BriteCo is an insurtech providing bespoke coverage for jewelry and watches. Homeowners and renters insurance policies cover personal items like jewelry and fine watches, but that coverage tends to be limited. Since these items are small and easily stolen, there’s often a low limit for theft, like $1,500. The average engagement ring is $5,900, according to The Knot. If you have a ring worth $6,000 and it’s stolen, you’d have to pay $4,500 out of pocket to replace it.
To secure coverage for your valuable jewelry and watches, you have 2 options. One is to add an endorsement to your current home or renters insurance policy. You may need to have the jewelry reappraised periodically, though, especially if you change insurers. This will also increase the cost of your home insurance policy.
The other option is to purchase a standalone jewelry insurance policy. BriteCo takes a unique approach to coverage. Instead of contacting BriteCo directly, you start the insurance process at a partner jeweler. When you get your piece appraised, your jeweler sends the information to BriteCo. You’re sent a quote via text or email. You review the quote, and if it suits you, you can purchase the policy. The entire process is simple.
- Those who want consistent coverage for jewelry and watches
- Those who want a streamlined application process
- Easy application process
- Zero deductible on many policies
- No mobile app available
BriteCo Ratings at a Glance
The process for buying insurance on jewelry or watches tends to be time-consuming. You have to contact the insurance company, get an appraisal, send it to the insurance company and then finalize the details.
BriteCo streamlines the process. You get a quote as soon as your appraisal is finished and you can purchase your policy immediately. In some cases, you could be covered before you leave the store.
BriteCo offers impressive coverage. It covers your jewelry or watches at 125% of the appraised value. It provides worldwide coverage for damage, loss, theft and mysterious disappearances. It covers damage and losses due to catastrophes like hurricanes, floods and earthquakes. There’s a $0 deductible on most policies, and your insurance is updated annually.
BriteCo also covers preventive maintenance, including prong re-tipping, replacing or repairing broken, worn or bent prongs, repairing broken earring posts, clasp replacement, restringing broken or stretched pearl strands and stone tightening.
If you’re buying jewelry as a gift, you can gift a policy along with the jewelry, making it an even more thoughtful gift. Spouses and family members are automatically covered under the policy, and partners, boyfriends and girlfriends can be added to the policy by request.
Your BriteCo coverage starts as soon as you buy a policy. You can purchase up to $150,000 in coverage per person and up to $50,000 per item. There is no policy minimum, but the lowest annual premium available is $50.
Like most insurance policies, BriteCo doesn’t cover wear and tear, deterioration or prior damage.
BriteCo’s jewelry insurance typically costs 1% to 2% of the appraised value of the item you’re insuring. That’s standard pricing for jewelry insurance. At that price, a $6,000 engagement ring would cost $60 to $120 per year.
BriteCo offers discounts for storing your jewelry in a safe and having a home burglar alarm system. Most of its policies have a $0 deductible, so you typically won’t have to pay out of pocket to get your item replaced or repaired. The only policies with a deductible are Agreed Value policies. With Agreed Value policies, you and BriteCo agree on a dollar amount of coverage for your item.
BriteCo also offers a straightforward claims process. You can file a claim using the BriteCo website or by logging into your BriteCo online account. You can also call BriteCo at 312-809-9100. Its representatives are available from 9 a.m. to 5 p.m. CST Monday through Friday. The claims forms are brief and should only take a few minutes to complete. If your item was stolen, you’ll need to take the additional step of filing a police report and sending a copy of your report.
To complete the claims process, BriteCo connects you with a North American Risk Services representative, who will guide you through the repair or replacement process. They’ll also answer any questions you have about how the claims process works.
One important note is that you can’t get cash for your item if it’s lost or stolen. The policy replaces your item with an item of equal or greater value. Once you file a claim, it could take some time to have the item repaired or replaced. Since jewelry is so unique, there are a lot of factors, like the availability of certain gemstones, that could impact the process. You’ll be kept up to date throughout the process.
We couldn’t find a mobile app from BriteCo. Its website is optimized for mobile phones so you can visit it using the browser on your phone. When you get a quote, it’s sent via text or email with a direct link to the quote.
BriteCo rounds out your home or renters insurance coverage. It ensures that your valuable jewelry and watches are covered so that if a loss occurs, you don’t have to worry. While you have limited coverage with your home or renters insurance policies, having comprehensive jewelry insurance allows you to get your items repaired or replaced in circumstances not covered by home insurance.
You also don’t have to make a claim with your home insurance policy if your jewelry is lost or stolen. Insurance companies look at your claims history when deciding your rates, so this can help keep your homeowners insurance costs down.
BriteCo’s jewelry insurance policies are backed by AM Best A-rated insurance company HDI Global.
To purchase a policy, you have to go to a jeweler using the BriteCo Appraisal Management Platform. If your jeweler doesn’t use it, you can encourage them to check it out. BriteCo’s Appraisal Management Platform is free for jewelers. They can complete an appraisal in 5 minutes, then send customers a PDF of the appraisal via email. They can also look up their past appraisals at any time from any device. In other words, it has a lot to offer jewelers at no cost to them.
Is BriteCo right for you? If your items are under the $50,000 per item/$150,000 per customer limits and more than the individual item limits under your current insurance, a BriteCo policy is worth the investment. For a modest premium, your watch or jewelry can be protected from theft, loss and more, and you can get it repaired or replaced without a hassle. Plus, it covers basic preventive maintenance, which can help prevent losses due to clasps wearing out or stones loosening.
BriteCo’s process is relatively painless, and it’s worthwhile to protect your most valuable items. If you’re interested in BriteCo coverage, talk to your jeweler to get started.
I got my fiance's ring insured. Very easy and the best coverage/price.
Engagement and wedding ring insurance