Engagement ring insurance

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
• Loss or damage while overseas
• Lawful seizure or confiscation
• Damage caused during cleaning or alterations

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

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Additional Cover (low-high)Additional Cover (high-low)

Product	Loss and Theft Cover	Damage Cover	Cover outside of Australia	Additional Cover	Agreed Value Cover
JewelCover Jewellery Insurance				25%		Get a quoteView details Compare	loading Fetching your data...
Q Report Jewellery Insurance				50%		Get a quoteView details Compare	loading Fetching your data...

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Compare contents insurance policies

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Cheapest way to pay (low-high)Cheapest way to pay (high-low)

Product	Jewellery	Theft	Accidental damage	Cheapest way to pay
Budget Direct Contents Insurance Best Rated BrandBonus	up to $1,000 per item, up to $5,000 in total		Optional	Annually	Get a quoteView details Compare	loading Fetching your data...
Real Top Contents Insurance	$1,000 per item/collection with a maximum of $5,000 per group, for each insured event			Annually	Get a quoteView details Compare	loading Fetching your data...
Huddle Black Contents Insurance	Up to $10,000 per item, pair or set			Annually	Get a quoteView details Compare	loading Fetching your data...
Honey Contents Insurance	$6,000		Optional	Monthly or Annually	Get a quoteView details Compare	loading Fetching your data...
QBE Contents Insurance Green Company	$2,500		Optional	Annually	Get a quoteView details Compare	loading Fetching your data...
Youi Contents Insurance Best Rated Brand	Optional		Optional	Annually	Get a quoteView details Compare	loading Fetching your data...
Seniors Top Contents Insurance Bonus	$1,000 per item/collection with a maximum of $5,000 per group, for each insured event			Annually	Get a quoteView details Compare	loading Fetching your data...
Real Essential Contents Insurance	$1,000 per item/collection with a maximum of $2,500 per group, for each insured event			Annually	Get a quoteView details Compare	loading Fetching your data...

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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.}

• Learn more about our methodology

  • $100,000 contents sum insured
  • $10,000 watch sum insured
  • Quotes were obtained from a New South Wales home in Elizabeth Bay owned by a family of 2.
  • The homeowning family moved into their property in 2020.

  • Quotes were obtained in September 2024 and were for contents insurance only.
  • The house was a 3-bedroom, 1-story freestanding house on flat ground with brick veneer walls, terracotta tiled roof, no verandas and built in 1990.
  • Windows were secured by deadlocks, with no security devices.

"When purchasing insurance for your engagement ring, it’s important to consider the following:

1. The value of your ring. Knowing its value so you can purchase an adequate amount of cover.
2. 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.
3. 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."

Peta Taylor

Associate publisher

FAQs

• Is an engagement ring covered by insurance?

  It can be covered under the jewellery category in some policies but it will depend on your provider. Some policies include cover for jewellery as standard, others have it as an optional extra. Keep in mind, there are often limits that are applicable to jewellery cover so even if it is covered, it may not cover the full value of the ring. If you’ve listed your engagement ring specifically and set a value, then that’s another story and you’re likely covered.

• Do you need to insure engagement rings?

  There’s no mandatory insurance but it can be a good idea if it’s particularly valuable and you couldn’t afford to replace it. Engagement rings are notoriously easy to lose and expensive to replace so insurance can ease some of this burden. On the flip side, it’s an additional expense and only you can decide if it fits within your budget.

• Will I be covered for a custom made ring?

  When you’re gathering quotes from insurers, be sure to list your engagement ring and its value. That way you’ll know if they can insure it or if you’ll need something more specialised.

Written by

Nicola Middlemiss

Journalist

Nicola Middlemiss is a journalist with nearly a decade of experience in personal finance and insurance. She has contributed to Domain, Yahoo Finance, Money Magazine and Insurance Business Australia, offering in-depth insights into commercial insurance in the Australian market. Nicola holds a Bachelor’s degree in English from the University of Leeds and a Tier 1 General Insurance (General Advice) certification, which complies with ASIC standards. See full bio

Nicola's expertise

Nicola has written 245 Finder guides across topics including:

• Personal finance
• Personal insurance, including car, health, home, life, pet and travel insurance
• Commercial business insurance

Co-written by

Peta Taylor

Publisher of Insurance

Peta Taylor is a publisher at Finder, working across all of insurance. She's been analysing product disclosure statements and publishing articles for over 2 years. Peta is passionate about demystifying complex insurance products to help users make well educated decisions with confidence. Peta is part of Finder's insurance awards team and works alongside editorial and insights experts to bring users the best insurance products every year. See full bio