How Does Jewelry Insurance Work? The Ultimate Guide

Your Go-to Guide for All Things Jewelry Insurance In this blog, we'll cover the following: What is jewelry insurance? What does a jewelry...
Engagement Ring on a Hand

Your Go-to Guide for What to Know About Jewelry Insurance


In this blog, the jewelry insurance experts at Zillion will cover the following:

What is jewelry insurance?

What does a jewelry insurance policy cover?

What does jewelry insurance not cover?

Where does jewelry insurance coverage apply?

How much jewelry insurance do I need?

How do I obtain jewelry insurance?

How much does jewelry insurance typically cost?

Can I update my coverage post-policy purchase?

What happens when I file a claim?

It’s a beautiful day.

There you are, sitting in front of your laptop. Or perhaps staring at the ever-present smartphone in your hand (and thinking about the ring finger on your beloved’s left hand). Or maybe you’re standing inside a jewelry store, the way your father and his father before him once did, eyeing that special something you cannot wait to give to your special someone.

You’re about to purchase that magical, meaningful, beautiful, unforgettable and, yes, pricey piece of jewelry. It sparkles, brilliantly. Just like his or her eyes. It dazzles, brightly. Just like your love.

You’ve spent hours searching for just the right piece to show your partner how much they mean to you. You’ve waited months, maybe years for just the right time to present it during a creative wedding proposal. And you’ve worked and saved even longer to afford your precious diamond engagement ring purchase.

It’s all very exciting. Romantic. Beautiful. Just as jewelry should be. Just as life should be.

What you probably don’t find exciting, romantic, or beautiful is purchasing diamond engagement ring insurance for your treasured piece of jewelry. In fact, you may not even really think about buying jewelry insurance at all.

You expect your precious piece to be delivered safely. Cherished. Appreciated. Valued. Cared for. Cleaned. Worn daily. And when not worn, you want the dazzling diamond ring stored safely in a nice, neat place. That’s just the way it works with precious jewelry, right? That’s the ideal way to care for diamond jewelry.

Well, sure. But neither love nor life are perfect or ideal. Nor perfectly ideal. Things happen. Including many things that are entirely unplanned. Often unwelcome. And completely out of our control. And if you’re going to work and save for months, maybe even years, to purchase a diamond engagement ring, it only makes sense to spend some extra time and money to purchase diamond engagement ring insurance — just in case you do experience any kind of jewelry emergency or loss. Right?

Here at Zillion, we sure think so. We realize we can’t force you to purchase engagement ring insurance when you buy that treasured, precious piece of jewelry. But we can help persuade you to make this extra investment in jewelry insurance at checkout (especially when it’s as quick and easy as Zillion makes jewelry insurance). We can also help make it all easier for you to understand. Save you some precious time. And point you in the right direction.

That’s what this blog post is here for. Think of it as our gift to you. To help you give – and protect – that special gift to that special someone in your life.

What is jewelry insurance?

Jewelry insurance is a lot of things. It’s an investment in your investment. It’s helpful and reassuring peace of mind in an uncertain world. It’s a practical punctuation point.

One thing jewelry insurance is not is a jewelry warranty/service plan. While a warranty/service plan can serve as a great way to maintain and service your jewelry, it won’t be of any use to you if you lose a diamond in your engagement ring, accidentally damage your expensive watch, or lose your wedding ring altogether. You’ll need jewelry insurance to protect you in these all-too-common scenarios.

Jewelry insurance is also not homeowners or renters insurance. Jewelry insurance is its own unique animal, in many ways.

Speaking of homeowners and renters insurance, one very common misconception is that your policy will cover any jewelry loss scenario. While some homeowner’s insurance policies do deal with jewelry to some degree, they’re also limited in coverage (sometimes severely so) for practical loss situations like theft, mysterious disappearance, and accidental damage. So just know that if your beautiful new ring suddenly catches on fire, you’re all good under a homeowners policy. However, If your engagement ring slips off while you’re snorkeling in the Bahamas, your homeowner’s or renter’s insurance won’t cover a single penny to replace it.

And for loss due to theft, if your jewelry is covered at all via your homeowners or renters insurance policy, it’s probably only covered up to $1,000 to $2,000 — and it won’t likely be covered for even a single dollar if it’s simply…lost.

What does jewelry insurance cover?

So, just what does jewelry insurance cover, you ask? Well, a good jewelry insurance policy will cover the entire value of your jewelry piece – under a fairly wide umbrella of “loss” scenarios and circumstances. Those circumstances should include damage, theft, “acts of God” (fires, flood, tornadoes, hurricanes, etc.) – and could also include accidental loss and mysterious disappearances. Here at Zillion, we’re all about providing easy, affordable, fast access to the best diamond engagement ring insurance policies. Let’s take a closer look at what the best jewelry insurance covers. 

