Top 10 States That Spend the Most on Engagement Rings

Man engaging to his girlfriend on the beach.

While the average cost of an engagement ring is $6,535 in the United States, some states spend significantly more. Below is a top 10 list of states with the most expensive engagement rings, along with a guide on how to insure your ring and other jewelry against theft, loss, or damage.

Top 10 States that spend the most on Engagement Rings:

1. Washington — $10,109
2. California — $9,482
3. Illinois — $9,197
4. Kansas — $8,947
5. New Jersey — $8,842
6. Florida — $8,809
7. New York — $8,785
8. Michigan — $8,535
9. Massachusetts — $8,193
10. Texas — $8,063

No matter the cost of your engagement ring, it’s important to know how to properly protect it. Every year, more than $100 million worth of jewelry is stolen, according to the FBI.

Generally, there are three ways to insure jewelry:

1. Home or renters insurance policy — Typically, a standard home or renters insurance policy may cover jewelry up to $1,500 for theft, and it may pay for repair or replacement for a problem covered by your policy, such as fire. With a higher premium, the coverage limit could increase to $2,500 per jewelry and $5,000 overall, but this will not be enough to cover jewelry with greater value.

2. Personal property endorsement —Home or renters policyholders can add a personal property endorsement to their existing policy to increase the coverage amount for their jewelry and to expand the types of incidents that are covered. For example, an endorsement may cover an accident, such as dropping your ring down a sink, while home insurance would not cover it. However, there are limitations on what an endorsement covers.

3. Separate jewelry insurance — This is a standalone policy that covers jewelry against theft, accidental loss, and damage. When your engagement ring mysteriously disappears, jewelry insurance typically covers that, too. It can be a good option if your existing policy doesn’t offer enough coverage. Premiums are typically 1%-2% of the cost of the item, which means your jewelry policy could cost $50 a year for a $5,000 ring or $100 a year for a $10,000 ring. Typically, you would need to provide a recent appraisal or receipt to determine the value of each piece of jewelry.

Whether you’re newly engaged or you’ve had your ring for years, it’s not too late to protect it with the right insurance solution. To learn more about the best way to insure your ring and other jewelry, contact a Westwood agent.

Please Note: This article is for general informational and educational purposes only. It does not represent any specific insurance policy and does not modify any provisions, limitations, or exclusions of any current policy.