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You should always get a separate insurance policy for your valuable jewelry and watch purchases. That’s because most insurance companies put a dollar limit on the amount of coverage included in your homeowners or renters policy. A homeowners or renters insurance policy typically only covers $1,000 to $2,000 total for all of your jewelry combined. And in most cases, these policies have a deductible that reduces the replacement value you receive when making a claim.

So, if the total value of your jewelry is more than the jewelry limit in your standard homeowners or renters policy, you'll need additional coverage. If you consider that the average price of an engagement ring, for example, exceeds $7,500, then special jewelry or watch insurance is a must.

Not if it’s a higher value piece. That’s because homeowners or renters insurance policies have a reimbursement or replacement limit of only $1,000 to $2,000. If the value of your jewelry piece or watch is greater than that amount, then your existing insurance policy would not cover the full replacement cost in the event of a loss. You would have to pay the difference in value out of your own pocket.

Example: Say you purchased a $10,000 engagement ring that was only covered by a standard homeowner’s policy, which has a $2,000 coverage limit. If that ring was lost or stolen, you would have to pay $8,000 out of pocket to replace it.

Nearly every jewelry insurance policy requires an appraisal to determine the proper amount of coverage needed for a like kind and quality replacement should a loss occur. Insurance companies use the appraisal to set the coverage limits on your policy in dollar amounts, determine how much to pay out in the event of a claim, and calculate how much to charge you for that coverage.

A credit card or other purchase receipt does not have enough information about a jewelry item or watch to properly appraise its value. And though you might be able to get insurance without an appraisal, you will not be able to make a claim for theft or other loss without the detailed documentation contained in an appraisal.

Jewelry insurance is surprisingly affordable, given the peace of mind and financial protection it provides for your most valuable possessions. Policy costs depend on where you live, but for most people, jewelry insurance will cost between 1% and 2% of the appraised value of their jewelry. For example, a $5,000 engagement ring could cost from $50 to $100 a year to insure. That’s only 15-30 cents a day, or less than $8 per month.

Jewelry warranties are very limited in what is covered. For instance, many warranties won’t cover your jewelry for accidental damage, theft, loss, or mysterious disappearance. Additionally, extended warranties can typically deny coverage for a multitude of reasons.

A jewelry or watch appraisal is a document that specifies a dollar amount value for a specific jewelry item or watch. It should include a detailed description of the jewelry piece. Detailed information is essential in the event of an insurance claim to avoid any confusion or questions, should a replacement be necessary.

Using a ring as an example, the appraisal describes the primary stone, typically a diamond, stone information such as cut, color, clarity and carat weight, additional side stone information, the kind of metal the stone is set in, and more. Appraisals should include photographs of the item, which can be very helpful when making a claim.

BriteCo provides jewelers with a comprehensive online Appraisal Management Platform that helps them collect and automate every detail and then apply their expertise to determine an appraisal value for a specific jewelry piece. The Appraisal Management System also includes an easy way to upload photos of an insured item from a tablet or smartphone.

All BriteCo jewelry and watch insurance starts with an appraisal from your local jeweler, using our BriteCo Appraisal Management Platform. The BriteCo Appraisal Management Platform ensures you always receive the proper valuation for insurance coverage. That’s how you avoid overpaying or underpaying for jewelry insurance with BriteCo.

If the appraised value is more than the jewelry item’s replacement value, for example, you could end up paying for extra insurance coverage you don’t really need. If the appraised value is less than its replacement value, you won’t be covered for the full replacement cost and may have to pay out of your own pocket in the event of a loss. Like the porridge in the tale of Goldilocks and the Three Bears, BriteCo jewelry and watch insurance is never too hot (overpriced) and never too cold (under-covered) - it’s always just right, reflecting the current market value for a replacement.

In most cases you would get your appraisal from the jewelry store where you purchased the item. Any jeweler using the BriteCo Appraisal Management Platform will be able to provide an expert appraisal to you within a matter of minutes, meaning you won’t have to search for an individual to conduct an appraisal or wait for a write-up.

You should get an appraisal for your jewelry and watches from your local jeweler as soon as possible after the time of purchase. The Appraisal Management Platform provided by BriteCo enables your local jeweler to streamline the appraisal process so that you can get a copy within 15 minutes, while you’re at the store.

Your credit card or other type of sales receipt does not have enough information for a reputable insurance company to properly cover your fine jewelry or watch. As noted above, an appraisal is essential for determining the right amount of coverage as well as your annual insurance premium.

Most insurance companies require a reappraisal of your jewelry or watch every 18 months to 3 years in order to ensure you have the proper coverage. With BriteCo jewelry insurance, we automatically update insurance values every year. So, you don’t have to remember to get a reappraisal, and you always have the right amount of coverage. It’s what we call lasting peace of mind.

