We’re asked a lot about jewelry insurance, and there are many insurance companies that offer some type of policy for jewelry. But where should you start in evaluating the best insurance for you? You may see a number of companies promoting jewelry insurance these days, so we’re saving you a bit of time with a short list that highlights the 2 best — BriteCo Jewelry Insurance and Jewelers Mutual. They distinguish themselves by specializing in jewelry insurance. This contrasts with other insurance companies that try to cover all aspects of property and casualty insurance such as homeowners, renters, life and other insurance products. Jewelry insurance specialists typically offer competitive rates and better coverage.
We’ll take a deep dive into the pros and cons of both companies to help you understand how they compare.
Your best choice: BriteCo
The unique combination of affordability, extra A+-rated coverage, internet convenience, annual value updates and a monthly payment option make BriteCo Jewelry Insurance our favored company for protecting your fine jewelry and watches. BriteCo’s immediate online policy quote and coverage in less than 2 minutes is especially appealing to younger customers who are used to the convenience of digital technology.
Before examining each company’s specific policy attributes it’s important to note that both Jewelers Mutual and BriteCo Jewelry Insurance policies carry an A+ superior rating — the highest possible rating from the insurance industry’s leading analyst firms including A.M. Best and Standard & Poors. This means that both companies can claim the highest financial strength rating with a superior ability to meet their insurance obligations. A credit rating, or a financial strength rating, is one of the best indicators of reliability in paying claims. With that said, let’s take a look at how each company stacks up.
BriteCo Jewelry Insurance Overview
BriteCo is a jewelry insurance company founded in 2017 that has emerged as an innovator in the jewelry insurance industry. That’s because BriteCo has leveraged internet technology to provide a true digitally driven insurance product. Those in search of a jewelry insurance policy can easily get a custom quote online and buy a policy in less than 2 minutes right from their smartphone. And while BriteCo is relatively new, its policies are underwritten through partnerships with long-established insurance industry giants. Our research tells us that BriteCo is partnered with U.S.-based Glencar Insurance Co., a wholly owned subsidiary of Hannover Re, the 3rd-largest reinsurance company in the world. Extensive retail jewelry experience and deep insurance expertise, along with its ultra convenient policy-purchasing technology, makes BriteCo a top option to consider for your jewelry insurance.
Jewelers Mutual Overview
Jewelers Mutual is a more than 100-year-old insurance company headquartered in Neenah, Wisconsin. Jewelers Mutual is a mutual holdings company providing traditional jewelry insurance to consumers and block insurance for jewelers to insure their stores and inventory. As a long-time specialized jewelry insurance company, Jewelers Mutual promotes itself as the only company that insures the jewelry industry, with jewelers’ block coverage being the largest portion of its business. Today, Jewelers Mutual offers among the best direct coverage for individual policyholders, especially for those with unique, highly customized pieces who wish to keep everything under the same policy schedule.
BriteCo’s jewelry insurance typically costs 0.5% to 1.5% of the appraised value of the item you’re insuring — some of the most affordable pricing for jewelry insurance you’ll find. That means a $10,000 engagement ring would cost $75 to $150 per year. Most specialized jewelry insurance companies, including Jewelers Mutual, list the average cost of policies at 1% to 3% of appraised value.
Note that your geographic location has a significant impact on your policy pricing. Unlike Jewelers Mutual, BriteCo also offers a monthly payment option in addition to a discounted price for paying annually. Keep in mind that a competitive price for a jewelry insurance policy, doesn’t mean you have to sacrifice comprehensive coverage. See the following coverage comparison.
Both Jewelers Mutual and BriteCo provide replacement coverage for insured jewelry items. In the event of a claim, that means both companies will replace the item that is lost, stolen or damaged. There is no cash-out option when making a claim.
Policies from either Jewelers Mutual or BriteCo cover all the common perils, including loss, theft, damage and mysterious disappearance with 24/7/365 worldwide coverage. Many policies from general insurance companies don’t cover mysterious disappearances. No matter what policy you choose, make sure you’re covered for mysterious disappearance as it’s the most common cause of loss.
BriteCo’s standard policy includes zero or no deductibles. Jewelers Mutual also offers a zero-deductible option. While Jewelers Mutual covers 100% of insured value for replacements, BriteCo expands its worldwide coverage to replace a lost or damaged item at 125% of insured value. This can make a difference if the replacement value of your jewelry pieces has appreciated since your last appraisal and helps avoid any out-of-pocket expense for replacement.
BriteCo also updates its customers’ insured values each year based on changes in market pricing data, so you don’t have to worry about getting a reappraisal to stay current with coverage. BriteCo even throws in coverage for your jewelry maintenance such as correcting bent prongs on a ring or fixing a broken necklace clasp. You can easily add an additional insured such as a fiance to your policy at no extra charge.
Both Jewelers Mutual and BriteCo have excellent customer reviews for their purchase and claims experience with Jewelers Mutual having a longer history. Both companies require an appraisal and a police report if the item was stolen to verify value when making a claim. Jewelers Mutual and BriteCo let you easily manage the claims process online through their respective websites, and replacements are handled through the local jeweler of your choosing. This helps expedite claims as well as ensuring customers are happy with their replacement.
When you add up all the additional benefits of BriteCo, it makes sense to get a quick quote from BriteCo before making any insurance policy buying decision."
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