“Jewelry Theft”

Just like it sounds, jewelry theft occurs when someone either steals your jewelry from your person (let’s say you’re mugged, and along with your bag, a thief snares your new engagement ring). Or maybe your home is burglarized while you’re on vacation, and a crook makes off with the precious and cherished diamond earrings you inherited when you graduated from college.

“Jewelry Loss”

Loss occurs when the unthinkable happens. Think snorkeling in the Bahamas on your honeymoon — your ring falls off, disappearing into the bottom of the cay. Think skiing in Telluride — riding the ski-lift, you remove your glove for a minute and your ring slips off as well, dropping unceremoniously into the powder below.

“Mysterious Disappearance of Jewelry”

“Mysterious disappearance” may sound a little, well, mysterious to you. Basically, what this term means is that your jewelry has gone missing…but you’re not sure if someone stole it, or you just misplaced or lost it yourself.

Maybe you own a vintage gold watch that you only wear for special occasions. Typically, when you’re not wearing it, it’s stored safely in your jewelry box. But the next time you go to retrieve it for a big event, you realize it’s not there. You look everywhere else in your home, but it still doesn’t show up. You don’t know if you lost it, someone stole it, or maybe even the dog took a shine to it and buried it in the backyard. It’s a mystery. It’s a case of mysterious disappearance.

So that’s mysterious jewelry disappearance. But just what is meant by this jewelry insurance term “accidental damage,” then?

“Accidental Damages to Jewelry”

As opposed to mysterious disappearance, accidental damage is when you damage your jewelry by mistake — or it becomes irreplaceable in an accident.

Imagine you own a cherished diamond ring. You never take your engagement ring off, and while you’re doing the dishes, it slips off your finger and into the garbage disposal. Unfortunately, you only realize this after you turn it on and hear an awful noise. When you reach in to retrieve your ring, you see that it didn’t fare so well between those garbage gears. It’s crushed and shattered, with pieces of it scattered in your pipes. This would be considered accidental damage.

What does jewelry insurance not cover?

OK, now we know what jewelry insurance covers. But how about what it does not cover?

We live in a funny world, in many ways. Insurance is no different. While many jewelry insurance policies will cover “Acts of God” (think fires, floods, tornadoes, typhoons, and hurricanes), they’re not likely going to cover “man-made” disasters such as nuclear hazard or war/military/government action.

Where does jewelry insurance coverage apply?

Now that we know about the “what,” we can take a look at the “where.” When it comes to jewelry insurance, another term you’ll want to be aware of in this regard is “coverage area.”

If you travel with jewelry a lot, especially internationally, you should make sure your jewelry insurance coverage is also worldwide. That way, if jet lag and maybe one too many glasses of champagne prompt you to leave your favorite ring in a hotel room in Toledo, Spain, you can replace it when you get back to your home in Toledo, Ohio. Or if a highly skilled pickpocket somehow slips it off your finger in an Italian piazza, you can make a call to replace it while you wait for the pizza delivery back safe in your home.

A good jewelry insurance policy will go wherever you go. It won’t make any distinction between losing a diamond earring in your cubicle at the office…and losing it while shooting down a waterslide atop a cruise ship in the middle of the Caribbean Sea.

Of course, it’s always best to re-read your jewelry insurance policy before you travel. Just to make sure if you’re covered…or not. We’re also happy to offer you some jewelry protection travel tips.

How much jewelry insurance do I need?

Maybe by now, you’ve decided that jewelry insurance is right for you. But you’re still asking yourself something along the lines of, “Just how much jewelry insurance do I really need?”

Well, we can’t answer that question definitively for you. But if we were to answer your question with our own two-part question, that compound query would go something like:

“How much jewelry do you own? And how much is it worth?”

If you’re the kind of person who makes Lil’ Jon look quiet or Mr. T (or Super Bowl Hero LT) look quaint, then you’ll probably want to spend a little bit extra for jewelry insurance. For starters, the insurance limit should cover the original price you paid for your jewelry. If it’s been a few years since you purchased it, you’ll want to insure it for its appraised value or its current replacement value. Remember, fine jewelry is an appreciable item, and its value is likely to increase over time.

How do I go about getting jewelry insured?

Typically speaking, you’ll be asked for an appraisal or recent receipt from a jeweler to determine how much it will cost to replace your jewelry. The goal of the jewelry insurance company is to “make you whole” — which is fancy insurance-speak meaning they’ll replace your jewelry or reimburse you for the cost of your jewelry.

Keep in mind, this is only when you insure your jewelry on a standalone policy, or a homeowners or renters insurance policy rider. As we mentioned before, your standard homeowners or renters insurance policies have limits, and once those limits are met, their obligation is also met. That means you may not be able to replace your 1-carat diamond engagement ring with an identical ring without incurring a major expense on your part.

Once you have your engagement ring or jewelry appraisal in hand, you should be able to insure your ring. Here at Zillion, we offer engagement ring insurance and other jewelry insurance coverage on any piece of jewelry purchased from any of our fast-growing roster of jewelry partners. This way, we’re able to make the jewelry insurance process extremely easy for you. No more filling out pages of information and uploading appraisals or receipts to purchase jewelry insurance. Zillion makes jewelry insurance easy (check out the many Zillion reviews to hear more). Easy is good! Right?

