Engagement ring insurance
There are a few ways to insure your engagement ring. Read and compare below.
Key takeaways
- Content insurance can cover that massive rock on your finger. I mean your engagement ring.
- You can also be covered for when you take the ring outside.
- You got options. You can list your ring on your contents cover, or you can get jewellery cover.
What is engagement ring insurance?
Engagement ring insurance covers the cost of repair or replacement if your ring is lost, damaged or stolen. You can be covered both inside the home and when you’re out and about.
With engagement ring insurance, you can be covered for:
- Theft of your ring
- Accidental loss of your ring
- Accidental damage to your ring
- The repair and replacement of your ring
It’s important to note, you will not be covered for the following:
- General wear and tear
- Deliberate acts by you, your spouse or family members
- Lawful seizure or confiscation
- Damage caused during cleaning or alterations
Cover overseas varies: loss or damage while overseas may be excluded under some contents policies, while specialist jewellery insurers commonly offer worldwide cover. Check the "Cover outside of Australia" column in the table below.
How can I get engagement ring insurance in Australia?
There are three main options for engagement ring insurance in Australia. You can add cover to your home contents insurance, buy specialised engagement ring insurance or take out single-item insurance. Each option has its own pros and cons.
Contents insurance
If you have contents insurance for your home, you can add cover for an engagement ring to your policy. This option is usually the cheapest, but it's only economical if you already have contents insurance, or are looking to buy a policy anyway.
If you do decide to add cover for an engagement ring to your policy, make sure you're also covered for loss outside of the home. You may have to include portable contents insurance, sometimes known as personal effects cover.
Specialised engagement ring insurance
Some insurance companies specialise in jewellery, including engagement rings. This option is great for people who don't have contents insurance or have higher-value items that wouldn't be covered by their home insurance policy.
If you're unsure about the value of your jewellery, some brands will even offer valuations as part of the service, including Jewelsure and QReport.
Single item insurance
Single item insurance is designed for people who want to insure certain items in their home, rather than the entire contents. It's great if you only have a few valuable pieces that you'd like to protect, and is pretty low-cost too.
If you opt for single item insurance, you may have to upgrade the policy so that your item is covered outside of the home.
Compare specialised jewellery insurance options
Compare contents insurance policies
Compare other products
How we picked these
What different scores mean
9+
Excellent
These products offer a balance between low pricing and more features.
7+
Great
Competitive products within their group.
5+
Standard
Usually these products would either have fewer benefits or higher pricing.
0+
Basic
Offering basic cover with limited features or higher pricing.
Finder Score - Home insurance
We crunch eligible home insurance products in Australia to see how they stack up. We rank over 50 products on 16 different features, including price. We end up with a single score out of 10 that helps you compare home insurance a bit faster. We assess home and contents, building only and contents only products individually.
How much does engagement ring insurance cost?
| Provider | Premium cost without engagement ring | Premium cost with engagement ring |
|---|---|---|
 | $548.93 | $740.44 |
 | $560.98 | $573.65 |
 | $446.46 | $446.46 |
 | $1,154.15 | $1,203.60 |
 | $534.07 | $930.02 |
This information is accurate as of September 2024.
"When purchasing insurance for your engagement ring, it’s important to consider the following:
- The value of your ring. Knowing its value so you can purchase an adequate amount of cover.
- The type of cover needed. Knowing the value will also help you understand what type of policy is right for you; a general contents policy with portable items cover or a specialised policy.
- Applicable excess. I recently bought insurance for my own ring as part of my home and contents policy. I split the excesses so I’d have to pay less in the event I needed to claim on my ring and kept a higher excess for the rest of my policy."
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