Or, you can opt to have no deductible at all (and pay a little more in premium). You can save money on your premium by choosing from a range of deductibles – that’s the amount of money you’d be willing to pay out of pocket toward an insured loss. When it comes to cost, ERIE gives you options. That means an insurance policy for a $5,000 ring would typically cost around $50-100 per year. On average, ring insurance costs $1-2 for every $100 your ring is worth. How much does it cost to insure an engagement ring? (In insurance lingo, this is known as “scheduling.”) When you schedule a piece of jewelry, such as an engagement ring, you can insure your jewelry based on its cost or appraised value, rather than limiting coverage to the $3,000 sublimit associated with a homeowners or renters policy. With that in mind, it’s a smart decision to consider insuring your engagement ring on its own. According to The Knot’s 2017 Real Weddings study, the average couple spends $6,351 on a new engagement ring (up 25% from $5,095 in 2011). However, many engagement rings are worth more than $3,000. This covers any single piece of jewelry and the total amount lost or stolen. In most cases, standard homeowners and renters insurance only cover theft of jewelry to a specific dollar amount – that’s known as the “sublimit.” At ERIE, the sublimit for lost or stolen jewelry is $3,000. Engagement Ring Insurance: 4 Common Questions Is my ring covered under my homeowners or renters insurance? For answers to common questions about engagement ring insurance, keep reading. To get a quote for your ring, find an ERIE agent in your neighborhood.
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