Is Jewelry Insurance Expensive?

jewelry insurance expensive

If you’re in the market for 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’re likely 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 researching, you might 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 why jewelry insurance policies might seem expensive, 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. Many aspects contribute to the cost of wedding jewelry: the carat of the diamond, the diamond’s cut and clarity, and the type of band.

Buying an engagement ring—and subsequently insuring it with 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’ll never lose something as precious as your 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?

A jewelry insurance policy from Zillion will cover your engagement and wedding rings should you ever lose them. Losing your engagement ring can be bad enough, but what if you lost it and could not afford a replacement? Talk about adding insult to injury! With this in mind, jewelry insurance is far less expensive than the cost of a replacement engagement ring.

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 jewelry insurance doesn’t HAVE to be expensive. At Zillion, we offer comprehensive engagement ring insurance plans at competitive rates. Our affordable coverage gives you the maximum protection needed without making a huge impact on your budget. Our better coverage, better rates, and better claims process allows you to wear your jewelry with confidence.

Customers who purchase their engagement rings through our trusted partners have the option of adding on a Zillion jewelry insurance policy. This insurance policy fully protects their engagement ring, 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.


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.