How much does it cost to insure jewelry?

Of course, you’re curious to know just how much jewelry insurance will cost you. After all, you’re already paying a pretty penny for that pretty pendant (or diamond ring, pearl necklace, or other piece of jewelry). The answer is there’s no real set or standard answer.

Your jewelry insurance rate will vary based on factors such as where you live and your policy deductible. Typically, rates for insuring jewelry usually land around 1 to 2% of the jewelry’s value — or $1 to $2 for around every $100 your diamond engagement ring or other prized jewelry piece is valued at.

By the way, we do jewelry insurance a little bit differently at Zillion. We take a lot of time to think things through, and one point of our differentiation is that we insure jewelry that’s been purchased from jewelry partners in the ever-expanding Zillion jeweler network. Because of this, we’re able to reduce our own risk of fraud and overall costs — and we’re able to pass savings onto our valued customers in the form of better insurance rates. In our mind, it’s a win-win!

Can I update my coverage post-policy purchase?

The answer here is simple:

Yes. And, in fact, you should update your jewelry insurance coverage as time goes on. (Some folks like to also upgrade their diamond engagement ring). Jewelry is always valuable, in so many ways. But its exact financial/monetary value can change, according to several factors.

Additionally, you’ll want to re-appraise your jewelry to determine its value as time goes on. A good rule of thumb (or ring finger) here is to re-appraise your jewelry every three to five years.

Remember, the jewelry market is always changing and evolving. The value of diamonds, other precious gemstones, or precious metals like gold or platinum can change from year to year. Inflation can affect your wedding ring’s value, also. You’ll want to know what it’s really worth before you insure it.

You’ll also want to ensure working with a reputable appraiser — preferably one with reviews that sparkle like a four-carat diamond, a nice, framed graduate degree in gemology, and longstanding membership in a national appraisal society.

Another piece of advice here involves a more annual approach. Right around the time you’re set to prepare your taxes, you might want to spend some time with your jewelry collection. Note any new pieces you acquired during the tax year, and also evaluate your currently insured jewelry pieces. You might also take some time to see if the market values for gold jewelry and loose diamonds have increased or decreased to a significant degree during the year.

What happens during the jewelry insurance claims process?

OK, so something has happened to your jewelry. Maybe it’s a standard, clear-cut case of theft. Or perhaps it’s more along the lines of those “mysterious disappearances” we looked at earlier. Either way, this is the point where the rubber meets the road. Where the proof is in the pudding. Whatever analogy you want to use, it’s time to file a jewelry insurance claim. But just how does this all actually…work? What happens when you file a claim on your missing or ruined jewelry?

It will start like this: your insurance company will assign you a claim number. You’ll then be asked to provide any relevant photos, police reports, and documentation about your stolen, lost, or damaged jewelry. Next, you’ll work with your insurance company and jeweler to find an appropriate replacement for your beloved jewelry (as much as you can possibly “replace” a treasured piece of jewelry).

Another matter we thought long and hard about at Zillion was how to best streamline and simplify the jewelry insurance claim process.

Through our technology integration with our partner jewelers, we’re able to offer you the easiest, smoothest, and quickest jewelry insurance claim experience available. We work quickly with your original jeweler to ensure you get your replacement jewelry in your hand, on your finger, in your ears, or around your neck — as soon as possible. We keep you posted and walk you through every step in the process. When jewelry goes missing, we know it can be a difficult and emotional time. We’re here with you to exceed your expectations and remind you why you put your trust in Zillion when you purchased jewelry insurance.

Is jewelry insurance worth it?

As we stated up front, it’s not our job to tell you that you must have jewelry insurance. But if you ask us, “Is jewelry insurance really worth it?” and we’re being totally honest (which we always prefer to be), then we’re going to tell you, in a word:


It’s worth repeating: Yes, you absolutely, without a doubt, DO need jewelry insurance.

There’s simply too much at stake when it comes to your treasured jewelry to not insure it. You or someone who loves you worked hard to afford and offer that valuable and valued treasure. It means the world to you, and if it should ever be lost or damaged, it would sadden you deeply.

And while you can’t ever truly replace a truly valued piece of jewelry once it’s gone…you can at least come close. And start fresh with a new piece. If you don’t have insurance, you won’t really be able to make that fresh start. At least not without yet another major cash outlay first.

When you’re ready to insure one or several pieces of jewelry, visit us at Zillion to learn more. And start protecting your treasured investment with affordable, easy-to-implement jewelry insurance. We believe you should have the freedom to wear your jewelry for any occasion, without worry — whether it’s traveling the world, training at the gym, enjoying a romantic evening out, or just hanging out at home. With Zillion, your jewelry is covered. So you can always enjoy your jewelry and wear it with confidence.


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.