Engagement Ring Insurance: How to Insure an Engagement Ring Easily

An engagement ring carries promises and memories, and it’s a symbol of eternity. Yet, even eternal symbols aren’t immune to life’s uncertainties. Anything can happen; the stone may loosen, the clasp may break, and even worse, the entire ring could be lost or stolen in the blink of an eye. Although the true value of the ring could never be measured or replaced, engagement ring insurance coverage ensures that if anything happens to your engagement ring, you can repair it or replace it without having to worry about the financial burden.

In this blog, we’ll explain to you how to insure your engagement ring, why it’s important, and everything you need to know about the type of insurance coverage.

What is Engagement Ring Insurance in Canada?

Engagement ring insurance in Canada is a type of jewelry insurance that’s designed specifically to protect your precious engagement ring against several risks. This insurance coverage provides financial protection against accidental damage, theft, or loss. We understand that the memories associated with the ring are irreplaceable, but the best we can do is ensure that its financial value is secured. Engagement ring insurance allows you to repair or replace your ring if it’s damaged or lost due to a covered event.

When Should I Get Engagement Ring Insurance?

You should get ring insurance once you purchase the engagement ring; some people even buy it before leaving the jewelry store. Depending on your insurance company, you may be able to add coverage immediately after purchase, so you can have it protected since day one. Many insurers require an appraisal or a receipt to establish the ring’s insured value, especially if the ring is worth a significant amount or if it’s not a new ring.

Looking for the best jewellery insurance quote in Canada? Contact us today!

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What Does Engagement Ring Insurance Cover?

Insurance for engagement rings covers your ring against several risks, including:

• Accidental Loss: If you can’t find your ring anywhere, either because it’s misplaced or lost, your insurance policy helps with the cost of replacing it, provided the loss is caused by a covered event.
• Theft: If your engagement ring is stolen, your insurance provider will provide compensation so you can replace it.
• Accidental Damage: Insurance for a wedding ring covers the repair costs if your stone is chipped, the band is bent, or any other type of accidental damage.
• Worldwide Protection: Some insurance providers extend insurance on an engagement ring, no matter where you are. Since not all insurance companies provide this option, it’s recommended to check with your provider whether it’s included in your policy.
• Mysterious Disappearance: Some policies cover your ring if it suddenly disappears and you can’t find it anywhere. Since not all providers offer this coverage, it’s recommended to check with your insurance company if you want to have it covered.

At St. Andrews, we understand what your wedding ring or engagement ring means to you, which is why we offer the best engagement ring insurance in Canada to help you protect your valuable memory.

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What Is Not Covered By Ring Insurance in Canada?

When buying your ring insurance coverage, you should always review your policy contract to identify what’s included and what’s excluded. Below are some common exclusions that this type of insurance for jewellery in Ontario doesn’t cover:

• Wear and Tear: Scratching, gradual loosening, tarnishing, or other signs of normal wear aren’t covered.
• Intentional Loss or Damage: If you deliberately lose or damage your ring, your jewellery insurance company won’t cover it.
• Pest Damage: Damage caused by pest infestation isn’t damaged.
• Manufacturing Defects: If the ring is damaged due to a manufacturing defect, it should fall under the jeweler’s warranty and not your ring insurance.
• Voluntary Parting: If you give away your ring or sell it and the payment is not received or the transaction turns out to be fraudulent, your insurance will not cover the loss.

Does Home Insurance Policy Cover Your Wedding or Engagement Ring?

The standard home insurance, such as homeowners’ insurance or tenant insurance policies, covers your personal belongings, including your jewelry, up to a certain limit. Usually, this limit is between $3,000 and $6,000 for all jewellery combined. This limit might not be enough to cover a single jewelry claim, and in most cases, it’s not sufficient to cover the full value of an engagement ring. That’s why many people choose to buy additional coverage to protect the engagement ring, or even buy engagement ring insurance as a separate policy designed specifically for high-value jewellery.

If you have high-value jewellery, then jewellery insurance in Canada offers more comprehensive protection than standard home insurance alone. With this specific insurance coverage, you can insure each item for its appraised value, so you can repair it or replace it without worrying about policy limits. Without this insurance, if you have uninsured jewelry and you experience loss or damage, you’ll find yourself paying thousands of dollars to repair or replace the lost item. Contact St. Andrews to get the best jewelry insurance in Canada.

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How to Insure an Engagement Ring in Ontario?

Follow these steps to obtain engagement ring insurance in Canada:

1. The first thing you should do is get your engagement ring appraised. A professional appraisal provides detailed information, such as your ring’s carat weight, clarity, and quality. This appraisal ensures your ring is valued correctly instead of relying on a predetermined coverage limit.
2. Contact St. Andrews Insurance Brokers and provide the required documents, including your receipt and appraisal. A new appraisal may also be required every few years to confirm that the value of your ring hasn’t changed.
3. Explore your coverage options and select the policy that suits you depending on your needs. You can either choose to add it to your existing policy for home insurance or purchase an engagement ring insurance policy for more comprehensive protection. If you have other uninsured jewelry, you can look into jewelry insurance to get the best protection possible.
4. Once your policy is processed, review your coverage details and make sure that you understand what is covered and what’s excluded.

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How Much Is Engagement Ring Insurance in Canada?

