How to File a Jewelry Insurance Claim
Filing a claim with your specialized jewelry insurance company typically involves submitting a form online, providing claim documentation such as photos or a police report if applicable, and then working with the insurance provider to get your piece of jewelry repaired or replaced.
Overall, the jewelry insurance claim process is pretty simple, but if you’re considering purchasing jewelry coverage, knowing exactly how to file a jewelry insurance claim is crucial to getting the full value from your insurance policy.
Keep reading our step-by-step guide for what you need to know, including expert tips from BriteCo’s Director of Claims and Customer Success Christine Belling. Here’s what you’ll uncover:
- What to expect during the claims process
- How the claims process with jewelry insurance companies differs from the claims process with your homeowners or renters insurance
- When your jewelry insurance policy will allow you to submit a claim
- If the estimated jewelry insurance cost is going to be worth it for you
What You Will Learn
3 Steps for Filing a Jewelry Insurance Claim
First, you’ll want to determine, does your insurance cover the claim you want to make, followed by submitting all relevant documentation, and then working with your insurance company to get the cost of repair or replacement covered.
Step 1: Check the Terms of Your Insurance Coverage
A typical jewelry policy will cover claims related to lost jewelry, stolen jewelry, and accidentally damaged jewelry. But you’ll want to check your individual policy’s fine print to determine the specifics. BriteCo offers all of this comprehensive coverage worldwide, so you can enjoy peace of mind no matter where you and your jewelry go.
However, jewelry insurance typically will not allow you to make a claim on your policy for costs related to preventive maintenance, jewelry service plans, or normal wear and tear. It is also unlikely to accept a claim related to a manufacturer’s defect already covered by jewelry warranties.
Step 2: Submit Your Claim
If you have jewelry, watch, or engagement ring insurance through BriteCo, you’ll submit your covered claim via our convenient online portal. The process typically takes less than five minutes.
Then, BriteCo’s claims team will contact you within four hours of filing. We’ll gather more details regarding your claim and provide you with support throughout the claims process, including the last step.
“BriteCo likes to communicate right away, not because we have to, but because we want to,” says Belling. “We know how it feels to lose something that means a lot to you. And most of the time, when people file a claim, it’s the first time they’ve ever done it, so we want to walk them through the process.”
Step 3: Get Your Jewelry Repaired or Replaced
The final step is working with your original jeweler or another of your choosing in your preferred network to have your piece either repaired or replaced. If finding your own jeweler is not feasible, BriteCo can manage that part of the process. “Our customers have the freedom to pick their own jeweler if they want to and have a relationship established; we will work with a person they trust,” says Belling. “But we also have BriteCo assist, offering a vendor we trust if needed. With this program, we have a lot of control over the quality of the repair.”
For jewelry repair, BriteCo will cover the full cost of services. As part of our replacement cost coverage, BriteCo will also secure an exact match for any piece that was lost or stolen. If an exact match is unavailable, you can purchase a new piece worth the equivalent of your jewelry’s appraised value. This is why getting your jewelry appraised is an important part of the jewelry insurance process and also why your appraisal should be updated regularly to reflect market and value changes.
Making a Claim on Your Jewelry Policy Differs from Making a Claim on Your Homeowners or Renters Insurance
Making a jewelry insurance claim is vastly different from making a homeowners or renters insurance claim. Jewelry insurance through BriteCo does not require a deductible, there’s no stingy coverage limit, and your premium won’t increase after you make a claim.
Yes, while you can make a jewelry-related claim on your homeowners or renters policy, your policy is unlikely to give you the full replacement value for your piece, even if you have scheduled personal property coverage. Additionally, these policies have limited coverage, often only paying out for lost, stolen, or damaged jewelry related to a covered event, such as a house fire. It’s also important to note that not all natural disasters are considered covered events! Furthermore, beyond the need to pay an initial deductible, your future home insurance premiums may also go up due to any filed claims.
