the insurance company if your ring is lost, stolen, or damaged.
- Your insurance company works with you to repair or replace the ring. (You can also choose to get cash for the ring’s value if you don’t want to replace it).
Some engagement ring insurance policies have a deductible. Others don’t. If you want a cheaper monthly premium, you may opt for a policy that has a deductible. If you want your insurance to cover everything in full, you may go for a policy with no deductible, knowing you may pay a little more per month for it.
Protecting All Things Jewelry Since 1913
Jewelry insurance is only as good as the company standing behind it. Protect yours with the only insurer in North America solely dedicated to jewelry insurance for over 100 years.More about our history
Final Thoughts on Jewelry Insurance
Many people assume that jewelry is insured as part of a homeowners or renters insurance policy.
While partly true, these policies can leave massive gaps in coverage that can turn a lost, stolen, or damaged jewelry claim payment into a pittance compared to the cost of replacement. Even insuring your jewelry as scheduled personal property, while ensuring full replacement cost coverage, leaves gaps in coverage and can affect your future home insurance rates if you have a claim.
The answer is either a dedicated jewelry insurance policy or a personal articles policy that can protect your valuables up to the full appraised value and is separate from your home insurance coverage, eliminating the risk of claims affecting your home insurance premiums.
Quotes are free, and insurers often need similar information to provide a quote, making the quote process quick as well. As is always recommended, get two or three quotes to compare prices and coverage features. The unexpected can happen at any time. Are you covered?
Get Started Want to pay less for better jewelry insurance? Get specialized jewelry insurance coverage that saves you time and money. Get Started
On the first impression, Lavalier’s website is more modern and easy to use. An attractive interface, with easy tabs and plenty of colors makes it both warmer and inviting than Jewelers Mutual is upon the first impression. Of course, appearances aren’t everything, and when it comes to looking for insurance, professionalism and transparency matter most.
Front and center on the homepage is the option to get a quote “under a minute” by entering your zip code. You’re then taken on a second page, where you provide your appraisal amount. With a few easy steps, you’ll be provided with a deductible and total yearly premium.
You can purchase policies online, report a claim, make a payment, and read the blog all the same features offered by Jewelers Mutual, if with a more updated interface. Finally, you can request changes to your policy through an online form.
Lavalier, unlike Jewelers Mutual, does not provide information much about the company’s history, or any partnerships. This notable absence is a bit concerning, though it does not mean the company itself is not trustworthy–you may have to inquire about these details.
What is given instead is a chart comparison of their coverage versus typical home insurance, which is useful in general, but not as much for learning about who they are as a company?
Records off-site indicate that the company was founded in 2011 (so it’s fairly new), is headquartered in California. Its top competitor is Jewelers Mutual.
Lavalier is not BBB rated. It is, however, rated as one of the second best jewelry insurance through Consumer Affairs, and has an average rating of four out of five stars. There was high praise for the company regarding customer repairs, affordable rates, and overall coverage.
While not being accredited by the Better Business Bureau should give a customer some pause, there are enough positive reviews, on other sites as well, to offer some reassurance.
One way Lavalier makes up for some of its faults in other areas is its transparency: you are provided with a lot of answers and policy details without looking too hard. The upfront nature provides some confidence in their policies and who they are as a company.
- All jewelry except for men’s and women’s watches are covered, which are covered on a case by case basis
- The maximum coverage limit is $50,000 on an item, though more coverage is possible with an underwriting review
- Your appraisal must be $5,000 or more
- Manufacturer defects, intentional losses or damages, and military/war activity are not covered
- This is an “all risk policy”: everything that is not explicitly excluded is covered
- You may insure gifts
- Worldwide coverage is provided
Types of Jewelry Insurance
Before diving into each company, it’s important to understand your options and how jewelry insurance works. The two main types of jewelry insurance policies are:
- A specialized or stand-alone jewelry insurance policy.
- A scheduled item on your homeowners insurance policy. This is sometimes referred to as an endorsement, a rider, or a floater.
