5 Myths About Insuring Your Engagement Ring on Your Renters Insurance Policy

You’re probably here because you’re planning on getting engaged soon. Let us be the first online blog to give you a hearty congratulation...

You’re probably here because you’re planning on getting engaged soon. Let us be the first online blog to give you a hearty congratulations—you’re about to embark on a journey that will change your life forever! You’re likely shopping around for engagement rings and packing your head full of as much information as possible: What cut of diamond should I choose? What’s the difference between a jewelry insurance policy and a jewelry warranty? Can I buy an engagement ring online, and if so, how? How should I pop the question? Do I need to take dance classes? (Yeah, you should probably learn a step or two.)

An important part of engagement ring shopping is to consider how you’re going to protect your investment. Did you know that each year in North America, $1.5 billion in jewelry is lost or stolen? I mean, yikes. That’s a pretty sobering statistic. You’ve probably found a lot of information online about covering your engagement ring under your renters or homeowners insurance policy, and you might even be thinking that’s the way to go… but hold up. Including your new engagement ring in your renters insurance policy might not be in your best interest, and we’re here to tell you why.

We’re debunking 5 myths about insuring your engagement ring on your renters insurance policy right here and now… just call us the Myth Busters. (Just kidding, don’t actually call us that—pretty sure it’s copyrighted.)

Myth 1: My engagement ring is fully insured.

Myth, busted! Now, it’s true that you can cover your jewelry under renters or homeowners insurance policies, like State Farm or Allstate… to a point. Typically, these types of insurance policies are limiting, and can in some loss scenarios only cover a part of the ring’s value, or not at all. For example, if something happens to your diamond engagement ring, and it is included in your renters insurance policy, you’ll get some protection—but probably not enough to fully cover the cost of replacing your ring if it’s stolen. And you will most likely have no protection if your ring simply went missing.

If your home is broken into, and your engagement ring is stolen, your renters insurance policy will cover it… again, to a point. Even if your diamond jewelry is included in your renters insurance policy, you will not get reimbursed the full value of that ring, leaving you potentially thousands of dollars out of pocket to replace your jewelry. The monetary limit on jewelry that’s covered under a renters insurance policy is typically only $1,500—a fraction of what most people pay for their diamond engagement rings.

Renters insurance typically only covers your engagement rings and other items in the event of certain “listed perils.” If tragedy befalls your ring and it’s not listed as one of these “perils,” then too bad, so sad—your insurance policy will not cover the cost of your ring… not even a portion of it.

Myth 2: If I lose my engagement ring, I’m covered under my homeowners or renters insurance policy.

Errrrr… We hate to break it to you, but that is not true. In addition to only getting a portion of your engagement ring’s value covered if it’s stolen, homeowners/renters insurance policies typically do not cover your ring if you lose it. So if you’re doing dishes, take your engagement ring off and it slips down the drain, and you can’t retrieve it, guess what? Your insurance policy isn’t going to cover the cost of replacing it—you will have to shell out the money to replace your diamond engagement ring.

diamond engagement ring and wedding ring set

Myth 3: If my engagement ring’s damaged, it’s covered under my homeowners or renters insurance.

The world’s an imperfect place, and accidents happen. Maybe one day you’re doing work around the house, forget to remove your diamond engagement ring, and chip the diamond while you’re working. Or perhaps one of your diamonds decides to get all wiggly and pops right out of the setting. You don’t sweat it, because your renters insurance has your back, right? Even if you don’t get the full cost of repair or replacement covered, you’ll still get something… right?

Wrong. If your engagement ring is chipped or otherwise damaged, your renters insurance policy will not cover the cost of fixing or replacing your diamond ring at all. In the case of ring damage, renters insurance policies will not even cover a portion of the cost of fixing/replacing the ring.

Even for the most careful people, engagement rings can get damaged. Relying on a homeowners or renters insurance policy to cover the cost of fixing that engagement ring can be a lesson in futility.

