The Best Engagement Ring Insurance

BriteCo: Top Pick for Engagement Ring Insurance

Pros

• The easy online process for newly engaged couples provides a quote in seconds and a policy in minutes.
• Couples can save up to 40% compared to homeowners riders and other specialty jewelry insurance competitors.
• Zero deductibles means no out-of-pocket expenses.
• Cover applies to both partners at no additional cost, even if they are not living at the same address.
• Customers commend the fast and attentive claims process.

Cons

• Items may require an appraisal or detailed sales receipt to be eligible for insurance.
• Coverage includes replacement or repair only unless otherwise stated.

BriteCo summary

BriteCo is a specialty jewelry insurance provider ideal for protecting your engagement ring investment. Newly engaged couples can benefit from BriteCo’s exceptional worldwide coverage (including protection during honeymoon travel) at lower prices compared to other specialty jewelry providers and homeowners riders or floaters.

BriteCo jewelry insurance policies have zero deductibles, so you don’t have to worry about paying anything out of pocket when replacing a lost or stolen ring. BriteCo’s 125% replacement coverage also gives you extra protection in case your insured ring increases in value over time (especially important with current gold prices). If you need to file a claim, BriteCo will work with the jeweler of your choice for replacement or repair and will assign a team member to help you through each step of the process.

Another advantage over homeowners or renters insurance coverage is that BriteCo does not report jewelry claims to data services that other providers often use to assess risk. This means a jewelry claim will not raise your premiums or risk cancellation of your policy.

CHUBB: Preferred for High-End Jewelry

Pros

• CHUBB is an established, high-end property and casualty insurance company that offers a multitude of insurance lines, including coverage for classic cars, yachts, art, and other valuable items.
• CHUBB only requires appraisals for engagement rings exceeding $100,000 in value.
• The company is a preferred choice for high-wealth individuals with substantial and valuable collections.

Cons

• Customers must go through an agent to get a policy, making it difficult to shop individually.
• Policies have some of the highest premium costs compared to other specialty jewelry insurance providers.

CHUBB summary

CHUBB is known for insuring luxury jewelry and collectibles for high-net-worth individuals who expect policies tailored to their needs. CHUBB policies offer worldwide engagement ring coverage with zero deductibles for most jewelry losses, as well as an agreed value option that pays 100% of insured value on covered total losses. However, premiums can be significantly higher than competitors, which may be something to consider for newly engaged couples.

Lavalier: Good for Less Expensive Engagement Rings

Pros

• Unscheduled rings valued less than $1,000 don’t require an appraisal.
• The choice of deductibles can help offset annual insurance premium costs.
• Both annual and installment payments are available.

Cons

• Scheduled jewelry insurance policies are limited to $50,000 per item.
• Policies exclude men’s and women’s watches, with a few exceptions.
• Other exclusions apply, so be sure of the exact coverage.

Lavalier summary

Lavalier is one of the few jewelry insurance providers to offer engagement ring customers an option to purchase non-scheduled coverage with an agreed value of less than $1,000 without requiring an appraisal. This may be the best insurance choice for couples with an heirloom or vintage jewelry engagement ring that has more sentimental value than actual cash value. For other luxury jewelry items or vintage pieces in pristine condition, Lavalier offers scheduled jewelry insurance policies limited to $50,000 per item. Coverage exclusions apply, but Lavalier’s all-risk coverage protects against loss, theft, damage, and mysterious disappearance.

The Financial Review has evaluated coverage from some of the top specialty insurance companies that focus on jewelry and engagement ring coverage. The engagement ring insurance providers here all cover loss, theft, damage, and mysterious disappearance. Most standard homeowners policies typically do not cover mysterious disappearance.