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Best Engagement Ring Insurance

Our top pick for Best Overall Value in Engagement Ring Insurance: BriteCo

Overall

Price

Coverage

Conveni-ence

Claims

Financial Strength

Summary

briteco 3stars 3stars 3stars 3stars 3stars 3stars

Best Engagement Ring Insurance. Better price, coverage, convenience and more.

jewelers-mutual 2stars 2stars 3stars 2stars 2stars 3stars

Former best from 20 years ago. 100 year old company.

lavalier 2stars 2stars 3stars 1stars 1stars 3stars

Average coverage, convenience and claims.

jibna 2stars 2stars 3stars 1stars 2stars 3stars

Best option through a broker.

statefarm 2stars 1stars 2stars 2stars 2stars 3stars

Classic P&C insurance company where jewelry is an afterthought with high prices.

zillion 1stars 2stars 2stars 1stars 1stars 3stars

Can’t buy direct online. You have to go through an affiliated jeweler.

Why get engagement ring insurance?

The busiest engagement ring sales season runs from the Christmas holidays through Valentine’s Day, and this year promises to be a big one, according to wedding and jewelry industry publications. With the average cost of a wedding ring ranging from $5,000 on up, and wedding costs on the rise, we wanted to make sure you protect one of your most prized possessions — your engagement and wedding rings.

 

A new consumer engagement ring survey from BriteCo alerted us to the somewhat shocking statistic that more than 41 percent of engagement ring purchasers don’t get jewelry insurance coverage. Another survey by ValuePenguin was an even bigger wake-up call. It estimated that, in 2020, almost two-thirds of people didn’t have insurance for their engagement rings and other valuable items. Looking specifically at jewelry in that $5,000 to $10,000 range where the average engagement ring falls, 29 percent of engagement ring purchasers don’t have any insurance coverage.

55% Purchased insurance

Percentage of people who do not get their engagement ring insured. Here’s the rub. BriteCo’s survey indicated that nearly two out of three people who bought engagement ring insurance had to actually make an insurance claim for a lost or damaged ring. That means your odds of using jewelry insurance are relatively high, especially since it’s likely one of the largest purchases you make and could be a major out-of-pocket expense to replace.

Is a jewelry warranty as good as getting insurance?

No. A jewelry warranty is not meant to be insurance. And we make that distinction when determining our ratings for the best engagement ring insurance companies. Jewelry insurance for your engagement ring is not the same thing as a ring warranty, which may be available (usually at an extra cost) where you bought the ring.

Warranties typically have very limited coverage. An engagement ring warranty, for example, does not cover the loss, theft, or “mysterious disappearance” of your rings. Engaged couples insure their jewelry because their biggest risk comes from the ring being lost, stolen, damaged, or, as in so many cases, simply disappearing without a clear explanation. Jewelry warranties don’t cover those situations.

So here are our picks for the top six best engagement ring insurance companies. Most of these companies specialize in jewelry insurance only. One is a more typical property and casualty insurer, offering homeowners and auto insurance with jewelry tacked on.

We looked at how much a policy costs, what it covers, how easy (or difficult) it is to get a policy, what its customers say about it, and, of course, how it is rated according to industry financial standards from organizations such as AM Best and Standard & Poor’s.

Our Top Pick for Best Engagement Ring Insurance: BriteCo Jewelry and Watch Insurance

While a relative newcomer to the jewelry insurance industry, BriteCo is making waves as the insurance technology innovator, with multiple advantages that set it apart from all the rest.

BriteCo

3stars
Excellent Price

While nearly all jewelry insurance companies charge from 1% to 3% of the engagement ring’s value for a policy each year, BriteCo has pushed the envelope by providing replacement only policies at 0.5% to 1.5% of a ring’s value — a significant savings.

That means a $10,000 engagement ring can be insured with BriteCo for under $5 a month. And a lower price doesn’t mean you sacrifice jewelry coverage or face a high deductible. In fact, BriteCo’s standard engagement ring policies have no deductibles.