The cost of ring insurance in Canada ranges between 1% and 3% of the ring’s appraised value per year. The exact amount depends on several factors, such as:

• Type of Coverage: Whether you’re adding this coverage to your existing home policy or purchasing it separately for more comprehensive coverage.
• Your Location: Neighbourhoods with higher crime rates or greater risk of theft can face higher premiums.
• Appraised Value: Jewelry insurance cost also depends on your ring’s appraised value; the higher the appraised value, the more expensive it’ll be to insure it.
• Carat Weight and Quality: Rings with larger diamond stones, rare features, or customized designs cost more to insure. Meanwhile, rings of lesser quality can be more affordable when it comes to insurance.
• Claims History: Previous jewelry claims can increase your premiums.

We understand that insurance can never compensate for the sentimental loss of your ring. However, it ensures that you can afford a replacement of the same quality and value to keep the symbol of your love for years to come.

Common Mistakes to Avoid When Purchasing Jewelry Insurance

When getting your engagement ring insured, it’s important to avoid common mistakes that can leave you unprotected. Some of these mistakes are:

• Relying on Your Home or Renters’ Insurance Policy: Although home insurance policies include coverage for jewellery, they have low coverage limits that won’t be sufficient to protect your items.
• Skipping an Appraisal: If you don’t get a professional appraisal, your insurer won’t be able to accurately value your ring, luxury watch, or other valuables.
• Ignoring the Underwriting Review: Every application goes through an underwriting review, and missing paperwork can delay approval by several business days.
• Failing to Review Your Policy Thoroughly: Once you get your policy, you should go over the details and ensure that you understand everything. If there’s something you need to ask about, don’t hesitate to speak with one of our expert advisors.

Real Life Examples of Engagement Ring Insurance Claims

Many people don’t consider getting additional insurance coverage, such as jewelry insurance, until it’s too late. Here are a few real-life examples where engagement ring insurance made a difficult situation easier:

• A newly engaged couple lost the ring during their honeymoon. Their policy covered the full replacement, and they managed to get a new ring of the same value within a few days.
• A diamond was chipped while cooking at home, but the woman managed to have it replaced without having to spend extra money through her insurance policy.
• A couple’s house was robbed, and all their jewelry was stolen. Although their home insurance policy didn’t cover the full value of the loss, their jewelry insurance covered the engagement ring and other high-value pieces.

Engagement Ring Insurance – FAQs

What if my ring is a one-of-a-kind piece or heirloom?

If your ring is a unique piece or an heirloom, you’ll need to get a separate engagement ring coverage to insure it. Your insurance provider will rely on an appraisal to determine its value. Although insurance can’t replace your piece if it’s lost or stolen, it ensures you’ll receive compensation to create a comparable replacement or custom reproduction.

What if my ring gets upgraded?

If your ring gets upgraded, you must have it appraised again and send the updated appraisal to your insurance provider to adjust your coverage accordingly.

Should I reappraise my engagement ring?

Yes, most experts recommend getting a new appraisal every two to three years. This ensures your engagement ring’s insured amount reflects its true value, and you can afford to replace it with a similar one in case it’s lost or stolen.

How can you get lower insurance rates for your engagement ring coverage?

You can lower your insurance premiums by opting for a higher deductible, avoiding overinsuring, and partnering with St. Andrews Insurance Brokers.

Can I insure multiple pieces of jewelry?

Yes, you can insure as many pieces as you want, but keep in mind that your premium will increase with every item you add to your policy.

What is the difference between a premium and a deductible?

A premium is the amount you pay monthly or annually for your insurance. Meanwhile, a deductible is the amount you have to pay out-of-pocket when filing an insurance claim.

Can I insure my engagement ring?

Yes, you can get wedding ring insurance in Canada to protect your ring from several risks, including accidental loss, theft, and accidental damage. You can either add this coverage as an endorsement to your home or renters insurance policy, or you can buy it as a stand-alone jewellery insurance policy.

How much is insurance on a $10,000 ring?

Engagement ring insurance cost for a $10,000 ring is usually between $100 and $300 per year, based on the typical rate of 1% to 3% of the ring’s appraised value.

What happens if you lose a ring that’s insured?

If you lose an insured engagement ring, you can file a claim with your insurance provider. Your insurance company will cover the cost of replacing your ring according to your policy terms, ensuring your ring’s value is protected.

What is the easiest way to ensure an engagement ring?

The easiest way to ensure an engagement ring is to contact St. Andrews Insurance Brokers. Our advisors can guide you through the process, whether you want to add the ring to your home or renters insurance policy or secure a stand-alone jewellery policy for comprehensive coverage.

Does homeowners’ insurance cover a lost diamond?

Homeowners’ insurance covers your jewelry up to a certain limit, usually between $3,000 and $6,000 for all jewelry combined. In most cases, this amount isn’t enough to cover the full value of a diamond. We recommend purchasing engagement ring insurance to fully protect your ring’s full value.

Is it worth getting insurance for an engagement ring?

Yes, especially if your engagement ring value exceeds the limit for jewelry on your homeowner’s insurance policy. Without engagement ring insurance, you would have to cover the full cost of repair or replacement out of pocket if it’s lost, stolen, or damaged. Although insurance can’t replace the sentimental value your ring has, it ensures your investment is financially protected.

Does insurance cover if I chip a diamond ring?

Yes, accidental damage to your diamond ring is covered by your engagement ring insurance policy.

Does ring insurance cover repairs?

Engagement ring insurance covers repairs if your ring is accidentally damaged. This may include fixing a bent band, tightening loose prongs, or replacing a chipped or cracked stone.

Is it too late to insure your engagement ring?

It’s never too late to start insuring an engagement ring, unless the damage is already done, the ring has been lost, or a claimable event has taken place. As long as the ring is in your possession and in good condition, you can still get coverage to protect it against future risks like loss, theft, or accidental damage.