Spoiler Alert: Adding Your Engagement Ring to Your Homeowner’s Insurance Just Doesn’t Cut It
Getting an engagement ring is a major deal, and the aftermath should usually be a similarly sparkling time — without worries (because there will be many of those once the wedding planning really kicks off). Figuring out insurance for that intimate investment? Doesn’t really sound like a fun time, right? What when there’s an important date to decide on, friends and family to formally ask to be a part of the wedding, and lots of moments in the spotlight [for you two] on the horizon. But we’ll tell you this: Being able to protect your new sparkler with the best coverage possible, via BriteCo Jewelry Insurance, will be a bright and shiny part of your post-proposal. And you’re going to want to do it with a plan that is fine-jewelry specific, not just a supplemental add-on to your homeowners or renters policy.
Why you can’t just add the ring onto existing coverage
It makes decent sense that such an important and valuable part of your belongings/personal possessions would be able to be rolled into your private insurance — doesn’t it? For sure, but unfortunately a purchase as precious as an engagement ring doesn’t get its due when it’s just phoned in. (And we’re not throwing shade by saying that, we promise; killing two birds with one stone usually always wins in our minds - we’ve definitely considered this method of insurance at least a dozen times).
BriteCo cleared things up for us
These are shortcomings that just can’t be overlooked
There’s a value max.
Most home insurance policies cover jewelry from loss or theft (note, that doesn’t include “mysterious disappearance”) as personal items, and these are limited to $1,000 up to $2,000 in value. That’s not cheap, either, but engagement rings can cost upwards of $5,000-$12,000+, so that cap in value they’ll cover is pretty tight, to say the least.
BriteCo doesn’t limit the value of jewelry they’ll insure. In fact, your ring is fully covered even if the value appreciates (by way of market fluctuations for diamonds, gold, platinum or cosmetic upgrades to the ring’s mounting or stones - center or supporting). You should never get stuck having to pay more when replacing a precious ring — and BriteCo ensures replacement coverage up to 125%.
There’s often deductibles.
Deductibles are a necessary evil when it comes to health, home, car, etc. insurance — but if you need to file a claim for a lost or stolen piece of jewelry, especially something as irreplaceable as an engagement ring, you won’t want to add insult to injury with even more incurred costs. Homeowners or renters policies may mean out-of-pocket expenses for a replacement, or less money if a replacement does occur.
Meanwhile, BriteCo’s standard jewelry and watch insurance coverage plans are always zero deductible. So, you’ll never have to shell out extra cash to file a claim.
There’s potential for penalties in the wake of claims.
This one is pretty ridiculous when we think about it. Adding your engagement ring to an existing policy to make things easier and more streamlined for you and your loved one — yes, sounds great. What isn’t great is the risk of even a small jewelry claim impacting the future cost or availability of your homeowners insurance or renters insurance coverage. God forbid a hurricane happens or some other unexpected, natural tragedy touches down. If you already have red flags against you for making a simple jewelry claim, you could be rendered ineligible for coverage.
A stand-alone jewelry policy with BriteCo; however, has no bearing on your current homeowners or renters policies — no matter where you live.
There Are stipulations set up for who and who you can’t work with to get your ring replaced.
Insurance companies always have their preferred partners, but the thing about homeowners and renters insurance providers is that they work only with networks of jewelers who give them the cheapest rates on replacements. To that end, as the insuree, you don’t have the freedom to choose who you’ll source your replacement ring from (your trusted jeweler is going to be the one who you’re most comfortable with, of course). They choose for you.
BriteCo has a deliberate replacement-only policy that allows you to work with your own trusted jeweler for a claim. So, you can feel confident knowing that your new ring will be right on par with the original.
It’s an expense that’ll still give you those sparkle feels
Because, say it with us, your ring is SAFE
Jewelry insurance is surprisingly affordable and provides total peace of mind when it comes to your most cherished valuables (and an engagement ring is right up there, totally). To receive jewelry insurance, you’ll just need to provide some details about the item along with a certified jewelry appraisal. You can expect your coverage to range from 0.5%-1.5% of the appraised value of the jewelry item per year. For example, a $10,000 engagement ring would cost roughly $4-$12 a month.
As Wedding Chicks’ preferred ring insurance partner, BriteCo is offering our readers a free, custom quote. So, if you’re popping the question soon, make sure you level up your proposal with full coverage jewelry insurance. Get your free quote from BriteCo now!
