How much does it cost to insure an engagement ring?

How much does it cost to insure an engagement ring?

The general rule for insuring wedding and engagement rings is $1 to $2 for every $100 of value, paid annually. A $5,855 ring, for example, would cost around $59 to $118 per year to insure. If you live in a city where the risk of theft is higher, then you can expect to pay a bit more for your coverage.

How much does it cost to insurance a diamond ring?

The average cost of insuring a ring is $1-$2 for about every $100 it’s worth. So if you have a $10,000 engagement ring, you can expect to pay a premium of $100-$200 a year.

Do I need to insure my diamond ring?

You should always insure your engagement and/or wedding rings for their current market value, especially if you’ve been engaged or married for quite a while. This is because gold and precious stones usually increase in value over time.

Can you just insure a ring?

In most cases: yes. If you have contents or combined home and contents insurance, you will usually receive some level of cover for your engagement ring if it is accidentally damaged or stolen.

Where can I get insurance for my engagement ring?

If you would prefer to insure your engagement ring separately to your contents or combined home and contents policy, you can do so through a standalone specialist jewellery insurance firm.

Which is the best jewellery insurance in Australia?

Covering items from $5001 and over, Q Classic is Australia’s most trusted jewellery insurance policy. Covering items between $1000 – $5000, our Q Pocket policy provides specialised jewellery insurance with global protection. Unfortunately, no watch is indestructible regardless of quality and craftmanship.

How much do you have to pay for an engagement ring?

Your engagement ring and any other portable items are not specified, or listed separately, on your policy. The most we’ll pay per item is $1,000. You are required to nominate a total cover amount for a group of items (jewellery and other valuables) damaged or lost in any one insured event: $1,000, $2,000, $3,000, $4,000 or $5,000.

What to do if your engagement ring is lost?

I’m sure you don’t need us to remind you how devastated you’d be if your engagement ring was lost or damaged – you’ve thought that through already. The good news is that it’s easy – contents insurance can cover your jewellery against loss or theft, or you can purchase specialist jewellery insurance for the protection you need.