“If your jewelry coverage is part of your homeowners policy, it will affect everything,” says Belling. “You won’t be able to switch companies and get a good price, because they will ask if you have had a personal property claim in the last five years, and you will have to disclose that.”
However, having dedicated coverage for your valuable jewelry can eliminate these headaches and hassles.
How Much Will Jewelry Insurance Cost?
The cost of insuring jewelry is based on the value of your jewelry, with most insurance companies charging 1–5% of your jewelry’s appraised value per year. So, if you paid $10,000 for an engagement ring, you’ll pay between $100 and $500 for your policy annually. BriteCo further provides a discount for annual policies paid in full, rather than monthly.
Is Jewelry Insurance Worth It?
When you think about the fact that you could be paying less than $10 per month for full coverage that will protect you from jewelry loss, theft, and damage, with no out-of-pocket costs, it’s easy to see that jewelry insurance is a smart investment.
Even if you’re not particularly worried about theft or house fires, just imagine all the other instances wherein you might need to file jewelry insurance claims:
- You leave your luxury watch in a hotel room, and it’s gone when you come back
- Your engagement ring goes missing from your gym locker
- A precious family heirloom breaks when snagging on your sweater
There are so many little activities throughout our daily lives that put some of our most prized and sentimental possessions at risk.
“I think the biggest thing most people don’t realize is just how comprehensive jewelry insurance coverage is,” says Belling. “It covers mysterious disappearance, or if you knock your jewelry on something, and a diamond is loose, that’s covered, even if you’re missing a small diamond in your ring. Just about everything is covered.”
Belling also offers a final tip: look at your whole jewelry collection to determine what you should protect with insurance. “I think many people only insure their brand-new jewelry because everything is current. They just bought it. Maybe a jewelry store recommended it,” she says. “But I think it’s a good idea for people to look at all those family heirlooms and have them evaluated and appraised. Even though you can never get that sentiment back, there’s still a lot of value.”
Jewelry Insurance FAQs
How Does Jewelry Insurance Work?
Jewelry insurance covers the cost of repairs and/or replacements if your jewelry is lost, stolen, or accidentally damaged. Getting your jewelry insured includes shopping for quotes and finding the right coverage. From there, you can enjoy peace of mind until you need to make a claim. At that point, you can submit claim documentation online, and a representative will work with you to get your jewelry replaced or repaired at no cost.
How Is Jewelry Insurance Better Than Home Insurance?
Your home or renters insurance provides blanket coverage for your home and belongings. However, these policies pay very little for stolen or damaged jewelry and may not cover some concerns, such as misplaced jewelry. On the other hand, specialized jewelry insurance will pay the full value of repairing or replacing your piece.
Who Sells Jewelry Insurance?
A handful of companies sell jewelry insurance online, including BriteCo, Jewelers Mutual, and Chubb.
How Can I Keep My Jewelry Safe Without Insurance?
You can take precautions to keep your jewelry safe by storing it properly, like in a safe deposit box, avoiding wearing valuable jewelry during activities that may damage it, and practicing proper jewelry cleaning methods. However, the best way to keep your jewelry safe is through a comprehensive, jewelry-specific insurance policy that includes damage, loss, and theft coverage.
Does Filing a Jewelry Insurance Claim Cause Your Price to Go Up?
Some jewelry insurance companies may raise your premium if you file a claim, but BriteCo does not. We always base costs on the actual appraised value of your pieces.
Get Your Jewelry Insured Today with BriteCo!
If the easy claims process and robust coverage has you on board for securing jewelry insurance, getting covered is quick and easy. You’ll just need to gather quotes from various insurance companies, appraise your jewelry, and then pick the policy that best fits your needs and budget.
For many, the best jewelry insurance is the comprehensive coverage offered by BriteCo. Want to learn more? Get your free and quick BriteCo jewelry insurance quote today.
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The Easy Way to Insure Your Jewelry - and Save Money!
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