Specialized Jewelry Insurance
A specialized jewelry insurance policy is specifically designed for insuring jewelry. If you’re looking for the absolute best jewelry insurance coverage, a specialized policy is the right choice. Because it’s a very specific coverage tailor-made to a piece of jewelry or a watch, you’ll get additional coverage you may not get with a homeowners rider. Additionally, it’s most often the smarter money-saving option.
Generally, we recommend not tying your jewelry to your homeowners policy.
Mysterious Disappearance Coverage
Many homeowners riders don’t cover “mysterious disappearance.” You’ll definitely want this important coverage, since most losses fall under this category. Imagine your ring simply disappeared from your gym bag. Was it stolen or did you lose it? You’re not really sure. You don’t even know exactly when it happened. You’ll want coverage for this. The better specialized jewelry insurance policies will cover this.
Claims Can Affect Your Insurance Credit Score
Before choosing a policy, you should consider coverage value limits and coverage for damage (not only a pure loss). You should also learn how your claims will impact your insurance credit score.
You have an insurance credit score, distinct from other personal credit scores, like your FICO score. It’s very important — and no one talks about it. When you file a claim, some insurance companies will actually report your loss to a reporting agency. As a result, your rates will increase. A reported loss can stay on your insurance credit report for 5-7 years.
Just like any credit score, you need to keep this score as high as possible. If you have a jewelry loss, most homeowners insurance companies will report this loss, so your homeowners rates will increase. In the worst-case scenario, your homeowners could actually drop you. Some specialized insurance companies will also report claims.
Homeowners Insurance Coverage
Most homeowners policies do have some sort of inherent coverage for jewelry, as it does for some other household items. However, problems may arise because a homeowners policy wasn’t really meant to include jewelry, watch, and ring coverage. This usually results in coverage gaps and incomplete coverage. If you’re purchasing jewelry insurance, make sure you’re fully covered. We detailed a few issues above, like “mysterious disappearance,” but there are more things to take into consideration.
Let’s talk about deductibles. Insurance companies introduce deductibles to reduce your monthly or annual premium payment. In turn, when a loss or damage occurs, you have to cover a specific portion of the claim out of pocket. This could be a sizable amount, especially if it’s a percentage of the claim. Since the difference in premium payment is typically minimal, we usually recommend opting for a zero-deductible plan.
When is Umbrella Coverage Preferable to Specialized Insurance?
We don’t recommend specialized jewelry policies in all cases. For instance, we wouldn’t recommend purchasing a specialized jewelry policy if you had a schedule of $500,000 and had other assets such as boats, art, etc. We would recommend an umbrella carrier. However, for most cases, we recommend a specialized jewelry insurance policy.
How Much Does Jewelry Insurance Cost?
Insuring jewelry through Jewelers Mutual typically costs you 1-2% of the jewelry’s value, per year.
There are multiple factors that determine the cost, including where you live. For example, take a look at these various locations and example premiums.
Do: Check with Your Agent
Many homeowner’s or renter’s insurance policies will provide some coverage for your jewelry…but usually only up to a point. And if that point won’t fully replace your ring with something comparable, then, well, what’s the point? Check with your insurer about this, and ask whether they have jewelry-specific coverage you can add so you’re not left in the lurch if the worst happens.
Step #2: Call your independent agent
Your independent insurance agent will guide you through this process including walking you through your options, helping you choose the best policy, and hopefully easing some of your nerves since you can rest assured that the ring will be protected.
Do I Need Engagement Ring Insurance?
Yes! You do! In fact, did you know that a BriteCo™ jewelry insurance policy can protect your homeowners or renters insurance from jewelry claims?
It’s true! Jewelry claims through your home or renter insurance can result in rate hikes, or even insurance cancellation. And the ultimate risk to protecting your engagment ring? A standard homeowners or renters insurance policy caps payouts as low as $1,000- $2,000 per item!
Plus, a personal articles rider doesn’t even guarantee jewelry replacement.