Engagement Rings and Renters Insurance – Debunking 5 Myths

engagement ring safe with renters insurance

If you’re reading this post right now, there’s a good chance you’re planning on getting engaged. Probably…sometime soon. engagement ring safe with renters insurance

If this is in fact the case, please accept a heartfelt, hearty “Congratulations!” from all of us here at Zillion. We know you’re about to embark on an amazing and life-enriching journey, and we couldn’t possibly be happier for you—and your beloved.

Of course, this exciting and lovely new journey isn’t all wine, roses, kisses, and undeniable, uninterrupted bliss. You have so much to do, and so many plans to make. Facilities to book and invitations to purchase and send out. Pressure. Like the kind of pressure that forms diamonds.

An integral part of this planning and preparation obviously includes that expensive, indelible item—a diamond engagement ring (or possibly an alternative gemstone engagement ring). Purchasing and presenting the ideal ring to your beloved is an intensive and at-times challenging and stressful process. At various points of this process, it is normal for you to be overwhelmed by information and options. You probably have some serious questions about the whole process and experience, too. Questions like:

Protecting Your Engagement Ring Investment

A vital part of shopping for and purchasing your ideal engagement ring revolves around deciding just how you’re going to protect your engagement ring investment. And if you think to yourself something along the lines of, “Well, I don’t really need to insure my diamond engagement ring,” then consider this sobering statistic:

Every year in North America, around $1.5 billion in jewelry is stolen or lost.

Obviously, that’s a lot of loss. Chances are you’ve also probably researched and read a lot of information online that makes it sound appealing to protect your engagement ring under the “umbrella” of your renters or homeowners insurance policy. As you read this, you may even be thinking that’s the best way to go.

Well…not so fast. And time for some…facts. When you dig a bit deeper and consider all the possible permutations, situations, and conditions, it turns out that including your engagement ring in your renters insurance policy just might not be the great nor safe option you consider it to be. Let us tell you…why.

Renters Insurance and Jewelry Myths

Here at Zillion, we’re driven and defined by delivering a better, faster, smoother, and easier jewelry insurance experience. But we also pride ourselves on being a bit of a…matchmaker. To that end, we don’t want to see you follow up your blissful wedded union with anything like…an ill-advised, ill-fated alliance with an inferior insurance option. So let us take a few moments now to debunk 5 myths about insuring your engagement ring on your renters insurance policy in the remainder of this post.

Myth 1: Renters/homeowners insurance fully insures my engagement ring.

Sounds great, right? Let’s dig in. Yes, it’s true that you can cover your jewelry under renters or homeowners insurance policies from large providers like Allstate or State Farm. But there could be a limit to keeping your engagement ring safe with renters insurance – to say the least. In common loss scenarios, they’ll only even cover a portion of the ring’s value…if they cover anything at all. 

Someone broke into your home and stole your engagement ring. Will your renters insurance policy cover it? Once again, to a certain point. Even if your diamond jewelry is included in your renters insurance policy, you will not be fully reimbursed for the total value of that ring. The monetary limit on jewelry that’s covered under a renters insurance policy is typically only around $1,500. Alas, this is typically just a fraction of what most people pay to purchase a new diamond engagement ring. And you will most likely have zero protection if you happen to lose your engagement ring.

Insurance typically only covers your engagement ring and other fine jewelry items in the event of certain “listed perils.” Did tragedy befall your ring and it’s not listed as one of these designated perils? Your insurance policy will not cover the cost of your ring. Renters insurance is simply not true engagement ring insurance—or any kind of jewelry insurance. In fact, it can best be described as something like a…cheap imitation of jewelry insurance. And nobody wants to go on the cheap when it comes to undying love and affection.

Myth 2: If I lose my engagement ring, my homeowners or renters insurance policy will cover me just fine.

We hate to break it to you, but this is simply not true. In addition to only returning a portion of your engagement ring’s value back if it’s stolen, homeowners or renters insurance policies typically do not cover a lost engagement ring at all. Let’s say, for example, you’re washing dishes at home, you take your engagement ring off and…it slides off your finger and right down the drain. Well, guess what? Your engagement ring may not be safe with renters insurance, and likely isn’t going to cover the cost of replacing it. You and you alone (or maybe with your help from your beloved) will have to pay to replace your diamond engagement ring. Not exactly the stuff of…true romance. 

Myth 3: I have my engagement ring covered for any and all damage under my homeowners or renters insurance.

The fact of the matter is that the world’s an imperfect place. By a long shot. And accidents always just sort of…happen. Let’s say you’re doing work around the house one day and you forget to remove your diamond engagement ring—and you end up chipping the diamond. Or perhaps one of your diamonds pops right out of the setting. You don’t sweat it, because your renters insurance has your back, right? Even if they don’t cover the full cost of repair or replacement, you’ll still get something, surely. 

Alas, probably not. Your renters insurance policy will not cover the cost of fixing or replacing your diamond ring at all. In any instance of ring damage, renters insurance policies will not even cover a portion of the cost to fix or replace the ring.

You can damage your engagement ring, even if you are extra careful. Maybe even severely so. Relying on a homeowners or renters insurance policy to cover the cost of fixing that engagement ring can ultimately end up as a lesson in futility.

Myth 4: Filing a claim on any stolen jewelry won’t impact my homeowners policy.

Once again…wrong! Much like in a car accident where you’re found to be at-fault, filing a claim on a piece of jewelry that’s marginally covered under your homeowners insurance policy can cause your overall insurance premiums to spike. Not only could a lost, stolen, or damaged jewelry claim filed under your homeowners insurance policy lead to an increase in your premiums, but something even worse could potentially happen: your insurance company could cancel your policy in full.

If your engagement ring is stolen from your home, it doesn’t make much sense to file a claim that could ultimately cost you more money due to a surge in premium costs…or result in you being straight-up dropped from your policy. Especially when you’re not going to receive the full value of your ring from the jewelry insurance claim to begin with.

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

By their very nature, insurance deductibles are frustrating. Very. They’re also often expensive. Sometimes also…very. But you will not have to pay a deductible on an engagement ring covered under your homeowners insurance policy. Right? Well, we hate to be the bearers of bad news, but…sorry. That’s simply not how it all works.

Homeowners insurance policies usually come with fixed deductibles that you’ll have to pay whenever you 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’ll still need to meet your insurance deductible on your own—entirely “out of pocket.” These expenses can pile up fast. And, before you know it, you may even be out thousands of dollars.

Then…Just What Should I Do About Engagement Ring Insurance?

First off, we definitely encourage you to protect your home or apartment by purchasing a homeowners or renters insurance policy. But we also passionately and professionally advise you to not fall into the trap of solely relying on them to cover your precious diamond engagement ring—or any other treasured fine jewelry piece or pieces. After all, an engagement ring is more than just a pretty, shiny thing that sparkles from the finger of your beloved. A ring is a memory. A promise. A legacy!

At Zillion, we specialize in stand-alone, hassle-free engagement ring insurance—and overall fine 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, one-click insurance ensures that it will stay beautiful and valuable. Not just today, but for many, many years to come.

Don’t waste another moment or sweat another detail. Visit our home page–and dig into our deep reservoir of jewelry and jewelry insurance blog posts–to learn more right now. You can also get your fast, free, no-obligation insurance quote at any time, from anywhere.

We look forward to working with, assisting, and insuring you soon. And once again, congratulations!


Zillion partners with jewelers to offer their customers lower rates on jewelry 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. If you purchased from a Preferred Jewelers International retailer please email us at partners@myzillion.com and let us know the name of the retailer. Thank you.