Engagement rings can be a hefty outlay for many American couples. Protecting your investment with jewelry insurance ensures your ring remains safe, so it can continue to be a symbol of your commitment or an heirloom later in life.
The average cost of an engagement ring is $4,600, according to a 2026 survey from the wedding-planning platform The Knot.
While some people may assume the ring would be covered by a homeowners or renters insurance policy, coverage for valuables is typically limited to $1,500 or less. If you recently got engaged — or are planning to pop the question — it's worth insuring your new ring. Here's what you need to know.
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Cover your big day with wedding insurance
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Information about Event Helper Wedding Insurance has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Should you get insurance for an engagement ring?
According to The Knot, the average cost of an engagement ring is $4,600, but that can vary greatly based on the size and quality of the gem, where it was sourced and many other factors.
While the average cost of engagement rings has dropped from $6,000 in 2021, thanks in part to the popularity of lab-grown diamonds, they're still valuable assets to insure. And homeowners or renters insurance would cover a portion of that amount, but only if the ring was stolen. That leaves you with a few options to cover the gap if the ring is damaged or lost.
Instead, you can purchase a rider for the ring on your home insurance policy, a practice known as "scheduling." But if the value of your ring is more than your scheduled personal property limit — or you don't have a home policy — your best bet is a standalone jewelry insurance policy.
How much does insurance for an engagement ring cost?
Premiums for jewelry insurance run about 1% to 2% of your ring's value each year, according to insurer Jewelers Mutual. A standalone plan will have much higher limits than your homeowners policy and will cover events that it excludes, like floods, earthquakes and mysterious disappearances — any situation where you can't explain its loss.
Jewelers Mutual Group doesn't just cover the cost of replacing a ring; its plans also cover maintenance, like tightening a stone or fixing a broken or bent setting. You can also elect to have a deductible, which will lower your monthly premium.
Jewelers Mutual Jewelry Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Undisclosed
Policy highlights
Jewelers Mutual policies are a strong option for those wanting more than just insurance coverage. Policies cover normal wear and tear, and can include things like prong retipping, broken or bent prongs, pearl restringing, and stone tightening. Coverage can be optioned to include a deductible.
We like BriteCo for its affordable monthly rates and virtual appraisal option. You can pay your premiums monthly or save by paying annually.
BriteCo Jewelry Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Individual Item Limit is $250,000 and Schedule Limit is $750,000
Policy highlights
BriteCo's jewelry insurance is a strong choice for its no-deductible policies that include coverage for loss, theft, damage, and mysterious disappearance. It offers replacement values up to 125% for jewelry which has appreciated in value.
How to insure your engagement ring
If you want to take out jewelry insurance on your engagement ring, there are a few steps:
1. Get an appraisal
Most jewelry insurance companies won't issue a policy without an appraisal, a detailed assessment of the ring's weight, materials and markings. Some stores include an appraisal when you buy the ring or you can find local appraisers through the National Association of Jewelry Appraisers or the American Gem Society.
Fees vary, but you can expect to pay between $50 and $200 and wait up to a week for the appraisal to be completed. BriteCo offers an online valuation for $26, with results available in 24 hours.
2. Shop for a jewelry insurance policy
The annual premium for a standard jewelry policy should be about 1% to 2% of your ring's value. Most insurers provide online quotes so you can easily compare costs.
See if there is a deductible or any discounts. Some insurers will offer lower rates for paying your premiums annually, insuring multiple items, installing a home alarm system and getting a gemstone grading report.
3. Ask the important questions
Your engagement could be one of the most expensive items you own. Before signing a policy, make sure you know the answer to these questions:
- What circumstances are and are not covered by the policy?
- Do I get to decide where to buy a replacement ring or have repairs made?
- Is my ring covered for loss or damage outside the U.S.?
- Does the policy cover repairs and preventative maintenance?
- Does the value of my policy adjust for inflation?
4. Keep your coverage updated
Have your ring reappraised every three to five years to ensure the coverage amount is accurate in the event that you have to file an insurance claim.
Jewelry insurance FAQs
Does homeowners insurance cover engagement rings?
While homeowners policies do cover valuables, they have relatively low limits — typically $1,500 to $2,000. In 2025, the average price of an engagement ring was $4,600.
What's the best way to insure jewelry?
Getting a separate jewelry insurance policy can protect your pieces. These policies can also cover preventative maintenance, a plus for valuable pieces.
How much does it cost to insure an engagement ring?
Annual jewelry insurance premiums are usually about 1% to 2% of the ring's value.
Is jewelry insurance worth it?
Jewelry insurance is well worth it if you have an expensive ring, necklace or other item, especially one that you wear. A policy will have higher coverage limits than your homeowners policy and cover more circumstances, like if you lose or accidentally damage your ring. In most cases, you'll be able to work with your jeweler of choice instead of relying on your insurance company's network.
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