A Better Way to Insure Your Jewelry
Helpful Tips to Protect Your Precious Jewelry
Insuring jewelry used to be a hassle.
That’s because if you wanted jewelry insurance, you had to add coverage under your homeowner’s insurance. That required a separate schedule from your insurance company if the value of the piece was over $1,000 or $2,000.
Then you had to decide how much of a deductible you wanted to apply to your policy add-on rider to save money on the cost of the premium.
Unless your jeweler was able to give you an appraisal when you purchased it, you also had to wait to get the piece appraised and then deliver it to the insurance company. Only then could you get a confirmed price for your insurance coverage. The process could take days or even longer.
But you’re not done yet.
Most insurance companies require you to get your jewelry items reappraised every few years to keep up with current values. Should you have to make a claim, they may also make you get a replacement diamond from the insurance company’s “preferred network” of suppliers rather than your local jeweler, often creating a poor experience.
Bottom Line: Adding jewelry through a homeowners policy is a cumbersome and broken process. Specialized jewelry insurance is a much needed and underutilized method of improving the experience and decreasing your cost.
Tips to get better jewelry insurance at a better price
To avoid adding jewelry insurance to your homeowners policy, ask your local jeweler or an insurance broker to give you a recommendation for a specialized jewelry insurance company.
These are insurance companies that specialize in, and only insure jewelry items. There are a few specialized jewelry insurers to choose and some can give you an initial insurance policy quote online.
Do’s and Don’ts for getting your jewelry insured
Do get an appraisal or a detailed sales receipt when purchasing fine jewelry or watches.
Don’t assume you are covered with a homeowners insurance or renters’ policy. These policies typically cap coverage for any piece of jewelry at $1,000 or $2,000, and even then are subject to substantial deductibles of $500 or more.
Losing a $6,000 engagement ring means you would have to pay up to $4,000 out of your own pocket to replace it.
Do choose a specialized policy from an insurance company that specializes in jewelry insurance. They cover the real risks from loss, theft, damage and “mysterious disappearance,” providing an equivalent replacement for a lost or stolen item should you make a claim. Most will also work with your local jeweler to make sure you get the quality replacement you deserve.
Don’t put off getting jewelry insurance because you think it’s too expensive. BriteCo insures jewelry for .5% to 1.5% of an item’s appraised value. You can insure a $6,000 engagement ring for as low as $5 a month.
Do make sure your jewelry policy has worldwide coverage for loss, theft, damage, and what is known as “mysterious disappearance.” BriteCo provides replacement coverage up to 125% of your jewelry item’s appraised value.
Don’t mistake a jewelry warranty for an insurance policy. Warranties typically only cover defects in the quality and workmanship of an item. A warranty doesn’t cover the most common mishaps, including loss, theft, damage, and mysterious disappearance. Some warranties could also be voided if you fail to get your jewelry piece cleaned and checked periodically.
Do get a policy with no deductibles to avoid any out-of-pocket costs. Make sure you can replace your jewelry item through the local jeweler of your choice should you have to make a claim.
Don’t think jewelry insurance is too hard to get.A Briteco survey found that more than 40% of people did not get insurance for their engagement ring because they thought it was too expensive or didn’t know how to get it. You can get affordable jewelry insurance coverage entirely online in only a few minutes with BriteCo.
A Better Way the BriteCo Way
BriteCo gives you full replacement coverage for lost, stolen or damaged jewelry items up to 125% of their appraised value. There’s no deductibles and no need to reappraise since we update values each year to make sure your coverage is up to date.
With policies starting as low as $5 a month for a $5,000 engagement ring there’s no reason you can’t get easier, more affordable jewelry insurance.
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No excuses. No regrets. Get a no-obligation quote for insuring your fine jewelry with BriteCo and see how easy and affordable great coverage can be.