How Much Does Engagement Ring Insurance Cost?

Understanding the true cost of engagement ring insurance.
engagement ring


You finally did it. You finally put an engagement ring on their finger. Or maybe they 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 purchase engagement ring insurance for your dazzling new ring, you might not feel so secure for that long.

After all, what happens if your home is broken into and your diamond engagement ring is stolen? Or maybe you’re vacationing or working out—and you somehow manage to misplace or lose the priceless-yet-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 often do.

Here at Zillion, we’ve seen all kinds of reasons for all kinds of jewelry insurance claims. So after you’ve spent a large amount of money to purchase an engagement ring, it just makes sense to tack on a much smaller expense to protect your treasured investment with engagement ring insurance. Of course, you probably also have a quite a few questions of your own. We’ll take it from here.


What is 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 really no set 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 it would cost to replace your ring (i.e. your jewelry’s 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 somewhere between $7.50 and $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 jewelry insurance policy on your prized ring.


Do I need an appraisal?

Now that we’ve addressed the subject of cost, you’re probably wondering how to purchase an engagement ring insurance policy. Don’t worry –  Zillion has you “covered” here, too.

First, there’s the appraisal process we touched on above. Just like the ever-changing market price of a home, the value of precious metals, diamonds, and other gemstones is always in a constant state of flux. An appraisal will provide you with an accurate and current value of your engagement ring. Typically, an appraisal is provided by the jeweler who sold the piece to you, included as part of your purchase (or possibly for a small additional fee).

If you need 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, 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. 

What’s great about Zillion and our retailer partnerships, though, is appraisals aren’t even required when you insure with us. Our goal is to make the insurance process as quick and easy as possible, so we work directly with your retailer to gather the necessary information on your engagement ring. With one click, you are immediately sent a text with your insurance quote, and have 10 days to decide if it’s right for you. No paperwork, no hassle.


Saying NO to engagement ring insurance could be far more costly

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

That all sounds smart…on paper. In real life, however, you never know just what tomorrow (or even today) may hold. And no matter how buttoned-down and Type A you may be, certain events still remain beyond the domain of your control. Even if your engagement 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—in the form of jewelry insurance. Here at Zillion, we’ve seen, heard, felt, and dealt with quite a few jewelry mishaps. Thankfully, we also pride ourselves on our unwavering ability to lend a helping hand (and ring finger) to our valued customers.

Remember, the value of engagement ring insurance should not be overlooked. When the time comes to make that decision, we’d love to work with you to buy a little peace of mind!  We also invite you to read some of the many Zillion reviews before you decide on your next step. 


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 and let us know the name of the retailer. Thank you.