Canada Β· Engagement Rings
Insuring an Engagement Ring in Canada
Your home, condo or tenant policy almost certainly mentions jewellery. Whether it actually covers your ring is a different question, answered by one line most people never read.
Written by the Mapple Gems workshop, Surat Β· Updated 9 November 2026
Short answer
Canadian home, condo and tenant policies usually include jewellery, but under a special limit, often a few thousand dollars, frequently for theft only and subject to your deductible. Losing a stone or the whole ring by accident is often not covered at all. To insure a ring properly, schedule it on your policy with an appraisal, which typically costs a small percentage of its value each year and usually gives broader all-risks cover.
Most Canadians first look at insurance after something has gone wrong. That is the expensive moment to discover the special limit. This guide is about reading your policy before you need it, and about the extra steps for a ring that was made outside Canada.
Three ways a ring can be covered
| Option | How much it covers | What it covers | What you need |
|---|---|---|---|
| Base contents cover (no action) | Up to the jewellery special limit, minus the deductible | Often theft only; accidental loss frequently excluded | Nothing β it is already there |
| Scheduled item (rider, floater or endorsement) | The appraised value of that ring | Usually all risks, including accidental loss and mysterious disappearance | An appraisal, and a yearly premium |
| Standalone jewellery policy | The appraised value | Varies by provider; read the wording | An appraisal, and a separate policy |
The special limit, and why it catches people out
Find the section of your policy usually called βspecial limits of insurance.β Jewellery, watches and sometimes furs share a limit there. The figure varies by insurer and policy, but it is commonly a few thousand dollars in total, and some policies cap individual items lower than that. Three details make it worth less than it looks:
- It is shared. Every piece of jewellery in the house draws on the same limit.
- It is often theft only. A stone that falls out, or a ring lost on a ski hill, may not be a covered event at all.
- The deductible comes off it. On a modest ring, the deductible can swallow most of the claim.
Scheduling the ring
Scheduling means listing the ring individually on your policy at its appraised value. Canadian insurers and brokers commonly quote the cost at around 1β2% of the appraised value per year, so roughly $15 to $20 a year for every $1,000 of value. The bigger advantage is usually the cover, not the amount: scheduled jewellery is typically insured on an all-risks basis, which can include accidental loss and mysterious disappearance, the two things engagement rings actually suffer.
When you call your insurer or broker, ask:
- What is my jewellery special limit, and is there a per-item cap?
- Does base cover include accidental loss, or theft only?
- If I schedule the ring, is it all-risks, and is there a deductible?
- Does a claim pay cash, or do you replace through your own supplier?
- Is it covered when I travel outside Canada?
- How often do you want the appraisal updated?
Question four matters more than it sounds. Some insurers settle a jewellery claim by replacing the item through a supplier they deal with, rather than paying the appraised figure. That is legitimate, but you should know it before the claim, not after.
Appraising a ring that was made abroad
Canada has no compulsory hallmarking, so in practice your appraisal is what proves what the ring is. An independent appraiser will examine it in person and write a report describing the metal and karat, the stones, their measurements and a replacement value. In Canada, look for an appraiser with a recognised accreditation, such as the Certified Accredited Appraiser Program.
Bring everything you have:
- Your order confirmation and written specification: metal and karat, centre stone size in millimetres, accent count, shank dimensions.
- For a lab grown diamond, the IGI report, and ask the appraiser to check the girdle inscription against it.
- For moissanite, expect the appraisal to name it as moissanite. That is correct, and it is what an insurer needs. A replacement value for a moissanite ring is based on replacing it with moissanite.
From the bench: the weeks nobody insures. A ringβs shipping cover ends when someone signs for it. Your home policyβs special limit may not reach its value, and you cannot schedule it until it has been appraised, which needs the ring in hand. So a ring delivered in November for a proposal at New Year can sit in a sock drawer for six weeks, effectively uninsured. Call your insurer the day it arrives: many will schedule on the strength of the purchase documents while you book the appraisal. And for a lab grown diamond, update the appraisal every few years and expect the figure to fall, not rise, because new lab grown prices have dropped. Over-insuring costs premium for cover you cannot collect.
Make a claim easy before you ever need one
- Photograph the ring clearly, including one shot beside a ruler for scale.
- Keep the appraisal, the specification, any stone report and the photos together, with a copy somewhere other than your home.
- Have the prongs checked every couple of years. Many policies expect reasonable care, and a worn prong is a maintenance issue, not an accident.
- Tell your insurer if you move province or change policy. A schedule does not follow you automatically.
General information, not insurance or legal advice. Limits, wordings and premiums vary by insurer, province and policy. Read your own policy and confirm with your insurer or broker.
Keep reading
Frequently asked questions
Does home insurance in Canada cover an engagement ring?
Usually only partly. Home, condo and tenant policies typically include jewellery under a special limit, often a few thousand dollars shared across all your jewellery, frequently for theft only and after the deductible. Accidental loss is often excluded unless the ring is scheduled.
How much does it cost to schedule a ring in Canada?
Commonly around 1β2% of the appraised value per year, so about $15 to $20 for every $1,000 of value. It varies by insurer, location and the ring, so ask your insurer or broker for a quote.
Can I insure a ring bought from a jeweller outside Canada?
Yes. Insurers care about what the ring is and what it would cost to replace, not where it was bought. Get an independent appraisal in Canada and bring your order confirmation, written specification and any stone report.
Can a moissanite engagement ring be insured?
Yes. The appraisal should identify the stone as moissanite and value the ring on that basis. It may fall within your base special limit, but scheduling still adds cover for accidental loss, which the base policy often excludes.
How often should I update the appraisal on a lab grown diamond ring?
Every few years, or when your insurer asks. Expect the figure for a lab grown diamond to go down rather than up, because new lab grown prices have fallen. Insuring above replacement cost means paying premium for cover you cannot claim.
Ask us for your ringβs full specification.
Metal, karat, stone millimetres and certification where applicable β the details your appraiser and insurer will ask for.
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