Valentine’s Day, Love, and Ring Insurance

February 14th, 2022

Valentine’s Day gives couples a special occasion to celebrate the love and affection they have for each other. In 2020, Valentine’s Day ranked as the most popular day of the year for engagements, with many couples popping the question on February 14th with a stunning diamond engagement ring.

Giving your partner the ring of their dreams is the ultimate romantic gesture, but to show them the true depth of your devotion, consider full coverage jewelry insurance for the new piece. Explore how love and ring insurance go hand-in-hand to create the perfect gift for your special someone this Valentine’s Day.

The Cost of Engagement Rings

Buying your partner the perfect engagement ring for Valentine’s Day is a significant investment. According to a BriteCo consumer survey, 38% of respondents ranked purchasing an engagement ring as their biggest purchase outside of buying a home or vehicle in 2021. The survey also found that the median price of engagement rings was $3,250, with 61% of engagement ring buyers paying between $2,500 to over $10,000 for their pieces.

Many couples pay for their engagement and wedding rings upfront. 50% of buyers used cash, checks, or debit cards to make the purchase, while 38% used a credit card. Around 10% of buyers financed their engagement ring through the jewelry store, another 1% funded the purchase with a loan from the bank, and 1% obtained another type of financing for the purchase.

The high cost of a Valentine’s Day engagement ring indicates that protecting this high-dollar asset is in the best interest of you and your loved one’s financial security and peace of mind.

diamond ring in a box next to a bouquet of red roses on a wooden background

Romance Ring Insurance

Protecting your partner’s sentimental jewelry pieces and looking out for your financial future as a couple is one of the most loving gestures you can make.

Obtaining full coverage jewelry insurance for your Valentine’s engagement ring ensures your special someone never has to endure the loss of their ring without a replacement. It also keeps you from taking a financial loss in the case of loss, theft, damage, or disappearance of the ring.

The BriteCo survey reports that of the couples asked, 41% misplaced their jewelry, and another 69% reported losing or breaking a piece of jewelry during ownership. These numbers highlight the need for some form of protection for such a high-priced piece of jewelry.

Over half of respondents who purchased jewelry insurance, an overwhelming 59%, made a claim for lost or damaged rings within the past decade. Without insurance, these couples would have paid out of pocket for a new ring to replace their lost or damaged one. They would also suffer the emotional loss of such an important, sentimental jewelry piece that represents their story together.

Obtaining coverage for your partner’s engagement ring or high-dollar Valentine’s jewelry gift is another way to show you care. It takes the pressure off your partner if the ring is misplaced or lost and prevents either of you from the financial consequences that losing such a piece can incur.

woman on couch with heart balloons smiling as man proposes

Homeowner’s Insurance vs. Jewelry Insurance

When obtaining insurance for a Valentine’s Day engagement ring, many couples assume their homeowner’s insurance offers full coverage. If you have a standard homeowner’s policy to insure your ring, you may find out too late that your coverage isn’t as thorough as you thought.

Homeowner’s insurance

According to the Insurance Information Institute, most homeowners’ policies cover the loss of jewelry damaged by perils, like fire, water, lightning, or explosion. Your ring may also be covered in instances of vandalism or theft.

However, unless you raise the limit of liability on your homeowners’ insurance, your policy likely only covers up to $1,500 in jewelry claims. If you are one of the 61% of engagement ring buyers who spent over $2,500 on their ring, your policy won’t cover the replacement cost of your ring.

Additionally, many homeowner’s insurance policies do not cover your ring if it is lost or misplaced. If you or your partner can’t find the ring, or it goes down the drain, and you can’t retrieve it, your homeowners’ insurance won’t cover it unless you’ve added a situation-specific floater policy and had the ring professionally appraised.

Jewelry insurance

Jewelry insurance is specifically designed to cover your one-of-a-kind, high-dollar engagement ring. With a jewelry insurance company, you can obtain full coverage for your engagement ring, wedding ring, and other valuable Valentine’s Day gift items like custom jewelry or luxury watches.

With BriteCo jewelry insurance, your ring is insured no matter the circumstances. Our policies cover your ring in the event of:

  • Loss
  • Theft
  • Damage
  • Mysterious disappearance

Our policies offer worldwide coverage and feature zero deductibles before filing a claim. Unlike homeowner’s insurance, we offer 125% coverage on appraisal value, ensuring that your pieces are fully covered if the worst happens.

Rather than going through a difficult appraisal process and the time-consuming task of adding special riders and coverage options to a homeowners policy, you can obtain coverage with BriteCo in less than 2 minutes.

We know that Valentine’s day is about you and your partner. BriteCo enables you to obtain coverage quickly so that you can get back to planning the perfect Valentine’s Day proposal, knowing that your engagement ring is protected no matter the circumstances.

Is your engagement ring insured

Surprise Your Special Someone This Valentine’s Day

If you plan to give your partner a priceless piece of jewelry this Valentine’s Day, protect their gift with full coverage ring insurance from BriteCo. Our founder and CEO, Dustin Lemick, is a third-generation retail jeweler. He is moving jewelry insurance into the digital era with convenient, reliable coverage through an easy-to-use online platform.

With BriteCo, you can obtain a quote in minutes and get affordable coverage for your special someone’s most prized piece. BriteCo is ranked as the #1 Jewelry Insurance by the International Gem Society.

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About the Author

Dustin Lemick is the Founder and CEO of BriteCo and a third-generation jeweler with over thirteen years of retail jewelry experience. He holds a Graduate Gemologist degree from the Gemological Institute of America (GIA) and has in-depth knowledge and expertise in appraisal systems, diamond and gemstone markets, retail pricing models, insurance replacement models, and jewelry quotation pricing systems.
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BriteCo Inc. is a licensed insurance agency in all fifty states and the District of Columbia.
Please see the Licenses section of this website for more information. All insurance policies underwritten and issued by Glencar Insurance Company and administered by BriteCo.