Reddit User Winnie1982 Asked: “Is the Cost of Jewelry Insurance Negotiable?”

October 25th, 2021

Do you have questions about how much jewelry insurance costs or how to obtain coverage for your wedding ring, luxury watch, or high-end jewelry? You’re not alone. On August 1, 2021, Dustin Lemick, founder of BriteCo™, asked users to send him any questions about jewelry insurance on Reddit.

In his Ask Me Anything (AMA) thread, Dustin answers questions about the cost of jewelry insurance, whether or not you can obtain coverage at any time, and if there is such a thing as an uninsurable item.

open pin code jewelry safe containing cash and necklace

Is the Cost of Jewelry Insurance Negotiable?

Winnie1982 asked this question about engagement ring insurance on Reddit. She loved the peace of mind ring insurance provided, but not the cost of her current policy. She wanted to know if the cost of jewelry insurance is negotiable.

Dustin replied that while not technically negotiable, due to complexities with state insurance pricing regulations, providers like BriteCo™ do offer discounts on premiums. These apply when certain security factors are met, such as having an alarm or safe.

Is it Possible to Get Insurance at Any Time?

User Teenaaaax asked if they could get insurance on their five-year-old ring. Dustin let the user know that you can pick up coverage for your rings at any time. Just be ready to provide appraisal documentation during the process.

Is There Such a Thing as “Too Rare to Insure?”

Reddit User /JessieAnonymous wanted to insure a one-of-a-kind piece but was unsure if it was possible. Dustin let her know that in this type of case, BriteCo™  offers “agreed value” policies, which gives you cash value if the piece is lost or damaged. They also offer policies with replacement terms, which would allow you to work with a jeweler to replace the piece with a similar item.

Engagement ring with round diamond center stone

What Pitfalls Should I Avoid When Getting Jewelry Insurance?

Bleuubayou wanted to know what mistakes to avoid when obtaining jewelry insurance.

Dustin replied that you should avoid insurance costing more than .5% to 1.5% of the appraised value. He also said that the best engagement ring insurance for Reddit users includes coverage for mysterious disappearance and damage.

Is your engagement ring insured

Why Choose Jewelry Insurance Over Homeowners Insurance?

Jessie Anonymous asked, “is jewelry insurance worth it?” on Reddit, inquiring why someone should get jewelry insurance rather than trust their homeowner’s insurance to cover the pieces.

Dustin let her know that with some homeowners insurance, filing a claim on jewelry can result in a hit to your insurance credit and a price increase on your premium. Because jewelry insurance is separate from homeowners insurance, it does not affect the rates.

Visit BriteCo™ to Find the Right Coverage for Your Jewelry

BriteCo™ offers a quick, convenient free quote for your wedding or engagement ring insurance so that you can get almost immediate coverage. Visit our home page and click “Check Your Price” to start the process. You can explore policy and payment options and send in your pricing documentation so you get peace of mind knowing that your important pieces are covered.

Also Check:

How Do You Finance An Engagement Ring
What is the Average Moissanite Engagement Ring Cost?
How Much Does a Ring Appraisal Cost?

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Dustin Lemick, Founder & CEO BriteCo

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.