If you’re in the market for a new piece of jewelry—like a diamond engagement ring—you might be facing a little bit of sticker shock. Even though the old rule that you must spend two months’ salary on your beloved’s engagement ring is really more of a, “set a budget, figure out what your partner will love, and buy it,” guideline nowadays, those sparkly tokens of affection and devotion aren’t cheap.
When you’re thinking of buying an engagement ring, you’ll likely be doing a lot of research: what cut of diamond should I buy? White gold or yellow gold? How many carats should the diamond/s be? While doing your research, you might be tempted to cut corners when it comes to purchasing insurance for your engagement ring. You might be thinking, “Why is jewelry insurance so expensive?” or, “Is my ring really worth insuring?”
So, Why Does Jewelry Insurance Cost So Much?
Your engagement ring is more than a purchase. It’s an investment, a legacy, a future heirloom… a promise. Protecting something that is worth so much more than just the money you pay for it shouldn’t come cheap. But we get it: sometimes it’s hard to justify the purchase of a stand alone jewelry insurance policy. So let’s take a look at a few of the reasons jewelry insurance policies might not seem worth the money and explore exactly why you should be insuring your wedding and engagement rings with stand alone policies.
1. Jewelry is Expensive
Did you know that the average amount spent on an engagement ring in the United States is $5,500? (And that’s just for a 1-carat diamond engagement ring!) That doesn’t even factor in wedding rings—those can cost upwards of $1,000. There are a lot of things that contribute to the cost of wedding jewelry: the carat of the diamond/s in the ring, the cut of diamond, the clarity of the diamond and the type of wedding band (platinum vs. gold).
Buying an engagement ring—and subsequently insuring them with a stand alone insurance policy from Zillion—can save you time and money. Check out our tips for how to shop for an engagement ring online. Obviously, engagement rings are not free (unless you’re lucky enough to have a family heirloom!), and aside from their monetary cost, they’re worth more than just their financial value.
2. Jewelry is Easily Lost
Let’s face it: even the most responsible people can lose things. Even if you think you couldn’t possibly forget about or lose something as valuable and precious as your wedding band and engagement ring, accidents happen all the time. Rings are small and easily misplaced—even by the most responsible and conscious people. Why not protect your items with insurance for your engagement ring?
Jewelry insurance policies from Zillion will cover your engagement and wedding rings purchased through our trusted partners should you ever lose them. Losing your engagement ring can be bad enough, but what if you lost it and had no way to cover the cost of buying a replacement engagement ring? Talk about adding insult to injury!
3. Jewelry is Delicate
Diamonds are forever… until they’re not. Diamonds are one of the hardest substances on Earth, but that doesn’t mean they are impervious to damage. The diamonds in your engagement ring can get chipped or otherwise broken; they can come loose from the ring setting, prongs holding the diamonds in can get bent, etc. Even when you invest a lot of money in your wedding and engagement rings, damage still happens.
We see cases all the time of people forgetting to remove their engagement rings before doing work around the house or yard, only to discover later that their diamonds are chipped or otherwise damaged. Thankfully these folks covered their rings with a great wedding ring insurance plan that allowed their diamonds to be completely repaired or replaced!
4. Jewelry Isn’t Fully Covered Any Other Way
When purchasing your diamond engagement rings or wedding rings, you might be thinking that you can simply rely on your renters insurance plan to cover the cost of your rings if disaster strikes… but that’s not always the case.
Renters insurance policies will only sometimes cover your ring—and in some loss cases, like theft, only up to $1,500. Remember that $5,000 engagement ring average cost? A homeowners insurance policy won’t always cover the cost of replacing your engagement and wedding rings in the event of a disaster—and it will only cover that portion of the cost in some circumstances (like theft). Check out our comprehensive guide on what homeowners insurance will and won’t cover in terms of jewelry, and why it’s so important to have a stand alone jewelry insurance policy to cover your engagement rings and other valuable pieces of jewelry.
The good news is that wedding ring insurance doesn’t HAVE to be expensive. At Zillion, we offer comprehensive jewelry insurance plans at competitive rates. This ensures you get the maximum coverage needed without making a huge impact on your budget. Our better coverage, better rates, and better claims process allows you to enjoy your jewelry, stress-free, and wear it with confidence.
Customers who purchase their engagement rings through our trusted partners have the option of adding on a Zillion jewelry insurance policy. That insurance policy means their engagement rings are fully protected, no matter the circumstances, no matter how far they roam. When you file a claim on a lost engagement ring or wedding band, we’ll work with your preferred jeweler to get your repair or replacement going in under 24 hours.
So when you’re shopping around for that perfect engagement ring, remember us at Zillion.