Pro Tips: What to Know Before Purchasing a Jewelry Insurance Policy

Everything you need to know before purchasing a jewelry insurance policy.

Maybe you were just gifted a beautiful, brand-new diamond bracelet. Perhaps you purchased a diamond engagement ring for the love of your life. Or maybe you inherited a picture-perfect pendant with special meaning and value that goes well beyond money.

Heck, maybe you even won an Olympic medal. Or two or three.

No matter what the case, you want to make sure your precious piece or pieces of jewelry are protected in case of theft, loss, or damage. You don’t want to even think of these things happening, naturally. But you do want to protect your jewelry and secure some additional peace of mind. In short, you want to invest in jewelry insurance.

So…where do you start? How do you finish? What are some questions to ask and signs to look for when it comes to jewelry insurance — both positive and negative? Fortunately, this is what all of us here at Zillion live and work for. You might even say it’s what Zillion was born to do. Let’s take a closer look at some of the ins-and-outs of engagement ring insurance and jewelry insurance, shall we?

What do I want to insure?

While you’re likely hyper-focused on insuring a diamond engagement ring or other particular piece of jewelry that means the world to you, the pre-purchase phase presents an excellent opportunity to take inventory of your entire jewelry collection. If you place all your items on one jewelry insurance policy, you’ll only have to pay one annual premium. Of course, if you want to start with one single piece, Zillion can help you there, too — and give you the option to add additional items to your jewelry insurance policy at a later date (at which point you would pay for the cost to insure an additional item through the end of the plan’s term). Upon renewal, all items on the jewelry insurance policy would then renew — and you would have one single premium payment for multiple pieces.

So start by determining exactly what jewelry items you want to insure. Then you can go about determining how much the piece or pieces are worth, via what’s known in the jewelry insurance industry as an “appraisal.”

What’s this appraisal process all about?

In addition to presenting an opportunity to insure your entire jewelry collection, this pre-purchase stage is also an excellent time to conduct an appraisal. Just like the ever-changing market price of a home, the value of the precious metals and diamonds in your jewelry collection are always in a state of flux. An appraisal provides you with a current value for your jewelry — prior to purchasing a jewelry insurance policy.

There are also specific questions you can ask prior to your appraisal appointment, including queries about the cost of an appraisal, which should always be “fixed” and not based on a variable such as the final appraised value of your jewelry. Most retailers will provide an appraisal for your newly purchased jewelry as part of the purchase — or for a small additional fee. If you come back into their store at a later date, they’ll likely also be happy to provide you with an updated appraisal. Of course, you can also opt to seek out the services of a private jewelry appraiser. A location-based list of nationally recognized, certified jewelry appraisers can be easily accessed with the Thumbtack jewelry appraiser search engine

Professional jewelry appraisals need to include quite a bit of detail. Written statements that describe each piece should mention weights, grades, measurements, 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. Your name and address should also be included on the form, and photographs are often also attached.

What should the best jewelry insurance cost me?

When it comes to engagement ring insurance or any other jewelry insurance policy, there are actually two costs to be mindful of: your premium and your deductible. Let’s start by looking at the latter.

The deductible is the amount you’re responsible for if you need to file a claim. For example, if your deductible is $1,500 and your jewelry is lost, stolen, or damaged, you’d be responsible for up to $1,500 of the repair or replacement cost — and any additional costs within the coverage limit would be paid for by your jewelry insurance policy. If you opt to insure your jewelry with Zillion, you’ll never need to pay a deductible when you file a claim with us. Another great thing about Zillion is we always do our best to ensure that your entire jewelry insurance claim experience is as frustration-free as possible.

The second cost associated with jewelry insurance is your premium — in other words, the amount you pay for coverage over a period of one year. Generally speaking, your premium should be somewhere around one to two percent of the value of your jewelry. Exactly where your payment falls along that scale will depend on several factors, including the value of your jewelry and the location of your residence.

Can’t I just use my existing insurance provider?

Possibly. But if you opt to go this route, be very careful about what you’re getting into. Some insurance companies allow you to add jewelry insurance to your homeowner’s or possibly renter’s insurance policy. If your home is broken into and jewelry is stolen by the burglars, then you may or may not be covered. And if your jewelry is lost or misplaced by you — or damaged or ruined in some sort of accident? Then you may be entirely out of luck with your home insurance provider. Is jewelry insurance starting to sound like a better idea now?

Companies who offer specific, stand-alone jewelry insurance will also likely cover jewelry repair services if your prized piece or pieces get damaged due to an accident, in addition to any loss stemming from theft or burglary. If you’re unsure if your jewelry was stolen or misplaced, the best jewelry insurance providers will typically also provide coverage for what’s known as “mysterious disappearance” — something possibly provided in a homeowner policy rider (but maybe not accounted for, also).

Learn more…from A to Zillion

For more detailed information on the ins and outs, nuts and bolts and As to Zs of jewelry insurance, take a deeper dive into the Zillion Ultimate Jewelry Insurance Guide. Consider it your Go-to Guide for All Things Jewelry Insurance — ranging from coverage to cost to the claim process…and beyond! We’d also encourage you to take a look at some of the many Zillion reviews that have poured in since we’ve been part of the jewelry insurance landscape.


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.