The Ring Insurance Blue Nile Rings Need
Whether you’re shopping for an engagement ring, wedding ring, gift, or any other piece of jewelry, you’ve likely come across Blue Nile when buying jewelry online. The long-standing brand (founded in 1999) offers many styles, great value, a diamond price-match guarantee, and even a 30-day return policy.
However, one thing you can’t get from Blue Nile when buying that new ring? Blue Nile ring insurance.
Here’s everything you need to know about jewelry insurance, including how to get it and what it covers.
What You Will Learn
Is Blue Nile Jewelry Insurance Necessary?
After purchasing a new piece of jewelry, you may not think twice about how you will protect it — or maybe you have, but your thoughts have only gone so far as a jewelry safe. However, you need more than just a safe to protect your jewelry from theft, damage, and loss. You need comprehensive coverage that will ensure guaranteed repair or replacement when you need it most.
Why You Need Jewelry Insurance
Think about it. You just made the Blue Nile purchase of a lifetime. Maybe it’s an engagement ring so you can finally pop the question and ask the love of your life to marry you. Perhaps it’s a set of wedding rings as you and your sweetheart plan your big day. Maybe it’s a gift for someone who’s supported you your entire life, and you just want to say “thank you” with a sentimental, memorable token of your affection.
Whatever the case, you now have a very valuable piece of jewelry that is also very vulnerable.
- What if your home or car is broken into and the jewelry is stolen?
- What if you’re showing it off to a friend and accidentally drop the jewelry, and it’s damaged or even lost?
- What if today’s the day your bathroom floods and the ring is washed off your vanity?
- What if your recipient is wearing the jewelry, they stumble, and the jewelry smashes against the ground, resulting in loose stones and band scratches?
Anything can happen — and when it does, you want to have ample peace of mind and know that your insurance policy will help you repair or replace that jewelry.
Jewelry Insurance Options
If you’ve decided that you probably need Blue Nile wedding ring insurance or engagement ring insurance, you may be wondering, what are your options? There are a few, with some better than others.
Homeowners Insurance or Renters Insurance
You could rely on your homeowners or renters insurance for jewelry coverage. For some, this option is perfectly fine, particularly if you’ve only purchased jewelry that’s more affordable and if you only keep one or two valuable pieces at one address.
But, homeowners and renters insurance policies typically feature a very low limit of liability for jewelry, meaning that if you file a jewelry claim, the insurance company will only pay a small amount for that claim — often around $1,500. Unfortunately, this is not a large enough payout to cover replacing most Blue Nile engagement rings.
Additionally, some homeowners and renters insurance policies will only accept jewelry-related claims under certain circumstances. For example, they may process your claim if your jewelry was proven stolen, but they might not if your jewelry was damaged or lost under circumstances of a mysterious disappearance.
A Standalone Jewelry Insurance Policy
Another option is a standalone jewelry insurance policy. You can purchase this coverage from providers that specialize in jewelry insurance, such as BriteCo or Jewelers Mutual Insurance. These policies are your best bet to insure diamond pieces and other jewelry for several reasons.
Here are a few of the benefits that BriteCo offers over a traditional homeowners or renters insurance policy:
- More comprehensive coverage provides payouts for various issues, including worldwide loss, theft, mysterious disappearance, and damage.
- Larger payouts overall, so you can actually afford to repair or replace your jewelry if it’s lost or damaged without dipping into your pocket.
- Zero deductibles and no higher premiums if you make a claim!
- Low annual fees, estimated at 1–2% of your jewelry’s overall value.
Specialized jewelry insurance has so many perks for such a small price that going this route versus relying on your homeowners or renters insurance is a no-brainer.
How to Get Specialty Jewelry Insurance
Getting specialty jewelry insurance is easy, particularly when you purchase your coverage through BriteCo.
First, get your quote. You’ll need to provide some basic information regarding the value of the Blue Nile pieces or other jewelry you wish to insure (and, yes, we’ll need more than just a sales receipt — but BriteCo can help you get an appraisal, too, if you need one).
Once we have the necessary information, we’ll provide a quote and payment options. You can choose to pay for your policy monthly or with a one-time annual fee, which comes at a discount.
After you’ve purchased your policy, you can make a claim online at any time. Your claim will be processed as quickly as possible so you can move forward with getting your jewelry replaced or repaired without extra costs.
Blue Nile Jewelry Insurance FAQs
How Much Does Jewelry Insurance Cost?
Typically, jewelry insurance costs about 1–2% of the value of your jewelry per year. That means that if you have a piece worth $6,000, you’ll pay about $60 annually to insure it.
Is There Anything Jewelry Insurance Will Not Cover?
Jewelry insurance will cover quite a bit, but one thing that it won’t cover is purposeful damage (e.g. if you were mad at your fiancé and angrily damaged your engagement ring on purpose).
How Much Will My Homeowners Policy Give Me for Stolen Jewelry?
Unfortunately, most homeowners and renters policies will not give you the full value of your stolen jewelry. Instead, most of these policies have a maximum payout limit, maximum payout limit, often around a few thousand dollars — anything over that you’ll have to spend to repair or replace the item.
How Can You Get a Ring Appraised?
You can find appraisal services offered at many jewelers, but BriteCo also provides appraisal services.
How Much Does a Jewelry Appraisal Cost?
If you want to get a jewelry appraisal before buying ring insurance, you can expect to pay about $100 per item you’d like appraised.
Ready to Protect Your Precious Pieces?
Learn more about BriteCo’s comprehensive coverage and protect your engagement ring, wedding bands, luxury watches, fine jewelry, and more from theft, damage, and loss.
Still have questions? We have answers. Check out the BriteCo blog for more in-depth insights about not only insuring your jewelry but also caring for and protecting your favorite pieces so they look beautiful and like new for the long-haul.
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