Myth 4: Filing claims on stolen jewelry won’t impact my homeowners policy.

Just like in a car accident where you’re found at-fault, filing a claim on a piece of jewelry that’s marginally covered under your homeowners insurance policy can cause your insurance premiums to spike. Not only could a jewelry claim filed under your homeowners insurance policy cause your premiums to rise, something even worse could happen: your insurance company could cancel your policy altogether.

If your engagement ring is stolen from your home, it doesn’t make much sense to file a claim that could ultimately either cost you more money from a rise in premium costs, or result in you being dropped from your policy—especially when you’re not even going to get the full value of your ring out of the jewelry insurance claim to begin with.

Myth 5: I don’t have to pay a deductible.

Deductibles are frustrating and often quite expensive. But you won’t have to pay a deductible on an engagement ring covered under your homeowners insurance policy, right? Boy, we are just the bearers of bad news today, because nope—that’s just not true.

Homeowners policies typically come with fixed deductibles that you’ll have to pay for when filing a claim. So on top of the fact that you’re not getting the full value of the cost of replacing your engagement ring, you’re still going to have to cover your insurance deductible out of pocket. These expenses can pile up quickly and before you know it, you are out thousands of dollars.

So What Should I Do About Insuring My Engagement Ring?

You should, by all means, insure your home or apartment with homeowners or renters insurance policies… just don’t fall into the trap of solely relying on them to cover your precious diamond engagement ring or other treasured pieces of jewelry. After all, an engagement ring is more than just a pretty, shiny thing that sits on the finger of your beloved: it’s a memory, a promise, and a legacy!

At Zillion, we specialize in stand-alone jewelry insurance policies for your engagement ring, so you can wear it with confidence. Protecting your diamond jewelry ensures it will stay beautiful and valuable for years to come.

Here are just a few of the benefits of purchasing an insurance policy for your diamond ring:

Filing a jewelry insurance claim is so much easier.

When filing a claim on an engagement ring through a homeowners/renters insurance policy, you’re stuck dealing with whatever company or jeweler your insurance company is contracted with. But when you purchase a specialized, stand-alone jewelry insurance policy like the ones we offer at Zillion, the claims process is faster and more efficient thanks to the fact that we work directly with your trusted jeweler to settle the claim on your engagement ring.

Your engagement ring insurance policy is portable.

Diamond solitaire engagement ring on woman

When you insure your diamond jewelry solely through your homeowners insurance policy, you’re tethered to the policy that covers your residence until you move. That means that when you move, you have to start all over again with insurance paperwork. Who wants that?! Your Zillion stand-alone jewelry insurance policy goes along wherever you go. No matter where you are in the world or how much you travel, your ring is covered.

Deductibles are nonexistent.

Homeowners or renters insurance policies tend to come with expensive deductibles. Insure your engagement ring with Zillion and you’ll pay no deductible when you file a claim on your diamond engagement ring and other jewelry purchased through our trusted partners.

Your engagement ring is fully covered.

With a jewelry insurance policy from Zillion, your ring is covered. Period. Lose your engagement ring? We’ve got you. Chip or damage it? Don’t worry—it’s covered! Flood, Fire, Theft? Mysterious Disappearance? Covered, covered, covered. And we’re not talking about just a small portion of your diamond ring—we are talking full value coverage here!

At Zillion, we pride ourselves in offering the best policies. Each jewelry item you purchase through one of our partners, like Yadav Jewelry, comes with the option to buy a comprehensive, affordable jewelry insurance policy from Zillion to guarantee your new diamond engagement rings, earrings, bracelets, necklaces, and other precious items are fully covered. Specialized insurance coverage for your engagement ring? Now that’s one myth that doesn’t need to be busted.

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Zillion partners with jewelers to offer their customers lower rates on jewelery insurance. If you don’t see your jeweler on our list, we’re sorry, we won’t be able to offer you a quote for insurance.