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Engagement Ring Insurance Frequently Asked Questions

Last updated on March 06, 2023

When you decide to propose and have bought the perfect ring, you may not be thinking about engagement ring insurance. That’s understandable, but the ring can unfortunately be lost, stolen or damaged at any time.

These answers to frequently asked questions about engagement ring insurance will help you understand more about it.


Is engagement ring insurance worth it?

An engagement ring is one of - if not the most - important pieces of jewellery you’ll ever buy. You probably budgeted your money for it and spent time choosing just the right one to present to your partner. If it’s lost, stolen, or damaged, the situation can be devastating. And knowing that you may not be able to immediately replace the ring is even worse.

That’s what makes engagement ring insurance worth it. It costs a very small percentage of the ring’s value, and it buys you and your partner invaluable peace of mind. She won’t have to worry about having something happen to it but will just be able to wear and enjoy it.


What does engagement ring insurance cover you for?

Engagement ring insurance provides coverage if your ring is lost, stolen, or damaged, as well as in other circumstances. Unfortunately, a ring can disappear in a number of different ways, but you’ll still be covered if you protect it with quality insurance.


Is home and contents insurance good for covering engagement rings?

You might assume that your home and contents insurance will cover the value of your engagement ring, but that’s often not the case. This type of insurance is designed to cover your home and belongings in case of loss. You may have some coverage for your ring through this type of policy, but you’ll probably have to pay some money out-of-pocket if your ring is considered as part of the general contents of your home.

You can add additional insurance for your ring to specifically insure its value, and you might be able to add portable contents to your policy. However, even with a portable contents addition, you may find its limits to be too low. And it may not meet your needs. For example, you may face limits on where and for how long you can travel with your ring and other jewellery. And they may be covered only if you’re wearing them or they’re stored in a safe.


Does engagement ring insurance cover you overseas?

Different jewellery insurance companies may provide different levels of coverage. At JewelCover, our engagement ring insurance covers you overseas.


Who should buy engagement ring insurance: the bride or the groom?

The best person to buy engagement ring insurance is usually the first person to own the ring, which is usually the groom. That way, it can immediately be covered and in case it’s stolen from his home or lost in a romantic proposal by the waterfall or another mishap (unfortunately, it happens!).


How much does engagement ring insurance cost?

The cost of engagement ring insurance is based on its value and usually costs a small percentage of this amount. It’s also important to know that the value of an engagement ring and other jewellery can fluctuate based on the current value of gemstones and precious metals as well as labour costs and exchange rates. 

That’s why JewelCover offers complimentary valuation each year when your policy reviews. This enables you to have exactly the right amount of coverage in case you need it.


What happens if you lose your ring with engagement ring insurance?

A lost engagement ring is covered under a specialised jewellery insurance policy. With JewelCover, you simply call us at 1300 522 808 or email us at Our customer care experts will ask about the details of the loss and will let you know if we need additional information.

Your ring will need to be replaced, and you’ll have the option of returning to your original jeweller if you’d like. Unlike many insurers, we don’t require you to go to one of our choosing.

If you’re ready to purchase or find out more about engagement ring insurance, get an online quote. JewelCover has no hidden fees and won’t be beaten on price or benefits. We’re here to help you protect the ring you invested so much time, effort, and money in buying.


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