How to insure an engagement ring

According to Easy Weddings' 2025 survey of more than 4,000 couples, the average Australian couple spends close to $6,000 on an engagement ring, with prices ranging anywhere between $3,000 and $10,000, depending on the size, style and sparkle. It's a lot of money!

Now, consider spending that amount and then losing the ring or discovering it has been stolen.

If your stomach just dropped, we don’t blame you — it would be devastating, not just emotionally, but financially too. That's why insurance exists. It helps offer a level of reassurance that if your precious ring is lost, stolen or accidentally damaged, you won’t be left entirely out of pocket.

When arranging your cover, you’ll need to consider the value of the ring and the claim limits that apply within your policy.

Usually, an insurer will stipulate the most they’ll pay in the event of an accepted claim. You’ll want to assess this figure and determine two things:

1. Is it enough to replace the ring in the event of a successful claim, and if it’s not;
2. Whether there’s the option to increase the limit to cover the value of your ring (at NRMA Insurance, we have that option – yay!).

If you can list the ring separately for a higher limit, great! This will allow your portable item (your ring) to be covered for things like loss, theft and accidental damage in and outside of your home.

Remember, only certain events are covered by insurance policies, so be sure to check the relevant Product Disclosure Statement for all the ins and outs of what you’re signing up for.

You can insure the ring as soon as you buy it, and you can arrange for insurance to begin from the moment you pick it up from the jewellery store. You’ll just need to know how much the ring is worth, and in the event of a future claim, keep your receipt and any valuation reports.

We hope your partner says ‘yes’ to a lifetime with you, and that the ring remains securely in your possession until the big moment comes!