Wedding ring insurance costs usually sit at around 1-2% of your own ring's value. A $3,000 ring may require you to pay $30-$60 annually, while obviously more expensive rings will require you to pay more! The average engagement ring cost is about $5,000, making the average annual insurance cost for a ring range from $55-$110 per year.
Before getting your ring insured, it is necessary to have your ring appraised! Knowing how much your ring is worth is important, and a detailed appraisal will certainly account for all the important elements of your ring–this includes carat, cut, color, clarity, weight and quantity! When choosing an appraiser, it is highly recommended to find one with reputable credentials, specifically ones who have a degree in gemology, as well as are properly recognized by the Gemological Institute of America (GIA) or any organization of that caliber in your country!