How Much Does Engagement Ring Insurance Cost?

Updated: Jun 16

You finally did it. You finally put a ring on her finger. Or maybe he finally put the ring on your finger. Either way, this momentous move makes you both feel happier, closer and more secure.


But if you don’t also take some time to insure your dazzling new engagement ring, you might not be feeling so secure for too long. What happens if your home is broken into and the ring is stolen? Or maybe you’re vacationing or working out — and you somehow manage to misplace or lose your pricey reminder of your undying love?



Nobody wants to think these scenarios could unfold in their lives, of course. But the truth is they can and they do — every day, to everyone from every walk of life, in every corner and community of the country. So after you’ve spent quite a large amount of money to purchase an engagement ring, it just makes sense to spend a much, much, much smaller amount to protect and insure your investment.


The typical cost of engagement ring insurance.


Your first question here is probably something along the lines of how much does engagement ring insurance cost? There’s no set nor “stock” answer to this important and common question, but there is a fairly simple formula you can apply when estimating the yearly cost of engagement ring insurance. Here’s how it works:


For every $100 that it would cost to replace your ring (i.e. its appraised value), you should expect to pay somewhere in the range of $1 to $2.


In other words, if you insure an engagement ring with an appraised value of $9,000, you’re likely to pay somewhere between $90 and $180 a year for this insurance policy — which further breaks down to $7.50 to $15 a month. Not too bad, right?


Of course, there are other factors that come into play, including the geographic region in which you reside. If you live in the urban core of a city with a higher crime rate, for example, you’re probably looking at a pricier policy on your ring.


How to insure your ring: a few simple steps.


Now that you have a better understanding of how much engagement ring insurance might cost you, you’re probably wondering just how you go about purchasing an engagement ring insurance policy. Don’t worry, we’ve got you “covered” here too.


First off, there’s the appraisal process we touched on above. Just like the ever-changing market price of a home, the value of the precious metals and diamonds in your engagement ring are always in a state of flux. An appraisal will provide you with an accurate and current value of your ring — prior to insuring it. This way, a proper policy can be crafted and agreed to by you. Typically, an appraisal (or a statement of value) is provided by the jeweler you purchase from, included as part of your purchase (or possibly for a small extra fee).


If you’re looking to insure an existing piece of jewelry, you can always bring it into your jeweler or have it appraised by an independent professional appraiser. Professional, reputable jewelry appraisers should offer a set or fixed price (anyone claiming the price is dependent on some variable like the assessed value of your ring is probably someone you should avoid). Appraisals include quite a bit of detail, ranging from photographs to signatures and addresses to written statements that describe your ring by its weight, grade, measurement, maker and metal and/or gem quality — along with notation of anything unusual or amiss. Professional organizations such as the Gemological Institute of America (GIA) also issue certification numbers, which should be clearly identified on the official appraisal form. A list of nationally recognized, certified appraisers can be found at https://www.americangemsociety.org/search/newsearch.asp


To learn more about ensuring your engagement ring or other valued jewelry pieces, we encourage you to read our recent blog post on shopping for jewelry insurance. Here at Zillion, we’re all about making jewelry insurance as simple as possible.


The fearsome cost of NOT insuring your engagement ring…


Let’s say you decide not to insure your engagement ring. Perhaps you live in a picture-perfect, crime-free neighborhood and you never misplace anything. With so many bills to pay every month and a wedding still to plan and pay for, why should you shell out a few hundred dollars more a year for jewelry insurance?


That all sounds smart…on paper. In real life, however, you never know just what tomorrow (or today) holds. And no matter how buttoned-down and in-control you may be, certain events still remain beyond the domain of your control. Even if your ring would never be stolen or you would never lose it, it remains entirely possible that it could be badly damaged — in all manner of ways.


In short, the cost of not insuring your engagement ring could be far, far higher than the nominal fee you’ll pay every year for that peace of mind and protection. Here at Zillion, we’ve seen, heard and dealt with quite a few jewelry mishaps. Thankfully, we were able to lend a helping hand (and ring finger) to our valued customers.


Remember, there’s several reasons to insure your jewelry. When the time comes to make that decision, we’d love to work with you to buy a little peace of mind!

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3000 El Camino Real, Bldg. 4, Suite 200

Palo Alto, CA 94306