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Engagement ring insurance

Engagement ring insurance could save you some serious heartache – and a few thousand dollars too.

I want to cover my engagement ring only Get jewellery insurance
I want to cover my engagement ring and a few other things Get contents insurance

What you need to know

  • 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 might not think it'll happen to you, but one study found that 11% of couples lose a wedding or engagement ring between them.

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

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.

Ring

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

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.

Finder survey: How many Australians want cover for specific valuables like rings?

ResponseMaleFemale
High-value items cover21.43%19.31%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023

Get insurance for your engagement ring through jewellery insurance

Name Product Loss and Theft Cover Damage Cover Cover outside of Australia Additional Cover Agreed Value Cover
JewelCover Jewellery Insurance
25%
Q Report Jewellery Insurance
50%
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Get insurance for your engagement ring through contents insurance

Name Product Jewellery Theft Accidental Damage Cheapest way to pay
Youi Contents Insurance
Best Rated Brand
Youi Contents Insurance
Optional
Optional
Annually
Budget Direct Contents Insurance
up to $1000 per item, up to $5,000 in total
Optional
Annually
QBE Contents Insurance
$2,500
Optional
Annually
Honey Contents Insurance
$6,000
Optional
Monthly or Annually
Australia Post Contents Insurance
$2,500
Optional
Annually
Kogan Contents Insurance
$2,500
Optional
Annually
Qantas Contents Insurance
$5,000
Optional
Annually
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Do you already have a home insurance policy?

You can always try to switch up your home and contents insurance to see how much you can save, while adding cover for your engagement ring. Otherwise you can call your insurer and ask them to add cover for your ring on your existing policy.

What does engagement ring insurance cover?

If you get engagement ring insurance, you'll be covered for a variety of different scenarios, including:

  • Theft of your ring
  • Accidental loss of your ring
  • Accidental damage to your ring
  • Incidents that occur at home or away from home
  • The repair or replacement of your ring

Remember though, in some cases you'll have to upgrade your policy to include personal effects cover or portable contents insurance. Without it, you wouldn't be covered for loss or damage to your ring that happened outside the home.

If you do decide to cover your ring under your home contents policy, make sure the full value would be covered. This may mean specifying the value of your ring and having it valued. If you don't specify the item and its value, you might find you can only claim back a fraction of the cost.

Some insurers will only cover your ring if it's lost within Australia. If you're heading overseas, make sure to get travel insurance and list the ring as a specific item.

How to get the most out of engagement ring insurance

There are a few potential pitfalls when looking for engagement ring insurance, but they're pretty easy to avoid when you know what they are.

Check

Get your ring valued

Even if you think you know the value of your ring, it's always best to get an expert valuation that is up to date. The value of your ring can change over time, so it's best to do this on a semi-regular basis.

List

Specify the item

If you're covering your engagement ring under your home contents policy, make sure to specify the item and its value. If you don't, you might not be able to claim the full amount back from your insurer. The same goes for travel insurance when you head overseas.

Upgrade

Upgrade your policy

If you're covering your ring under single-item insurance or a home contents policy, check to see whether you are covered when you're outside the home. If not, you may want to upgrade to a portable contents or personal effects policy.

Options

Check your options

Some policies might not let you choose where you get your ring repaired or replaced. If you're set on using a specific jeweller, make sure your policy allows this.

Camera

Take photos of your ring

Some insurers will allow an exact replica of your ring to be recreated. If your ring is one-of-a-kind, make sure to take lots of photos to make the process easier. Some jewellers even offer 3D scanning.

How much does engagement ring insurance cost in Australia?

The cost of engagement ring insurance depends on how much you spend on your engagement ring to begin with. However, you'll be pleased to know it's relatively inexpensive.

We looked at three different home insurers in Australia to see how much it would cost to add cover to a home contents policy. All of these quotes would cover your ring while outside the home. Here's what we found:

BrandPolicyMonthly cost without ringMonthly cost with ringMonthly cost of adding ring
Westpac car insurancePremier Care$55.11$70.40$15.29
Smart Contents$29.85$42.13$12.28
Contents Insurance$48.07$65.51$17.44

*Quotes are based on adding a $6,000 ring to a home contents insurance policy already worth $60,000 in July 2020.

Steps to get your ring insured

Check

Step 1. Get a valuation

Don't guess. Remember, the value of your ring can change.

Options

Step 2. Compare policies

Compare options online to find the one that's right for you.

Apply and pay

Step 3. Apply and pay

Tell the insurer everything they need to know. Done!

What's an engagement ring valuation?

An engagement ring valuation will tell you the most current value of your ring. It's particularly important if your ring is high-value, has been pre-owned or hasn't been valued for some time.

Some insurers will require an expert valuation before they offer cover on any item over a certain value. This is so the insurer is confident your estimated value is accurate, and the price of the policy can be tailored to suit.

Some jewellers charge a fee for providing a valuation certificate when you buy your ring, while others include it as standard. If you are seeking a valuation for a ring you already own, it's likely you will have to pay. However, some expert insurers offer valuation services for free.

Remember, you should consider getting your ring valued on a semi-regular basis, as its value can change over time. You can talk to your insurance company or jeweller about how often you should get your ring valued.

Why do I need insurance for my engagement ring?

Technically, you don't need insurance for your engagement ring – but it's a very good idea to have it. Here's why:

  • They're easy to lose. Engagement rings are notoriously easy to lose. Our hands are constantly moving, rings can easily slip off wet or soapy fingers, and are often misplaced when taken off for certain tasks. Their small size also makes them difficult to find. In fact, more than 10% of couples have lost an engagement or wedding ring between them.
  • They're expensive. Engagement rings are often the most valuable item of jewellery that anyone ever owns – or buys. One 2017 report found that Australians spend an average of $6,000 on an engagement ring. Do you own anything else that valuable which isn't insured? Their high value also makes them a target for theft, if your home is ever burgled.
  • They're sentimental. It can be upsetting to lose or damage an engagement ring, even more so if you don't have the money to replace it. Engagement ring insurance can restore a damaged ring back to its former glory, or get a new ring back on your finger as soon as possible.

What's not covered in engagement ring insurance?

Read your product disclosure statement (PDS) carefully so you know exactly what you are – and aren't – covered for. Some common exclusions are:

  • General wear and tear
  • Deliberate acts by you, your spouse or family members
  • Loss or damage while overseas
  • Lawful seizure or confiscation
  • Damage caused during cleaning or alterations

Get contents insurance to cover your ring

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Frequently asked questions

Nicola Middlemiss's headshot
Senior writer

Nicola Middlemiss is a contributing writer at Finder, with a special interest in personal finance and insurance. Formerly a business and finance journalist, Nicola has written thousands of articles helping Australians better understand insurance and grow their personal wealth. She has contributed to a wide range of publications, including Domain, the Educator, Financy, Fundraising and Philanthropy, Insurance Business, MoneyMag, Mortgage Professional, Yahoo Finance, Your Investment Property, and Wealth Professional. Nicola has a Tier 1 General Insurance (General Advice) certification and a Bachelor's degree from the University of Leeds. See full bio

Nicola's expertise
Nicola has written 238 Finder guides across topics including:
  • Personal finance
  • Personal insurance, including car, health, home, life, pet and travel insurance
  • Commercial business insurance

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