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The Jewelry Box Blog

How Much Does it Cost to Insure an Engagement Ring?

Posted by Chelsea Drusch on Mar 25, 2015 11:30:00 AM

Couple admiring engagement ring

In most cases, insuring an engagement ring is much more affordable than you think. Which is great, since protecting your jewelry is one of the best things you can do to safeguard yourself from unnecessary heartache (and financial hardship).

So, how much does it cost to insure an engagement ring?

The Quick Answer

Rates usually depend on where you live. But for most people, insuring your jewelry will cost 1-2% of its value.

For example, a $5,000 ring may cost as little as $50 per year to protect.Get a Quote

The Detailed Answer

Simple Rate Calculation

At Jewelers Mutual, our insurance rate calculation is simple. Our coverage costs 1-2% of the retail replacement value of the jewelry item.

Whether it's 1%, 2% or somewhere in between is based on our historical losses for the residential location of the jewelry wearer.

Deductibles

The other factor that can affect your premium is the deductible option you choose. (Remember, a deductible is the amount of money you have to pay out-of-pocket when you file a claim.)

The higher your deductible, the lower your total annual premium will be. Need help deciding which deductible is best for you? We've got a blog for that.

Policy Minimums

Often, we get asked, "At what value should I start to insure jewelry?"

One factor to consider is the minimum annual policy premium in your state or province. The minimum is $30 in CO, CT, FL, IL, MA, ME, NV, NH, NJ, NY, PA, RI, SC, UT and VT; $25 in all other states ($50 in Canada).

If the rate calculation for the entire policy premium is less than the minimum, your premium will be the minimum for the residential state of the jewelry wearer.

Discounts

We also offer four different discounts to our policyholders:

  • Security System Discount
  • Vault Discount
  • Gemprint® Discount
  • Valued Policyholder Discount

To learn more, read our blog post on ways to save on your coverage.

For the most accurate estimate of your premium, get a free quote - in less than 1 minute!

Feel free to hit us with any questions you may have in the comments below.

 

The Essential Buyer's Guide to Jewelry Insurance

 

 

Topics: Appraisal, Coverage

Curiosity killed the cat.

But not the jewelry lover.

You're here. You're learning how to care for your jewelry.

Aren't you a little bit curious how much it costs to fully protect it?

Get a free insurance quote for your jewelry - before the cat pounces and knocks it down the drain.

Get Your Free Quote

Jewelers Mutual Insurance Group

Protecting Cherished Memories® since 1913

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