Excellent Coverage

Compared to any other jewelry insurance provider, BriteCo stands out, offering replacement up to 125% of your ring’s appraised value. That’s a big plus to helping you avoid any out-of-pocket expense should you have to make a claim.

If replacing your engagement ring costs more than when it was originally appraised, you are covered. BriteCo also automatically updates your coverage values annually to reflect increases in diamond, gemstone, or precious metal prices, based on hundreds of thousands of data points. So, you get worldwide coverage for loss, theft, damage, and mysterious disappearance, plus the extra 125% coverage at no extra cost.

Excellent Convenience

Go to Brite.Co online and you’ll get a custom quote to insure your engagement ring in 60 seconds.
Answer a few questions and, in less than two minutes, you can get insured.

You do have to supply a current appraisal of your ring (which you hopefully got from the jeweler or website where you purchased it) and upload a photo of the ring from your cell phone. That’s it. You can be insured in under two minutes.

Excellent Claims

Making a claim with BriteCo is simple and straightforward. Go to their claims page and fill out a form. They’ll help you from there.

Another advantage is that Briteco works directly with the jeweler you choose to make sure your replacement is of equal or better quality. Other policies such as homeowners or renters insurance may rely on a “preferred network,” which will limit your choice and options for a replacement stone.

Excellent Financial Strength

BriteCo is licensed to sell jewelry insurance in all 50 states and DC. Its policies are backed by Glencar Insurance Co. (a wholly-owned subsidiary of Hannover Re) which is rated A+ Superior by AM Best.

This rating reflects GIC’s integration within the Hannover Re group and Hannover Re’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, very favorable business profile, and very strong enterprise risk management.


Jeweler’s Mutual gets our second place

Jeweler’s Mutual has been around for 100 years and is just about everywhere when you search for jewelry insurance on the web. It started out as an insurance company specializing in covering jewelry stores. Many years ago, it branched out into personal jewelry insurance. Until recently, it pretty much had the market to itself. Like a lot of older insurers, it carries a bit of baggage and lags behind in today’s digital-first insurtech environment.

Jewelers Mutual

3stars
Price

We’re not exactly sure, but Jeweler’s Mutual policies (what’s known as its insurance program) likely haven’t changed in years. And it has pretty much set the standard in pricing at 1% to 3% of the piece’s value. Jeweler’s Mutual also adds surcharges of 25% to 50% on jewelry items valued at $15,000 plus.

Coverage

Jeweler’s Mutual provides the typical jewelry-specific insurance coverage for loss, theft, damage, and mysterious disappearance, limited to 100% of the jewelry item’s high-value.

Convenience

Here’s where Jewelers Mutual is a victim of its own success. Having dominated the market, it’s a bit behind the times. Quotes are available online, but the process for getting insured can require several manual steps.

Here’s how one reviewer described it: “I jumped online to get it insured. Although the Jeweler’s Mutual platform felt like something out of the late 1990s, I found a policy option I liked and went through an archaic email process to send documentation and obtain coverage.”

Claims

Jewelers Mutual has a long history of managing claims, though dealing with jewelers for replacement can be a challenge.

Financial Strength

This is table stakes for specialized jewelry insurance companies, and Jewelers Mutual is no exception. It has the highest rating for financial strength, just as you would expect from all the other jewelry insurance companies.


Lavalier comes in third

Backed by Berkley National Insurance Company, Lavalier is part of a large global conglomerate and offers to insure your jewelry. Lavalier has operated in the shadow of Jewelers Mutual as a secondary choice for a long while. Like Jewelers Mutual, it has also lagged behind adapting to changes in insurance technology.

Lavalier

3stars
Price

Lavalier is similar to other jewelry insurance providers, with pricing from 1% to 2% of appraised value.

