An engagement ring isn’t just a piece of jewellery—it’s a symbol of love, commitment, and a significant financial investment. While no one wants to think about the worst-case scenario, accidents happen. Whether it’s lost, stolen, or damaged, the thought of something happening to your ring can be unsettling. That’s where engagement ring insurance comes in. But is it worth it?

At Morgan & Co, we understand the importance of protecting what matters most. Here’s what you need to know about engagement ring insurance and whether it’s the right choice for you.

1. What Is Engagement Ring Insurance?

Engagement ring insurance is a policy designed to cover the cost of repair or replacement if your ring is lost, stolen, or damaged. It works similarly to other forms of insurance—you pay a premium, and in the event of a claim, you receive compensation based on your policy’s terms.

There are typically two ways to insure an engagement ring:

• As part of your home and contents insurance – Many homeowners’ or renters’ insurance policies allow you to add specific valuables, like an engagement ring. If you opt for this type of coverage, you need to be careful of the fine print. 

• Through a specialised jewellery insurer – Some companies, like Q Report, offer policies specifically for high-value jewellery, often with more comprehensive coverage.

2. What Does It Cover?

Policies vary, but engagement ring insurance can cover:

Loss – If your ring goes missing, whether misplaced or stolen.

Theft – Coverage if your ring is stolen, whether from your home or while traveling.

Damage – If your ring is accidentally damaged, such as a chipped diamond or bent band.

Mysterious Disappearance – Some policies even cover instances where you’re unsure how the ring was lost.

What it may not cover:

Normal wear and tear

Loss due to negligence (e.g., leaving it in an unsafe place)

Certain types of damage, depending on your policy

3. How Much Does It Cost?

The cost of engagement ring insurance depends on factors like:

• The value of your ring

• Where you live

• The level of coverage you choose

• Whether your ring has security features (such as laser engraving or a secure setting)

On average, the annual premium is 1–2% of the ring’s value. For example, if your ring is valued at $10,000, insurance could cost between $100–$200 per year.

4. Do You Really Need It?

Here’s how to determine if engagement ring insurance is worth it for you:

You’d struggle to replace the ring out-of-pocket – If losing your ring would create financial strain, insurance provides peace of mind. You lead an active lifestyle – If you travel often, swim, or work with your hands, there’s a greater risk of loss or damage.

Your ring has sentimental or high financial value – If your ring is a rare design, contains high-quality diamonds, or is a family heirloom, insurance protects your investment.

However, if your ring is easily replaceable or not a significant financial burden, you might choose to forgo insurance and be extra cautious instead.

5. How to Insure Your Ring

If you decide to get insurance, follow these steps:

Get an appraisal – Have your ring professionally appraised to determine its current value. At Morgan & Co, we recommend updating your appraisal every few years to reflect changes in diamond and metal prices.

Choose an insurance provider – Compare coverage options between your home insurance provider and specialised jewellery insurers, like Q Report. 

Understand your policy – Read the fine print to know what’s covered, how claims work, and if there are any exclusions.

Keep documentation – Store your appraisal, purchase receipt, and photos of your ring in a safe place.

Morgan & Co's Recommendation 

Protecting your precious jewellery is essential, and that's why we recommend Q Report for your engagement ring and fine jewellery insurance. As Australia's first standalone jewellery insurer designed by jewellers, Q Report understands the unique needs and value of your pieces. They make the process of replacing or repairing your jewellery seamless and stress-free, should the need arise. With Q Report, you can rest assured knowing your treasured possessions are in expert hands.

Home & Contents Insurance & Why We Don't recommend them to insurer your ring

Be cautious with standard home and contents insurance policies! Many contain clauses allowing them to use "one of their reputable jewellers" for replacements. This means that if your unique, handcrafted Morgan & Co. ring is lost or stolen, it could be replaced by a mass-produced piece from a chain store, likely of inferior quality and potentially even crafted overseas. This is a significant risk, especially when you've invested in a bespoke piece designed to last a lifetime.

Final Thoughts

Engagement ring insurance is a personal decision, but for many, the small annual cost is worth the peace of mind. Whether you insure your ring or not, caring for it properly—through regular cleaning, secure storage, and professional check-ups—ensures it remains as brilliant as the day you said “yes.”

At Morgan & Co, we create designs meant to last a lifetime. If you’re looking for a ring that’s as enduring as your love, we’re here to guide you through every step of the journey.