Engagement Ring Insurance: Top 5 Mistakes to Avoid

Learn how to make the right choices when it comes time to select engagement ring insurance.

You did it. You took that uncertain, beautiful, challenging, deeply rewarding plunge. You’re officially engaged to be married.

It feels incredible, doesn’t it? Good. Go ahead and savor it. Soak it all in. Then, after the initial euphoria and elation have settled and your mind is in a more practical place…

Go ahead and turn your attention to something far less romantic — but every bit as vital to long-term happiness and security:

Insuring your engagement ring.

How and where do I purchase engagement ring insurance? Who provides the best engagement ring insurance? Who pays for engagement ring insurance? Do I have to pay extra for travel insurance for my engagement ring? Can’t I just use my homeowners insurance policy to cover my ring?

No doubt, you may have some doubts (and more than a few questions) about engagement ring insurance — and how to best insure your engagement ring. All of these questions and more are likely to be running through your head right now. No worries, Zillion is here for you. Jewelry insurance is what we do.

Above all, we advise you to take a few deep breaths…and take it slow. You know, just like you did in your now-highly-devoted love relationship at first. That’s worked out pretty well for you so far, hasn’t it?

But what about what not to do now? Are there mistakes I need to guard against, avoid, and steer clear of? Well, yes — and we’ve got you covered there, too. We advise you to avoid the following top five mistakes you can make when insuring your engagement ring. Let’s dive right in and take a closer look…

Mistake No. 1: Relying on a Homeowners or Renters Insurance Policy

We’ve said it here before, and we’ll say it once again, loud and clear — a homeowners or renters insurance policy is not your best option when it comes to engagement ring insurance. In fact, it’s far from it. There are simply…limitations. Quite often, there’s quite a few limitations — starting with how much money you’ll get back in the unfortunate case that your beloved ring is damaged, stolen, lost, or destroyed. Under a typical homeowners or renters insurance policy, the monetary limit on any and all covered jewelry is usually just $1,500 — and your engagement ring is only covered in the event of certain “listed perils.” Yikes!

But wait, it gets even “better” (meaning “worse”) if you’re using one of these non-jewelry insurance policies to cover your engagement ring. If you do file a claim for your “covered” engagement ring on your homeowners or renters insurance policy, you’re almost certain to soon see a resultant increase in your monthly insurance premium payment. In some cases, your insurance provider may even decide to drop you as a policyholder. Double Yikes!

This is a topic we’re quite passionate about here at Zillion. We even previously addressed 5 myths about insuring your engagement ring on your homeowners or renters insurance policy. We’d suggest you give this blog post a closer look to dive deeper into this at-times confusing topic.

Mistake No. 2: Assuming a Jewelry Warranty is Jewelry Insurance

So, there you have it. Homeowners or renters insurance is not the same as jewelry insurance. But guess what? Neither is a jewelry warranty. And once again, it’s not really even close to the same thing — especially not when it comes to the true protective value.

Now, don’t get us wrong here. We love and value our trusted partner jewelers. We also know that a jewelry warranty is a strong option to consider when buying a new engagement ring or any other jewelry pieces. Just keep in mind that a warranty is essentially an extended service plan offered by your jewelry. That means that it will cover common concerns and issues such as small scratches, retipping, prong replacement, and the like. Chances are, it also provides you with complimentary preventative maintenance measures like diamond/stone tightening, cleaning, or buffing out small scratches and scuffs that result from the “everyday wear-and-tear” that comes with, well, wearing your jewelry every day.

But what if your treasured diamond engagement ring is badly damaged or even destroyed? What if, much to your great and sudden panic, you suddenly realize that your alternative gemstone engagement ring is lost…and nowhere to be found? Well, if it’s a jewelry warranty you’re relying on to save you here, you’re going to remain desperate for answers and help. These unfortunate (and fairly common) fates won’t be covered at all by a jewelry warranty.

Much like we’ve explored the (many) limitations of relying on homeowners or renters insurance to insure your treasured jewelry, we’ve previously looked closer at the many differences between jewelry warranties and jewelry insurance. We’d encourage you to polish up on your gemstone insurance knowledge here too.  

Mistake No. 3: Not Getting an Engagement Ring Appraisal

Here’s another mistake way too many people make after they spend an average of $5,000 to purchase an engagement ring for their beloved partner: they neglect to secure a proper appraisal for this extremely pricey (you might even call it invaluable) piece of fine jewelry. Here at Zillion, we say a hearty “booooooo!” to that move.

Just like the other “options” covered above, a proper engagement ring appraisal isn’t the same thing as jewelry insurance…but it does help provide a good bit of jewelry assurance. An appraisal of your ring will

help ensure you get the highest value possible if you ever decide to part ways with it. Also, if you decide to upgrade your engagement ring at any point in the future, you’ll have the option of removing elements such as diamonds, side stones, or even the band…and selling them for a pretty penny. It’s always best to seek an engagement ring appraisal from a reputable source — the good folks at the American Gem Society (or AGS) even offer a handy, searchable online database of AGS-credentialed appraisers.

Mistake No. 4: Refusing to Purchase Engagement Ring Insurance

This should really be listed as the number one mistake, but we didn’t want to hit you over the proverbial head with something seemingly so obvious (and, well, maybe a bit heavy-handed). But trust us, we’re tough on you here because we love you…and we love jewelry insurance. And because we love you and jewelry insurance, we’re passionate in our insistence that you protect your engagement ring as closely and wisely as you protect your heart.

What’s more, insuring your engagement ring probably costs a lot less than you think — even if you opt for the very best engagement ring insurance on the market. While factors and variables such as your geographic location come into play, a good rule of thumb to apply is that for every $100 it would cost to replace your engagement ring (i.e. it’s appraised value), you should expect to pay between $1 and $2. So if you insure an engagement ring with an appraised value of $6,000, you’ll probably pay anywhere from $60 to $120 a year to insure your engagement ring. Not bad, right?

Speaking of coverage, you’re probably not surprised to learn that we covered this at-times misunderstood topic of engagement ring insurance cost closer in a previous blog post.

No Mistake: Zillion Jewelry Insurance

OK, so technically, our fifth mistake is very much not a mistake. In fact, it’s one of the first things you should do after you purchase that pricey, shiny new engagement ring.

Make no mistake about it, an engagement ring insurance policy from Zillion is a sound, smart, surefire solution — no matter how you look at it. Thanks to our exclusive and deep relationships with trusted and established online jewelry insurance providers, it’s also affordable, easy-to-understand, and even easier to use if needed.

From our quick, one click activation at the point of sale to our fast, simple jewelry insurance claims process, Zillion offers the best engagement ring insurance available today. We also give you priceless peace of mind that lets you relax, live, and love your life. You’ll feel lovely all the time knowing your beloved engagement ring is protected from any and all misfortunes — and you can always wear it with confidence.

Don’t just take our word for it. Read the many Zillion reviews that continue to pop up online. When you’re ready to get down to the business of insuring your engagement ring, visit our online home for a fast, free jewelry insurance quote. Get your quote today!


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 partners@myzillion.com and let us know the name of the retailer. Thank you.