Report Card for the Best Engagement Ring Insurance in 2023

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.

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.

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.

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.

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.

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.

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.

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."

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

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

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.

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.

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

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

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.

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.

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.

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

JIBNA is rated A- by AM Best.

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

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.

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.

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.

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

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

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

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.

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.

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