Why Homeowners Insurance Won’t Protect Your Engagement Ring

March 25th, 2022

When you get engaged to the love of your life, securing specialty insurance for your ring might be the last thing on your mind. Many people assume their homeowner’s policy provides sufficient coverage for their engagement ring.

However, homeowners insurance won’t protect your engagement ring in most circumstances. Switching to a specialty jewelry insurance provider like BriteCo can give you peace of mind and ensure your valuables are covered.

Limitations of Homeowners Insurance

Homeowner’s and renter’s insurance policies are severely limited in the coverage they provide for your high-value, custom, or sentimental jewelry pieces. The four main limitations are coverage caps, high deductibles, limited riders, and adverse claims impact.

  • Coverage caps
    If your homeowner’s insurance covers your jewelry, as in the case of theft, you’ll likely face a coverage cap that doesn’t come close to the replacement value of your engagement ring. Most policies only allow for around $1,500 for jewelry claims considered as personal items.
  • Limited riders
    One of the biggest problems with relying on homeowner’s insurance to cover your engagement ring is that your policy likely has limited riders. Homeowner’s insurance typically won’t cover jewelry that is lost, mysteriously disappears, or is damaged due to a natural disaster.
  • High deductibles
    To have your engagement ring replaced, you may have to pay a high deductible. Deductibles coupled with coverage caps mean you end up paying a substantial out-of-pocket cost to replace the item.
  • Adverse claims impact
    Making a jewelry claim on your homeowner’s insurance can negatively impact your insurance credit score and future coverage. It may increase your premiums or get you denied for future coverage due to poor claims history.

Suggested Read: What Is a Deductible in Insurance? | BriteCo Jewelry Insurance

Engagement ring in a red engagement case

Why Choose Specialty Jewelry Insurance?

With BriteCo’s specialty jewelry insurance coverage, you don’t have to worry about any lack of  coverage. At BriteCo, we offer:

  • Ability to add your partner or spouse to the policy at no extra charge
  • Ability to work with your own jeweler on a claim
  • Annual or monthly payment plan options
  • Automatic replacement value coverage updates
  • Coverage for 125% of the appraised value
  • Discounts for using protective devices
  • Full coverage for theft, loss, mysterious disappearance, and damage
  • Stand-alone coverage that doesn’t impact your homeowner’s policy
  • Zero deductibles
Diamond engagement ring

Get Robust Coverage for Your Engagement Ring

Protect your engagement ring and other high-end jewelry with specialty insurance coverage from BriteCo. To obtain a quote, simply visit our website and input basic information about your jewelry piece, including the type and appraised value. You’ll get a custom quote in 60 seconds telling you how much you’ll pay for a BriteCo policy. If you choose to proceed, you can get insurance coverage online in only a few minutes.  Fast, easy, affordable engagement ring insurance is only a click away.

To get started, click the “check your price” button and follow the prompts to get the coverage you need to fully protect your jewelry collection.

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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.