How To Insure an Engagement or Wedding Ring

The personal property coverage on a homeowners, condo, or renters policy typically includes a limit (ranging from $1,000 to $2,500) for reimbursement of jewelry theft. That’s small comfort if your wedding ring, engagement ring, or heirloom jewelry is worth much more.

A Scheduled Personal Property endorsement can provide coverage that matches the value of the jewelry.

Coverage options for insuring jewelry

Insurance Policy	Coverage
HO-3 (Homeowners), HO-4 (Renters), or HO-6 (Condo) Policy	$1,500 limit for stolen jewelry No coverage for lost or misplaced items Coverage is for the actual cash value of an item, up to the coverage limit, or, if the item is repaired or replaced, the cost to replace it, up to the coverage limit Deductible applies
HO-5 (Homeowners) Policy	$2,500 limit for stolen, lost, or misplaced items Coverage is for the actual cash value of an item, up to the coverage limit, or, if the item is repaired or replaced, the cost to replace it, up to the coverage limit Deductible applies
Scheduled Personal Property Endorsement	Available as an add-on to any HO-3, HO-4, HO-5, or HO-6 policy You must obtain coverage for each piece of jewelry Items are insured to their replacement cost, up to the scheduled amount No deductible

What is Scheduled Personal Property (ring insurance)?

Scheduled Personal Property is an optional endorsement you can add to your homeowners, condo, or renters insurance policy. It provides greater protection for certain high-value items, such as jewelry, fur, and silverware if they are lost, damaged, or stolen. In addition to engagement and wedding rings, other items frequently insured include earrings, necklaces, bracelets, watches, and antique jewelry.

The cost for this endorsement generally runs about 1–2% of the jewelry piece’s value. If your ring is worth $5,000, it could cost you $50 to $100 to insure it.

Contact your insurer to apply for the policy endorsement when you are ready to insure your piece of jewelry. You will need to provide an up-to-date appraisal, a photograph of the ring, and a copy of the ring receipt.

Common exclusions to ring insurance

The Scheduled Personal Property endorsement does not insure losses caused by:

• Wear and tear, gradual deterioration, or inherent vice
• Insects or vermin
• War
• Nuclear hazard
• Intentional loss

Learn more about exclusions.

How does a jewelry claim work?

If you have a direct physical loss to your insured piece of jewelry, contact your insurance company and provide any requested information about the loss. Your claims representative will work with you to determine your options.

Depending on the nature of the loss, and subject to any deductibles and coverage limits, insurance will pay the least of:

• The item’s actual cash value at the time of loss (if the item is not repaired or replaced);
• The cost of restoring the item to its prior condition;
• The cost to replace the item with an identical one; or
• The amount of insurance.

Scheduled Personal Property insures a ring to replacement cost and does not have a deductible.

If you have a homeowners, condo, or renters policy with no jewelry endorsement, your insurance will pay actual cash value up to your policy limit. Your deductible will apply. If the item is stolen, your policy will pay actual cash value up to the sublimit for jewelry ($1,000 to $2,500, depending on your policy), and you will also have to pay a deductible.

Who is responsible for insuring an engagement ring?

You may be planning to combine your insurance policies with your spouse after you get married. Until then, the person in possession of the ring would be the one who obtains insurance for it.

Some questions to ask about your jewelry endorsement:

• Can you choose where to repair your ring or purchase a replacement?
• Does it cover damage or just loss and theft?
• Is your jewelry insured if you are out of the country?
• If the value of your ring increases, will the endorsement reflect that?

While insurance can’t replace the sentimental value of a treasured ring, it can provide you the comfort and peace of mind of knowing you will have the ability to purchase a new one.