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A Goodcover Guide to Engagement Ring Coverage
4 Jan 2023 • 5 min read
Okay, let’s start with the good news: your shiny new engagement ring is safe with your renters insurance policy.
Whether your partner saved up for months or you were lucky enough to inherit a family heirloom, you can rest easy knowing that your renters insurance policy covers engagement rings from different types of losses. So go ahead and show off that ring with pride – it’s not going anywhere (except for the occasional cleaning and maintenance, of course!).
Okay, now for the slightly less fun news: engagement rings are not immune to accidents. They can get stolen or damaged just like any other valuable possession.
But don’t worry; we’ve got you covered (literally). Keep reading to learn everything you need to know about keeping that ring on your finger with your Goodcover’s renters insurance policy.
Here’s what we’ll cover:
- How Much Is Engagement Ring Insurance?
- How Much Should You Insure Your Ring For?
- Should You Consider One-off Insurance for Your Ring?
- Who Should Insure the Engagement Ring — The Purchaser or The Recipient?
- Final Thoughts: Renters Insurance Engagement Ring Coverage
How Much Is Engagement Ring Insurance?
Let’s say you want to insure your engagement ring with a standard jewelry insurance policy. It would cost you about 1-3% of the base price of the ring. That’s roughly $1 to $3 for every $100.
For instance, if your engagement ring is worth about $5,000, you’d pay between $50 and $150 annually to insure it under a dedicated jewelry plan.
But before you go ahead and sign up for a jewelry insurance policy, here’s something to consider: did you know that your renters insurance policy already covers jewelry and watches under your personal property coverage? That’s right – your ring is already protected under your policy, usually between $1,000 and $2,500 — all under one low-cost plan.
Of course, if your ring is particularly expensive, you might want to consider raising your coverage limit, but more on that later. In the meantime, rest assured that your engagement ring is in great hands with a Goodcover renters insurance policy.
Should You Insure Your Engagement Ring?
This one’s a no-brainer. You should absolutely, 100% insure your engagement ring. You can do everything in your power to keep your ring safe at home, but unexpected things can still happen.
Engagement rings aren’t just random pieces of jewelry. Engagement rings are priceless because of their sentimental value. Especially if a ring passed down from your family to you — this heirloom is more valuable than its diamond setting.
Insuring your engagement ring protects you from replacing your entire ring with money out of your own pocket. If someone steals the ring, your insurance provider can help you recover the ring's monetary value.
How Much Should You Insure Your Ring For?
Always insure your engagement ring for its real monetary value. If you underinsure your engagement ring, you may pay some money out of your pocket to replace it. An insurance company will only pay up to your policy limits.
Let’s say your diamond engagement ring is worth $10,000, and your policy limit is $1,000. In that case, your insurer will only pay $1,000 (minus your deductible) if it’s stolen. So, you will lose $9,000 in value just by underinsuring your engagement ring.
At Goodcover, the most we’ll pay out on our standard policy for jewelry is $1,000. However, our SUPERGOOD plan can cover jewelry from $5,000 up to $20,000 without a deductible for most insured damages, including fire damage. Paying your deductible unlocks further payouts under your personal property coverage (Coverage C) if your ring is worth more. Accidental damage is also covered under SUPERGOOD, so if you drop your ring and get a scratch on it, Goodcover can help.
If you have an engagement ring (or another jewelry item) that’s particularly expensive, you may want to choose alternate coverage or find an insurer with higher per-item limits than Goodcover offers.
Some insurers will require proof of value if you suffer a loss. To prove the full value of your engagement ring:
- Get a professional jeweler to give you an appraised value of your ring.
- Get a diamond certificate or a grading report.
- Save the receipt.
Should You Consider One-off Insurance for Your Ring?
Although you can, your renters insurance engagement ring coverage likely is more than sufficient.
However, if you’re concerned about coverage limits you have a few options. You can add a jewelry endorsement to your current renters insurance coverage, which will increase the coverage for all of your jewelry and watches.
Or, you can add SUPERGOOD coverage, which will increase its coverage and provide additional coverage for risks like accidental damage. You also won’t have to pay a deductible to replace it.
With Goodcover, you can give your ring additional coverage from $5,000 and up to $20,000.
The estimates for how much this will bump up your premium vary depending on your location. For instance, let’s say you’re in Whittier, CA. It will cost you about $6 per month to bump your general jewelry coverage to $5,000, with the option to bump up coverage in $5,000 increments for around $6 each time.
Who Should Insure the Engagement Ring — the Purchaser or the Recipient?
The rule of thumb for insuring an engagement ring is whoever possesses it at the time has to insure it.
If you’ve just acquired the ring and plan to propose to your partner, rest assured that your renters insurance policy covers it. If a risk occurs before you pop the question, your insurance provider can repair or replace the ring.
Once you give it to your partner, you transfer its ownership to them. So, who insures it, then? That depends on whether you live together or separately.
If you already live together, you may list your significant other as an additional insured party on your renters policy. You don’t need to do anything else if you’ve already covered them under your policy.
But if you live separately, get your partner to list the engagement ring on their renters policy. Should a risk occur, their insurer will compensate for the loss. Once you’ve given them the ring, your insurer can no longer cover it because it’s no longer your personal property.
Final Thoughts: Renters Insurance Engagement Ring Coverage
If you’ve purchased or inherited an engagement ring, it would be best to insure it. And your Goodcover renters policy already has your back.
Your policy covers jewelry up to your coverage limit. Goodcover’s policies don’t cover misplacement, but if your jewelry is stolen we’ll cover up to $1,000. That being said, you can always increase coverage limits to cover an expensive engagement ring for its total value.
Ensure you cover the ring in a shared policy with your partner or under their renters policy once you pop the question. Need to know how much it would cost to insure your engagement ring with your renters insurance policy? Get an insurance quote from Goodcover today.
Note: This post is meant for informational purposes; insurance regulation and coverage specifics vary by location and person. Check your policy for exact coverage information.
For additional questions, reach out to us – we’re happy to help.
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