Coverage

Lavalier jewelry insurance policies are limited up to $50,000 and do not cover claims beyond the original cost of a piece. Items above $5,000 require a jeweler appraisal. It has a range of deductibles to choose from to lower the premium cost of a policy.

Convenience

While free quotes are available online, the website suffers from the same outdated interface as other jewelry insurance companies. No online customer portal means you’ll have to initiate any policy changes by email from the website.

Claims

Lacking an online claims portal, the claims process appears highly manual and cumbersome.

Financial Strength

Berkeley National Insurance Company has an A+ Superior rating from AM Best, just as you would expect from a global corporation.


JIBNA insurance is from another era

JIBNA (Jewelry Insurance Brokerage of North America) is a throwback to another era. You have to contact them to have an affiliated broker help you get a jewelry specific insurance policy. You can’t just get a quote or manage a claim online.

JIBNA

2stars
Price

Specializing in jewelry insurance since 1975, JIBNA has policies that supposedly more accurately assess coverage and price. Policy pricing falls in the 1% to 2% of the assessed value range.

Coverage

JIBNA offers jewelry insurance coverage for loss, theft, damage, and mysterious disappearance, with coverage limited to 100% of the agreed-upon value of a jewelry piece.

Convenience

As noted, the process of getting insured is highly manual (though JIBNA claims that means “personalized”). So, you must spend time contacting an agent and providing information before eventually getting a coverage quote.

Claims

The claims process is manual and time-consuming for most people.

Financial Strength

JIBNA is rated A- by AM Best.


State Farm treats jewelry insurance as an afterthought

Your typical property and casualty insurance company, State Farm will cover your fine jewelry — usually as an additional floater or “personal articles policy” tacked on to an existing homeowners or renters policy.

State Farm

3stars
Price

State Farm’s jewelry insurance pricing appears to be somewhat higher than specialized jewelry insurance providers.

Coverage

State Farm provides the typical coverage for jewelry items, for loss, theft, and damage on a replacement value. Deductibles may be common in order to lower premiums, in the same way their homeowners insurance policies typically feature deductibles.

Convenience

You have to contact a local State Farm agent (usually by phone) to initiate the process for getting a policy, including getting an insurance quote. It’s not clear if you have to have a homeowner policy to get your engagement ring insured.

Claims

Like many homeowners and renters insurance companies, State Farm utilizes a “preferred network” of jewelers for ring replacements when you file a claim. This can be a hassle for both you and your local jeweler.

Financial Strength:

As a long-time established insurance company, State Farm has the top rating from AM Best for financial strength.


Zillion comes last because it’s not available directly to consumers

Zillion is a start-up jewelry insurance company that came to market a few years ago, selling insurance directly to consumers. However, since then, it has restricted its jewelry insurance policy sales through a limited group of retail jewelers.

Zillion

3stars
Price

Zillion insurance pricing is comparable to other specialized jewelry insurance companies, at 1% to 2% of the appraised value of a ring.

Coverage

Zillion offers typical worldwide coverage for jewelry insurance, covering 100% of the appraised value of the ring.

Convenience

You can’t get an insurance quote from Zillion without going to its website and choosing a jewelry store from a list. If your jeweler is not on the list, you are out of luck. You have to move on to another insurer.

If you do find your store on the list, you have to provide your phone number so you can receive a quote via text. That’s a big ask with no sense of what you’re getting into when giving your phone number.

Claims

Not a lot of information about claims is available, but there is a claim submission form on its website. It appears to be a manual email process from there.

Financial Strength

Zillion is backed by AXA XL, one of the world’s largest insurance companies, rated A+ Superior by AM Best.

What makes the “best” engagement ring insurance?

BriteCo jewelry and watch insurance is your best choice for jewelry and engagement ring insurance because of its unique combination of advanced online technology and personalized service. It scored much better on our report card because it meets or exceeds all the major criteria that make for a superior engagement ring insurance policy. But it’s easy enough to judge for yourself by getting a custom quote in less than 60 seconds.

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Appraised Value

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