JCPenney Ring Insurance: What You Need to Know

Options for JCPenney Ring Insurance

JCPenney is a great option for affordable jewelry gifts, whether you’re shopping online or in one of the department stores across the country. However, even if you feel like you got a great deal on a diamond engagement ring, pair of earrings, watches, or any other jewelry item, don’t think that you don’t need JCPenney jewelry insurance.

Jewelry insurance isn’t just for fine jewelry or pieces that cost tens of thousands of dollars. JCPenney ring insurance can cover any quality jewelry, even those that only cost a few thousand dollars that you snagged for a steal.

Here’s what you need to know about how it works and how to get insured.

Why You Need Jewelry Insurance

Here’s the thing. The ring insurance JCPenney offers isn’t really insurance at all. When you purchase your jewelry from the chain, you’ll likely be offered the store’s jewelry protection plan. While this plan provides many benefits, it’s not a comprehensive insurance policy.

Here are a few of the situations that the JCPenney jewelry protection plan covers:

• Rhodium re-plating, cleaning, and polishing
• Broken, worn, or bent prongs
• Stretched or broken pearl strands
• Cracked or thinning ring bands
• Knotted chains and broken clasps
• Broken earring posts or backs
• Cracked, chipped, or scratched gemstones and diamonds
• Lost gemstones, but only due to setting defects
• Ring resizing and cleaning

This lifetime protection plan will cost around $25 if the jewelry’s initial price was $50 or less, and up to $900 if the initial price was $30,000–$40,000.

Yet while the protection plan can help in the event of basic damage caused by daily wear and tear, it won’t do anything to help you in the event of mysterious loss, theft, natural disaster, or loss of stones due to issues other than a setting defect.

For coverage in these instances, you need jewelry insurance.

Insurance Options for Your JCPenney Jewelry

For additional coverage and benefits that the JCPenney protection plan doesn’t cover, you have a few options.

Homeowners and Renters Insurance

If you have a homeowners or renters insurance policy, you already have some existing coverage for your jewelry. However, it’s important to note that most homeowners and renters insurance policies restrict the amount of money they will give you if your jewelry is stolen or lost in a catastrophic event — and these limits are applied explicitly to the jewelry-related claims process). On average, most policies will only pay around $1,500 for a jewelry-related claim.

In some instances, this may be fine. JCPenney offers many jewelry options for less than $1,500, so if your jewelry was stolen and is worth less than this amount, your policy may give you enough money to purchase a replacement without dipping into your savings.

However, JCPenney also sells jewelry for more than $1,500. So, if your piece has a higher value, you will need to pay any additional replacement or repair costs over $1,500 yourself.

Specialty Jewelry Insurance

Then, there’s specialty jewelry insurance. This is the most comprehensive coverage option, ensuring your jewelry is protected against a wide array of risks.

Specialty jewelry insurance can help you make needed repairs to your jewelry or replace it when:

With specialty jewelry insurance from a provider like BriteCo, all of the above is covered. If needed, you can file a claim online, and then your jewelry insurance plan will either cover the full cost of necessary repairs or replace your jewelry with an item of equal value.

Plus, jewelry insurance is actually more affordable than JCPenney’s protection plan (and covers the same basic offerings). Remember how we noted that you can expect to pay $900 for a protection plan to cover a $30,000 piece of JCPenney jewelry? With most specialty jewelry insurance like BriteCo’s options, the annual cost of coverage is just 1–2% of your jewelry’s value, meaning you’d only pay $300 per year to cover a $30,000 piece of jewelry.

JCPenney Jewelry Insurance FAQs

Does JCPenney Offer Jewelry Insurance?

JCPenney is currently unable to provide jewelry insurance coverage directly to shoppers. Instead, the brand offers a protection plan with limited coverage for minimal jewelry repairs. For full coverage that protects your jewelry from loss, theft, and more, you’ll need to purchase a specialty jewelry insurance policy.

Why Would You Buy Jewelry from JCPenney?

JCPenney’s website and storefronts provide a shopping experience that is accessible to the average shopper and has great prices. You can buy some jewelry from JCPenney for less than $100! However, there’s more expensive jewelry if you’re shopping for something special, like an engagement ring.

Is Insuring Jewelry a Good Idea?

Yes! There are so many things that could pose a threat to your precious pieces. Accidents happen, and jewelry that’s worn regularly can be irreparably damaged. Theft could occur both at home and while traveling. Natural disasters could also mean you lose many belongings in your home, including jewelry. Jewelry insurance ensures that repairing or replacing your jewelry is one less thing to worry about when the worst happens.

What Will Jewelry Insurance Not Cover?

If you’re intentionally putting your jewelry in harm’s way, your insurance will not cover claims where it’s deemed that damage was done on purpose.

How Much Will Jewelry Insurance Cost?

Typically, jewelry insurance costs about 1–2% of your jewelry’s worth. That means if you have a piece of jewelry worth $5,000, you’ll pay $50 per year for coverage.

How to Buy Specialty Jewelry Insurance from BriteCo

BriteCo offers specialty jewelry and ring insurance at an affordable price, and getting covered is quick and easy: Fill out a quote request form and have coverage by the end of the day. You’ll need to provide some information regarding the jewelry’s value, and then you’ll receive a quote and payment options. You can pay for your policy either monthly or with a one-time annual fee, which comes with a discount.

From there, if you ever need to make a claim, we’re here to help with an equally easy and fast process so you can replace or repair your jewelry as soon as possible.

Ready to get started? Get your quote now.

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