Does Renters Insurance Cover Engagement Rings? 5 Myths Debunked

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...

Chances are, you’re reading this because you’re planning on getting engaged sometime soon. Let the Zillion blog be the first online entity to give you a hearty congratulations. You’re about to embark on a journey that will change your life forever!

As part of the preparation for this journey and new chapter of your life, you’re likely shopping around for diamond engagement rings (or possibly other alternative gemstone engagement rings)…and packing your head full of as much information as possible. No doubt, there’s also quite a few questions and concerns bouncing around inside there, too. Questions like:

Which diamond cut should I choose? What’s the difference between jewelry insurance and a jewelry warranty? Can I purchase an engagement ring online? If so, how? How should I pop the question when it’s time to propose? Do I need to take dance classes? (Yeah, you should probably learn at least a step or two.) Is this really the right decision for me (Sorry, we can’t help you with that one…but we can provide some long-term relationship advice).

An important part of engagement ring shopping involves considering 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, to say the least. 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.

What Are Some Myths About Renters Insurance and Jewelry?

At Zillion, our passion is providing easy-to-use, easy-to-afford jewelry insurance. In this post, we’re here to debunk 5 myths about insuring your engagement ring on your renters insurance policy right here and now. Just call us the Myth Busters. (Actually, don’t call us that — we’re 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 from large providers such as State Farm or Allstate…to a point. Typically, these types of insurance policies are limiting, and in some loss scenarios, they’ll only cover a part of the ring’s value…if they cover anything at all. For example, if something happens to your diamond engagement ring, and it’s included in your renters insurance policy, you’ll get some protection. Will it be enough to fully cover the cost of replacing your ring if it’s stolen? Probably not. And you will most likely have zero protection if you lose your engagement ring.

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 for the full value of that ring, leaving you potentially thousands of dollars out of pocket to replace your valuable 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 at all 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. That’s a big hit for anyone to take. 

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 to fix/replace 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 lead to an increase in your premiums, but something even worse could happen: your insurance company could possibly 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 due to a rise in premium costs, or result in you being dropped from your policy — especially when you’re not even going to receive the full value of your ring from the jewelry insurance claim to begin with.

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

Insurance deductibles are frustrating by their very nature. They’re also often quite expensive. But you won’t have to pay a deductible on an engagement ring covered under your homeowners insurance policy, right? We hate to be the bearers of bad news today, but…nope. That’s just not true.

Homeowners policies typically come with fixed deductibles that you’ll have to pay for whenever you decide to file an insurance 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’re out thousands of dollars.

So What Should I Do About Engagement Ring Insurance?

By all means, you should insure your home or apartment with homeowners or renters insurance policies. Absolutely. Just do not 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: a ring is a memory, a promise, and a legacy!

At Zillion, we specialize in stand-alone engagement ring jewelry insurance. We provide jewelry insurance policies that give you peace of mind — so you or your beloved can always wear it with confidence. Protecting your diamond engagement ring with our affordable, easy-to-add-on jewelry insurance ensures that it will stay beautiful and valuable…for many years to come.

Here are just a few of the benefits of purchasing a diamond engagement ring insurance policy from Zillion. 

Filing a jewelry insurance claim is so much easier.

When filing an insurance claim involving an engagement ring through a homeowners/renters insurance policy, you’re stuck dealing with whatever random company or jeweler your insurance company is contracted with. But when you purchase a specialized, stand-alone engagement ring 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. Take a closer look now at the smart, easy, efficient Zillion jewelry insurance claims process.

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 house, apartment, or other residence until you move. That means that if you do move, you have to start all over again with time-consuming, often-confusing insurance paperwork. Who wants that?! Your Zillion stand-alone jewelry insurance policy goes right along with you — wherever you go. No matter where you are in the world or how much you travel with your jewelry, your prized ring is covered by Zillion jewelry insurance.

Deductibles are nonexistent.

Homeowners or renters insurance policies also tend to come with something nobody likes — expensive deductibles. Insure your engagement ring with Zillion and you’ll pay no deductible whenever you file a claim on your diamond engagement ring (and any other jewelry piece or pieces) purchased through our trusted partners.

Your engagement ring is fully covered.

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

At Zillion, we pride ourselves on offering the very best jewelry insurance policies. Each jewelry item you purchase through one of our partners, such as Yadav Jewelry, comes with the option to buy a comprehensive, affordable jewelry insurance policy from Zillion to guarantee that your new diamond engagement rings, earrings, bracelets, necklaces, and other precious items are fully covered — no matter what. Specialized insurance coverage for your engagement ring? Now that’s one myth that does not need to be busted!

Visit the online Zillion home to learn more about Zillion today. You can also read about others’ experiences via online Zillion reviews!

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.