Where To Insure Engagement Ring – Our guide to jewelery insurance looks at the policies of eight of the biggest companies. Learn what to look for to find the right coverage for you.
So you’ve taken the plunge and decided to buy that engagement ring? Did your boyfriend just propose to you? You experienced a big anniversary with your wife and decided to buy a beautiful piece of jewelry? Have you rewarded yourself with the watch you’ve always wanted? Congratulations! This is amazing and we are so happy for you.
Where To Insure Engagement Ring
If you’re shopping for an engagement ring or other jewelry, take the time to research your insurance options.
What’s The Best Way To Insure My Engagement And Wedding Rings?
In most cases, insuring your jewelry pays off. For many of us, jewelry is a significant purchase, sometimes the biggest (or second biggest) purchase of our lives. May I ask how much you spent on that engagement ring, earrings or watch? Can you replace the item completely out of pocket? Generally, the answer is “yes, I can replace the jewelry” – but it will be very expensive and painful.
What if we told you that you could insure that piece of jewelry for just a small percentage of the value? Well, you can. For example, specialist companies such as BriteCo Jewelery Insurance can offer you impressive diamond ring insurance coverage of 0.5%-1.5% of the total value of your item per year.
To make your life easier, we’ve put together the ultimate guide to the best jewelry insurance companies. Consider it your one-stop shop for all things jewelry insurance. We’ve scoured the entire market and picked eight of the best jewelry insurance companies that will cover your jewelry if it’s lost or damaged.
Before signing up with any company, it’s important to know your options and how jewelry insurance works. The two main types of jewelry insurance policies are:
Diamond Ring Insurance
A specialist jewelery insurance policy is designed specifically for jewelery insurance. If you are looking for the best jewelry insurance coverage, a specialty insurance policy is the right choice. Because this is very specific coverage that is tailored to a piece of jewelry or a watch, you’ll get more coverage that you might not get with a homeowner driver. Plus, it’s often a smarter money-saving option.
Many homeowners do not have “mystery disappearance” coverage. You definitely want this important coverage, as most losses fall into this category. Imagine if your ring just disappeared from your gym. Was it stolen or lost? You’re not quite sure. You don’t even know when exactly it happened. You want coverage for this. Specialist jewelery insurance policies cover this better.
Before choosing an insurance policy, you should consider the limits of cover value and loss cover (not just net loss). You should also learn how your claims affect your insurance credit score.
You have an insurance credit score, separate from other personal credit scores, such as your FICO score. This is very important – and no one talks about it. When you file a claim, some insurance companies actually report your claim to a reporting agency. As a result, your rates will increase. A reported claim can stay on your insurance credit report for 5-7 years.
Here’s What You Need To Know About Jewelry Insurance In New York City
Like any credit score, you need to keep it as high as possible. If you have a jewelry loss, most homeowner’s insurance companies will report the loss, so your homeowner’s rate will increase. In the worst case scenario, your landlord can foreclose on you. Some specialty insurance companies will also report claims.
Most homeowner’s policies have some sort of inherent coverage for jewelry, as well as some other household items. However, problems could arise because the homeowner’s policy did not really include coverage for jewelry, watches, and rings. This usually leads to coverage gaps and incomplete coverage. If you’re buying jewelry insurance, make sure you’re fully covered. We’ve covered a few above, such as the “mysterious disappearance,” but there’s more to consider.
Let’s talk about franchises. Insurance companies introduce deductibles to lower your monthly or annual premium payments. In turn, when loss or damage occurs, you must cover a certain portion of the claim out of pocket. This can be a significant amount, especially if it is a percentage of the claim. Since the difference in paying premiums is usually minimal, we usually recommend choosing a plan with no deductible.
We do not recommend specialized jewelry policies in all cases. For example, if you have a $500,000 policy and other assets such as a boat, art, etc., we do not recommend purchasing a specialized jewelry policy. We recommend an umbrella carrier. However, in most cases we recommend a specialized jewelry insurance policy.
