Why Insuring Your Engagement Ring Has Never Been Easier

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

An engagement ring is a small object with a big meaning. It is a symbol of the promise that two people made to each other.
Like many small objects, it is prone to risks — damage, theft, loss, or others. A majority of people tend to rely on the homeowner’s insurance policy to cover the jewelry — it is usually not enough.

As the value of fine jewelry tends to appreciate over time, it becomes worth looking into specialized jewelry insurance. Although nothing can replace the sentimental value, protecting your investment is still a fiscally responsible thing to do.
According to the traditional insurance model, insuring an engagement ring is quite a hassle. From finding a provider, understanding the insurance quotes, getting an appraisal, getting a grading report, remembering to reappraise … Many couples are rightfully overwhelmed with the process.

If you already have homeowners or renters insurance, check for the fine details on that policy before adding your engagement ring. While the average amount spent on an engagement ring last year was over $7,000, most insurance policies will pay only up to $1,500 to replace a ring — it might not cover the full amount, leaving you with an unforeseen, out-of-pocket expense.
Additionally, your homeowners or renters insurance probably won’t cover mysterious disappearances. Life happens, and sometimes we just outright lose things, especially small things of great value, like jewelry. When it comes to jewelry claims themselves, making a claim on a homeowners or renters policy may leave you vulnerable to increased rates or may even lead to the outright cancellation of your policy, and the claims record will make it more difficult to find a new carrier at a decent rate.
Just check for fine details like causes of loss, as general insurers tend to be restrictive.
Since homeowners or renters isn’t the best option for insuring fine jewelry, why not consider insuring your beautiful new engagement ring with a specialized carrier who only insures jewelry?
BriteCo is bringing innovation to the industry by making it possible to get an instant, no-obligation jewelry insurance quote in seconds, and coverage in minutes—right from your smartphone.
Here are the 2 simple steps you should follow to get your engagement ring insured today.
1. Get An Appraisal. Most reputable insurance companies require an up-to-date jewelry appraisal for your new engagement ring. Jewelers usually supply engagement ring shoppers with an appraisal at the time of purchase so that they can shop for an insurance quote right away. If your jeweler didn’t initially offer to supply you with an appraisal, it’s worth asking for one. If you purchased a while back and didn’t get an appraisal, or need a new one, most independent jewelers in your area will be able to help.
2. Check Your Price for A+ rated coverage at BriteCo
Based on just a few pieces of information, you will get an exact policy price for insuring your ring!
When you accept the policy price, simply answer a few questions (helps BriteCo find discounts), snap a pic of your appraisal and your ring, and pay via credit or debit card — that's it! Your ring is insured.
As the prices of precious metals vary (but generally rise) over time, with traditional insurance you have to reappraise your jewelry every few years. BriteCo does that automatically for you, adjusting the insurance replacement value every year to reflect the market fluctuations.
To shield you from any hidden replacement costs, BriteCo will cover your ring up to 125% of its appraised value. Additionally, your insurance policy will include free-of-charge basic maintenance and repair, like fixing bent prongs or stone tightening.
This will allow you to wear your ring with peace of mind. After all, an engagement ring deserves to be worn and not to sit in some dark vault, void of sunlight and warmth of your hand.
Frequently Asked Questions
Q: What does a replacement-only policy mean?
A: There is no cash-out option when filling a BriteCo claim. BriteCo will work with your preferred jeweler to replace the item with one of equal kind and quality.
Q: How does the claim process work?
A: The claim process is quick and easy. After review and approval, BriteCo will start the process with your preferred jeweler. If you do not have one they will provide you with a broad network of jewelry stores you can use. Then you can communicate directly to the jeweler to replace the item.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.