How to fully insure your jewelry and engagement rings

Coverage for jewelry is often limited on insurance policies. A lot of times, coverage depends on how much your jewelry is worth and the type of loss (theft, fire, etc.). Long story short: If you want to be sure your jewelry is fully covered, you need to add it to your policy.

This is technically called scheduling an item or adding a rider, but it's really just like listing a special one-off item on your policy. If you have a Progressive policy, just tell us about your jewelry, and we'll insure the appraised value against a variety of types of losses. If you schedule jewelry, you won't have a deductible.

Current Progressive customers

Call 866-749-7436 and tell a representative about your jewelry piece(s). We may need an appraisal and color photo for pieces over a certain dollar amount.

Non-Progressive customers

Just get an insurance quote and add your jewelry piece(s). Again, we may need an appraisal and color photo.

Why isn't jewelry automatically insured?

A lot of customers want to know why jewelry isn't just covered. Insurance companies won't assume that you have expensive items. You'd then be paying for insurance you don't need. If insurers built in extra coverage to all policies for a $5,000-$10,000 engagement ring, everyone's price would be higher. That's the last thing everyone wants. So, insurers offer the option to add expensive items to give you and everyone a better, more accurate price.

Jewelry insurance cost

Jewelry insurance is affordable at Progressive. It only costs 1% to 2% of the total value of your jewelry. So, a $5,000 engagement ring will cost about $50-$100/year to insure. If you're looking for an exact price, just get a quote or contact your insurance company.

Coverages for your jewelry

What's covered

Theft

No matter where it's stolen (off your body, out of your home, car, gym bag, etc.).

Damage

This potentially covers both total and partial damage. For example: A prong on your engagement ring breaks off and you lose the diamond, a broken link on a gold necklace, a chipped silver ring.

Loss and disappearance

This is normally covered even if it's your own silly fault, and you flat-out forget where you left it.

Types of jewelry you can insure

You can insure almost any type of jewelry, including engagement rings, other wedding rings, diamond rings, necklaces, bracelets, etc. Most insurance companies do have a maximum limit they'll insure. That limit can vary and may depend on your policy's total coverage amount. If you have jewelry worth more than the max insured amount, you'll need a completely separate policy.

What's not covered

Wear and tear

Sorry, but insurers won't replace jewelry that simply tarnishes or gets scratched over time. For example: A gold wedding ring that's 30 years old and is heavily scratched. Instead, something unexpected has to happen.

Is the ring insured when I give it to my fiancé or fiancée?

There are a couple different scenarios

You're living together

if you added your fiancé's (or fiancée's) name on your insurance policy (or if you share a policy), it's generally covered once you give the ring to them.

You're not living together

Your fiancé or fiancée is responsible for insuring it. Your policy will no longer cover it at that time, and they need to add it to their policy.

If you're not on the same policy, your fiancé or fiancée is responsible for insuring the ring.

How your insurance works and how you can get paid

If something happens to your jewelry that you scheduled, just file a claim for the cost of your repair if it's damaged, or for the full appraised amount if it's lost or stolen. For example: If a prong on your engagement ring breaks off and you still have the diamond, we or your insurer will pay for the cost of repair. If it's stolen or lost, you'll get a check for the full appraised amount.