Wedding Ring Appraisal 101: Everything You Need To Know
If you’re ready to shop around for specialty jewelry insurance, you’re in luck. We’ve researched the best jewelry insurance companies so you can make an informed decision based on your situation.
When comparing the best jewelry insurance companies, we considered several factors, such as AM Best’s creditworthiness and company rating, how long they have been in business, the coverage they offer, known limitations, and any other competitive advantage the company may have. The second.
Founded in 2017 by a third-generation jeweler, BriteCo is our top pick for the best overall value. BriteCo quickly became known in the industry as the first technology insurance company to specialize exclusively in fine jewelry and watch insurance.
Because BriteCo is an online-only insurer, it doesn’t have a local office or hundreds of affiliated agents like a traditional carrier. While this may sound strange, BriteCo’s innovative approach makes it easy to buy jewelry insurance.
Engagement Ring Insurance Guide
Getting a quote is as simple as clicking a link and entering some information about the type of jewelry you want to insure, as well as your location. With your smartphone, it takes less than a minute to get an instant free quote for AM Best A+ rated coverage and less than 5 minutes to purchase a policy. Their online interface is first class and there are no programs to download. You can easily access policy services through the company’s website (including filing a claim).
Trusted by thousands of jewelers across the United States, BritCo has the best overall coverage of the companies we’ve reviewed. Surprisingly, they are also some of the most affordable. For example, BriteCo’s average interest rates are typically lower than their competitors’ rates, and they also offer monthly premium options starting at $5 per month. In fact, BriteCo has revolutionized the way fine jewelry and watches are insured, with rates of 0.5-1.5% of the piece’s value compared to the industry standard of 1-3%.
BriteCo insurance is more like a Netflix subscription than a stifling insurance policy. However, their exchange-only policies are the best options available, as they have no deductibles and cover up to 125% of the appraised value of your jewelry at no extra cost.
Jewelers Mutual was founded in 1913 by a group of Wisconsin jewelers who wanted to address the insurance needs of jeweler owners. For more than 100 years, Jewelers Mutual has positioned itself as the only company to insure the jewelry industry, with Jeweler’s Block coverage (jewellery insurance) the largest part of their overall portfolio. Today, they offer the best direct coverage for individual policyholders, especially for those with unique and highly customized pieces such as custom Rolexes.
Benefits Of Jewelry Insurance And Where You Should Buy It
Like BriteCo, Jewelers Mutual only offers replacement policies, but these policies do not cover more than 100% of the appraised value of your jewelry. However, they cover the same major risks.
Jewelers Mutual takes the top spot on our list because their customers can choose whether or not they have a franchise. While some customers insist on no-out-of-pocket coverage, others prefer to set a deductible to lower their annual premium, especially when insuring high-risk items. (Again, we usually recommend choosing policies with no deductible).
Lavalier, a relative newcomer to jewelry insurance, allows its customers to purchase “unscheduled” coverage. Basically, this means that you can insure jewelry of low value. This is great for people who have heirloom or vintage jewelry with more sentimental value than real, especially if it’s deteriorating. With Lavalier, you can buy unscheduled coverage with a contract value of less than $1,000 without an estimate. For traditional jewelry items or vintage pieces in excellent condition, Lavalier offers scheduled jewelry insurance policies limited to $50,000 per item.
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We also like Lavalier’s online interface. Getting a quote is a simple process that only requires a few pieces of information such as your zip code and the estimated value of your jewelry.
Everything You Need To Know About Engagement Ring Insurance
If you want to insure your watch, you should consider a different insurer. Lavalier does not advertise men’s or women’s watch insurance, but may offer it on a case-by-case basis.
Another relatively young insurance company, Zillion, offers jewelry and watch insurance at prices that are competitive with others on this list. While most insurers sell insurance directly – meaning you, the consumer, can buy at an open market price – Zillion is now an indirect insurer. This means that they control who receives the insurance quote, how and when it is received.
Zillion partners with select jewelers across the United States to offer competitive insurance rates specifically to our partner store customers.
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