How Much Should Engagement Ring Insurance Cost You?

Understanding the true cost of engagement ring insurance.

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 both of you feel happier, closer and more secure.

But if you don’t also take some time to purchase engagement ring insurance for your dazzling new ring, you might not be feeling so secure for that 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 the 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 — and at Zillion, we’ve seen all kinds of reasons for jewelry insurance claims.  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 your investment with a jewelry insurance policy. Of course, you probably also have a quite a few questions. Here at Zillion, jewelry insurance is our job — as well as your passion. Please allow us to explain more…

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 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.

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, Zillion has 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 your engagement ring insurance purchase. This way, a proper jewelry insurance policy can be crafted and agreed to by you. Typically, an appraisal (or a statement of value) 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’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, in the form of jewelry insurance. Here at Zillion, we’ve seen, heard, felt, 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!  We also invite you to read some of the many Zillion reviews before you decide on your next step. 

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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.