BriteCo does not sell insurance directly to customers without first getting an appraisal through a BriteCo jeweler partner.

Once you get an appraisal from your local jeweler using the BriteCo Appraisal Management System, you will receive a text or an email directly from BriteCo with a custom insurance quote. You simply click the link in the message, which will take you to our online insurance application.

Unlike other insurance companies, BriteCo jewelry and watch insurance gives you comprehensive global coverage for loss, theft, damage, or disappearance with several key advantages. A quick comparison in this chart shows you how much more you get with BriteCo insurance versus jewelry warranties, standard homeowners or renters policies, and even other specialized jewelry insurance companies.

Note that only BriteCo gives you an authenticated digital appraisal through your local jeweler, automatic insurance value updates annually, and meaningful preventative maintenance and wear and tear coverage. Plus, there’s no deductible for coverage, unless you have an Agreed Value policy. These are policies that will pay out an agreed dollar amount should a claim ever be made and typically include a deductible amount.

When you apply and purchase your BriteCo policy, you’re invited to set up an online account with a username and password. Once your account is set up, you can log in anytime, anywhere and view your policy info. To change your contact information, credit card number, insured parties, etc. contact BriteCo at 312-809-9100.

To add an item to your policy, you first must get an appraisal from your BriteCo jeweler partner. Once your jeweler issues the appraisal, you'll receive an email or text message with a custom insurance quote and link. Simply click the link and follow the instructions to add coverage for the item. This will automatically add your new piece to your existing policy.

BriteCo jewelry and watch insurance policies are currently limited to $150,000 per individual customer and up to $50,000 per individual item of jewelry or watch. For policies over $100,000, our guidelines require a home safe and central station burglar alarm.

There is no deductible on the vast majority of BriteCo insurance policies. However, for those items that may not be easily replaced, such as heirloom jewelry or other classic watches, we offer what are called "Agreed Value" insurance policies. These are policies that will pay out an agreed dollar amount should a claim ever be made and typically include a deductible amount.

BriteCo insurance accepts credit or debit card payments for annual insurance premiums. You'll be prompted to enter your credit or debit card details in the final step of the online application.

Yes. One of the questions in the BriteCo online insurance application asks whether you store your jewelry in a safe and whether you have a home burglar alarm system. If you do, your premium is calculated with discounts for these conditions, reducing your total premium cost.

It’s easy. You can follow this link to our electronic claims form. The claims form is also available by logging into your account online and going to the “make a claim” button on your account page. You can also call us directly at 312-809-9100 during normal business hours. We’ll connect you with one of our licensed claims partners, who will guide you through the repair or replacement process and answer questions about coverage.

Our claims form gathers basic details of the loss and only takes a few minutes to complete. We understand that making a claim can be a difficult experience, so we make the claim process as simple and painless as possible for you.

If you experience loss or damage of your insured jewelry piece or watch, the process of filing a claim is simple and straightforward.

• Log in to your account at https://brite.co and submit a claim form or call to speak to one of our team members at 312-809-9100.
• If your loss involves a crime, you must report the incident to the local police and get a copy of the police report.
• Unless you tell us otherwise, BriteCo will notify your local jeweler where you purchased and/or appraised the item and alert them that you will be contacting them for a repair or replacement.

BriteCo and our licensed claims partners will work with you and your local jeweler to secure a replacement as soon as possible.

Absolutely. BriteCo does not use a preferred network of jewelers for jewelry claims replacements. Instead, we work with you and the local jeweler who sold you the item and provided your appraisal. Experience tells us this is the best way to ensure you get the replacement you want in the most convenient way possible.

BriteCo insurance policies do not require you to pay a deductible unless you have a special policy called an “Agreed Value” policy, where the dollar amount of coverage is set by agreement in advance. With the exception of Agreed Value policies, no BriteCo policies have a deductible, which means you will not have to pay any money out of pocket when you make a claim to get your repair or replacement.

No. BriteCo jewelry insurance does not pay cash for claims. Our policies cover replacement of the claimed item for equal or greater value. And because we only insure items appraised through our partner jewelers using the BriteCo Appraisal Management System, you can rest assured your replacement coverage amount will be up to date and accurately reflect market values. As a result, your replacement coverage will never require you to pay extra to get an item of equal or greater value.

Every insurance claim is unique. In all cases of loss or damage, we encourage you to get replacement through your local jeweler. Depending on availability of jewelry stones, etc., the process of getting a replacement may take several days or weeks. BriteCo and our licensed claims partners will work diligently to ensure an expedited, hassle-free claims process.