Engagement Ring Insurance

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Does home and contents insurance cover engagement and wedding rings?

How does insurance work for your engagement ring?

How much does insurance to cover an engagement ring cost?

What records do you need to make a claim?

Is it worth getting contents insurance for an engagement ring?

How can I compare contents insurance for my engagement ring?

Long story short

Engagement rings often have coverage limits under standard contents insurance

Many home and contents policies can cover your engagement (or even wedding) ring, but basic policies have fixed limits, which can vary depending on the insurer.

Extra coverage is required for high-value pieces

You can specify an amount to reflect your ring’s insured value, although this could also mean higher premium.

Optional extras like portable contents can offer broader protection

With portable contents cover, your engagement ring can be protected outside your home – or even on an overseas trip.

Valuations and proper documentation can help the claims process easier

Things like accurate valuations, proof of ownership, and police reports can lead to a smoother claims process.

Does home and contents insurance cover engagement and wedding rings?

While iSelect doesn’t offer engagement or wedding ring insurance, most insurance providers will offer jewellery cover under a contents or home and contents policy for your engagement and wedding rings. Engagement ring insurance can be purchased as a standalone product from some providers. This applies for wedding ring insurance, too.

You typically have the option of listing specific, high-value items (like your engagement and wedding rings) as ‘listed’ or ‘specific’ contents within your combined home and contents insurance (or just your contents insurance policy).

If you’re taking out home and contents insurance and want your engagement and wedding rings to be covered, it’s important to consider whether you’d like them to be covered even when you take them outside of the home.

Chances are you’ll be wearing your engagement or wedding ring wherever you go, so you might want to also consider getting portable contents cover. This is a type of contents insurance product that covers things you take outside the home with you (not just your rings but also tech things like your mobile phone, too). It helps give your precious portable items protection against insured events (and in most cases, you can also add-on cover for accidental loss or damage too).

Under a contents policy, there’s two possible options for including engagement rings – specified or listed items, and unlisted items.  Which is the better option for you will depend on the value of your engagement ring.  Let us explain.  

For some insurance providers, the limit for jewellery (and yes, including your beloved diamond engagement ring) could be up to $1,000 per item or set, and up $5,000 in total. For many engagement rings, this dollar value may not be enough to cover what it’s actually worth.

Let’s say our fictional friends Don and Donna (they’re fictional, so let’s have a bit of fun) want to insure their engagement ring. Given the engagement ring is an heirloom piece from Don’s family, the value may be way higher than a grand!

If they choose the unlisted option and this precious item were to get damaged in a fire, they may only be able to put an insurance claim for up to $1,000.

So if they want to be fully covered, they may be better off taking out additional portable cover and specifying an amount that reflects the insured value of the piece.

Don and Donna know that specifying the amount will likely mean higher premiums. But doing so gives them invaluable peace of mind that they’re not underinsured, so they’re comfortable with that decision!

Not every policy is the same, so it’s important to check exactly what’s covered by reading the relevant Product Disclosure Statement (PDS). And if you’re still shopping around for policies, you might also want to look into the Target Market Determination (TMD) document, which can help you determine whether a policy is a good fit for your needs.

How does insurance work for your engagement ring?

How much does insurance to cover an engagement ring cost?

The cost of insuring an engagement ring isn’t a one-size-fits-all price. Several factors will influence your premium:

The value of the ring

The higher its value, the more it will generally cost to insure. And if a specified item, you’ll likely have higher premiums too.

Your location

Premiums can vary based on your suburb and its associated risks, like crime rates.

Your policy’s excess

A higher excess (the amount you pay when you claim) usually means a lower premium, and vice versa.

The type of cover

A basic contents policy will cost less than one with added portable contents and accidental damage cover.

Your claims history

A history of previous insurance claims can sometimes lead to higher premiums.

Helpful tip

When choosing insurance for your ring or jewellery, pay close attention to the excess – the amount you’ll pay out of pocket on a claim. Opting for a higher excess can lower your premiums, but make sure it’s an amount you’re comfortable with in case you need to make a claim. It’s all about balance!

Natasha Etschmann

Investor & Personal Finance Educator

What records do you need to make a claim?

To make a claim, you may need the following information:

• Proof of ownership: You’ll usually need to prove you actually own your engagement ring, so it can be a good idea to save your receipts. Some insurers might also ask for photographs of the pieces in your jewellery collection.
• Proof of value: In some cases, you may need to get a jewellery valuation certificate, which describes an item in detail as well as its value. You can get these from your preferred jeweller (or any other jeweller for that matter!).
• Police report: If your engagement ring has been stolen, you’ll need to provide a police report. Report the theft to the police as soon as possible.
• Evidence of loss or damage: If your engagement ring’s diamond accidentally gets chipped, you’ll have to present some evidence of the damage done – maybe photos or videos if caught on camera!

Is it worth getting contents insurance for an engagement ring?

Deciding whether to insure your engagement ring comes down to your personal circumstances and how you’d feel if your ring was lost, stolen, or damaged. Considering an engagement ring is not only a significant financial investment but also holds immense sentimental value, having it insured can provide invaluable peace of mind.

Ask yourself: could you afford to replace your ring out of your own pocket without financial strain? If the answer is no, then getting it covered under a home and contents insurance policy (or simply contents insurance) could be a sensible move.

And by listing it as a specified item, you can have it covered for a nominated value, helping protect you from a potentially heartbreaking and expensive loss.

How can I compare contents insurance for my engagement ring?

Your loved one put a ring on it – now what? Well, after you’ve said a big ‘YES’ (and maybe already exchanged ‘I do’s’ too), it’s a good idea to make sure your sparklers (and wallet) are protected. The sentimental value is huge, but if anything ever happened to your engagement ring (or god forbid – your wedding band), getting it insured could save a heap of stress and heartache down the line.

If you’re planning to insure it through your home and contents insurance, iSelect’s got you! We can help you explore policies – and maybe find the one that fits as well as that bling on your ring finger.