Should You Buy Insurance for Your Engagement Ring?
Buying an engagement ring is expensive. Losing or damaging one is worse. Even though many people spend thousands on a ring, they skip insurance. That decision can cost more later. Let's look at how much insurance costs, what it covers, and what the numbers show about risk and value.
The Real Cost of Not Having Insurance
In 2023, the average engagement ring cost was $5,200 in the U.S. Many rings cost far more, especially in big cities. A 2024 survey found that millennials were spending around $6,700. Gen Z buyers spent closer to $4,100. On top of that, nearly 30% of buyers go over their budget when buying a ring.
Despite the price, about 40% of people don't have any insurance on their engagement ring. Some think homeowners insurance will cover it. That's not always true. Most policies cap coverage at $1,000 to $2,000 for jewelry. That's much lower than the average ring value. It also won't cover issues like loss or mysterious disappearance.
Even people who bought coverage through their home insurance may be underinsured. A jeweler on YouTube pointed out that 40% of ring owners think they have full coverage but really don't. That's because most policies don't replace the ring or cover all damage scenarios. And if you file a claim, your home insurance premium might go up.
More importantly, claims happen a lot more often than you'd think. A 2021 survey by BriteCo showed that 59% of people who had ring insurance made a claim within 10 years. Another source from Central Insurance stated that 66% used their coverage in that same timeframe. That's more than half. This isn't rare.
Now, think about this: do you want to pay $5,000 again if something happens?
How Much Ring Insurance Really Costs
Prices for ring insurance mostly depend on the ring's appraised value. Most providers charge 1 to 2% of that value each year. So, for a $5,200 ring, insurance will cost between $52 and $104 per year. Some companies offer even lower rates. BriteCo offers plans as low as 0.5 to 1.5% annually.
If your ring is worth $10,000, your yearly premium sits around $100 to $200. That's less than most people pay for car insurance in a month. And unlike auto coverage, these policies usually have no deductible. That means you don't have to pay anything extra out of pocket if you need to file a claim.
You can also reduce costs. Some insurance companies offer discounts if you store your ring in a safe or have a home alarm system. Zip code also plays a role. For example, insuring a $6,000 ring in Chicago with zero deductible can cost close to $60 per year.
That's a low price for a safety net. Especially since you're not only covering theft or total loss. You're also covering damage, theft while traveling, and even misplacing it entirely.
What Ring Insurance Covers—and What It Doesn't
Specialized ring insurance providers like BriteCo and Jewelers Mutual offer broader coverage than regular home insurance.
Here's what most stand-alone policies cover:
Loss. This includes losing it during daily wear or while traveling.
Theft. Covered anywhere in the world.
Damage. If a diamond chips or a prong breaks, it's covered. Some plans even include everyday maintenance like prong repair.
Disappearance. A lot of rings are lost and never found again. Most specialized plans include 'mysterious disappearance' protection.
Inflation. BriteCo automatically increases the insured value of your ring if the market value changes—to about 125% of the appraised amount.
A big benefit is that you usually get to return to the same jeweler to replace the ring. That's important if your ring had a unique setting or a custom stone. You won't be forced to accept a generic replacement. That's something basic policies from homeowners insurance don't usually allow.
Now, here's what insurance doesn't cover—and it's worth knowing:
Wear and tear over time
Loss due to intentional acts
Damage from pests or extreme acts (like war or nuclear events)
The fine print matters. For example, coverage for a mysterious disappearance may still require a police report, depending on the provider. So don't skip reading the policy.
One more thing: warranties don't equal insurance. Warranties usually cover craftsmanship. They don't cover theft, loss, or everyday damage. A lot of buyers confuse the two. About 25% of uninsured ring owners in the BriteCo survey believed a warranty covered everything they needed. It doesn't.
How Social Media and Culture Push Higher Spending—and More Risk
Social trends drive ring spending. Instagram, TikTok, and YouTube are packed with proposal videos and ring close-ups. Oval diamonds and custom settings are currently common. These trends have pushed average spending even higher, especially in cities like Los Angeles and New York.
More expensive rings mean more worry about losing or damaging them. It's no surprise that requests for information about ring insurance rose after engagement content started trending online. According to jewelers interviewed on social media, clients ask more questions about coverage now than they did five years ago.
Celebrities don't help the pressure. Maria Sharapova showed off her $400,000 engagement ring back in 2021. It's not what most people buy, sure—but these kinds of rings shape people's ideas of what their ring "should look like."
Another side to this is that people are traveling more with their rings. Some proposals happen on vacation. Others get photographed in multiple countries. That raises the odds something goes wrong. With global coverage, you won't lose everything if something happens abroad.
Real People, Real Claims
From all the surveys, here's what stands out:
59% of people with ring insurance filed a claim within 10 years
66% of policyholders used their coverage in a decade
Only 32% of people without insurance think they'd need it, compared to nearly 70% of experienced jewelry buyers who always get coverage
So, new buyers tend to skip it. People who've owned expensive jewelry before are more likely to take insurance seriously.
Think about this: if you know something has a 60% chance of needing coverage in 10 years, and the protection costs maybe $100 each year, is it worth skipping?
One repair for a chipped diamond costs between $200 and $600. That's already more than most annual premiums. A full loss? Multiply that by 10 or more.
Should You Buy Insurance? Here's the Straight Answer
There's no emotion here. This isn't about how much your ring means to you. This is about numbers. Percentages. Cost.
You're paying thousands for something worn every day. You eat with it, swim with it, clean your house with it. Mistakes happen. Rings fall off. Prongs loosen. Stones chip. Things get lost.
The average claim rate isn't small. It's high—59% to 66% over a decade. That means it's more likely than not that something will happen.
At the same time, insurance is cheap compared to the ring. It's not free, but it's not expensive either. Most people spend more per month on streaming services.
And here's the thing people don't talk about: your homeowners insurance doesn't really cover what you think it does. You might get $1,000 to $2,000. But if your ring is worth $5,000, you're still out of pocket for over half the cost. That's if they approve the claim. Sometimes they won't.
Specialized jewelry coverage avoids this. BriteCo, for instance, is rated 9.8 out of 10 by customers and was named "Best Overall" by Brides in 2024. You can adjust it, get coverage fast, and skip deductibles.
If your ring costs anything above $2,000, you should get insurance. It protects both the ring and your peace of mind. Without insurance, you gamble.
So the answer is yes, you should.
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