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Why Stand Alone Jewelry Insurance for Clients Makes Sense Now

By Dustin Lemick  


It’s clear that the turmoil in the HO insurance market will likely continue and escalate to encompass not only high risk areas of the US. Already State Farm, Allstate and AIG have stopped writing HO policies in California, while Florida has seen multiple carrier bankruptcies and major carriers withdrawing from their HO markets. Meanwhile most homeowners insurance clients—regardless of where they live—will be experiencing a 12 percent increase in premiums this year.  

Silver coins with housing icon display growth in homeowners insurance cost As a result, more clients than ever are on the hunt for a better insurance price, reducing coverage, and/or looking to change their insurance agent.  

According to the latest Agency Forward research study by Nationwide, “As economic anxiety increases and the hard market pushes premiums for home, auto and various other lines higher, 51% of consumers said they are looking for ways to save money on their existing insurance policies.” 

When asked how they are saving money on insurance:  

  • 26% are decreasing or plan to decrease coverage or limits on existing policies 
  • 23% have or are considering switching to a new insurance agent 
  • 20% have already removed a policy from their coverage or plan to in the next six months. 

How should independent agents respond to this volatile environment? 

 Agents and Brokers need to take a closer look at how they approach new business and retaining existing clients in this new, volatile market.  Agents can no longer assume that most of their clients will renew policies automatically. From now on, agents and brokers will likely need to take a more aggressive approach that emphasizes their advisory role with clients. 


One strategy that can help focus efforts on negotiating and managing the changing P&C client landscape is found in a recent white paper by BriteCo, labeled as REACT:  

  • Respond by reaching out to clients and showing you care 
  • Educate your clients every chance you get to help set their expectations 
  • Accelerate your use of digital technology to improve efficiency and responsiveness 
  • Communicate continuously to reinforce your client relationships 
  • Take immediate action now to help clients reduce their risks 

Respond – Clients don’t care how much you know until they know that you really care. Take the initiative to reach out to clients proactively via email, or phone calls, let them know you’re aware of what is going on and you’re there to help..  

Educate – Proactively explain to your clients the events getting media attention such as Allstate, Farmers, and State Farm no longer writing new homeowners policies in California and Florida. Let them know that events in high-risk areas will likely be affecting them wherever they reside and that HO and auto premiums will probably increase this year.   

Accelerate – While most agents/brokers have incorporated online technology to help manage their agencies, look for ways to improve productivity for your producers and enable them to sell more effectively. Explore how technology can help you sell new business, and retain top notch producers. 

Communicate – Client relationships are nurtured and sustained through constant communication. That means checking in to see how they are feeling as well as making practical suggestions for how they can minimize their risks.. 

Take Action – Take specific steps that help your client’s implement savings or coverage optimization. They want guidance on how to cope with rising costs, and potential changes in coverage. 


What agents can do now to mitigate HO premium increase and/or non-renewals 

 While bundling homeowners and auto insurance with one carrier has been a traditional way for clients to save money, other factors such as the effect of a claim on an HO policy, should be considered.  

Young couple seeking advice from their insurance agent advisor

Allstate’s business model, for example, focuses on package policies, offering homeowners, auto, umbrella, valuables, and term life insurance together under one roof for their customers. One approach agents might suggest to current Allstate consumers would be to protect their homeowners policies by unbundling their coverages so that claims under one coverage do not impact their homeowners renewal. BriteCo specializes in situations where agents and customers choose a stand alone jewelry policy to protect their claims-free status on a homeowners policy.   

As a specialty jewelry insurance provider, BriteCo offers several advantages for agents and clients facing HO coverage and premium uncertainty. Unbundling the typical rider or floater from HO insurance gives your client a stand alone jewelry policy that delivers several key advantages.   

  • Savings from 20% to 40% over competitor jewelry insurance offerings 
  • World-wide, all-risk coverage up to 125% of appraised value 
  • No deductibles on standard policies 
  • No claims reporting to third parties to avoid impact on HO premiums/renewals 


Why a stand alone jewelry insurance policy is so valuable to clients 


When it comes to safeguarding luxury jewelry items, understanding jewelry insurance cost and what jewelry insurance covers is crucial. Many clients mistakenly believe that their homeowners or renters insurance will fully protect their jewelry. However, HO and renters insurance jewelry coverage often provides only limited coverage, which might not be sufficient for higher-value items like an engagement ring. 

How affordable is jewelry insurance? Surprisingly, obtaining affordable, stand alone jewelry insurance is easier and costs less than most clients realize. When clients ask, “how much does jewelry insurance cost?”, it’s important to remind them of the piece of mind that comprehensive protection gives them. As a leading jewelry insurance provider, BriteCo, enables you to get your clients jewelry insurance online through our agent portal, making the process for quotes and underwriting decisions fast and convenient.. 

Engagement ring insurance is a prime example of when to consider a standalone jewelry insurance policy. Given the sentimental and monetary value of such a piece, ensuring it with the best jewelry insurance  coverage makes sense for most clients. While homeowners and renters insurance offers some protection, coverage limits can often fall short for replacing valuable jewelry items. In addition, an HO rider or floater for jewelry can impact premium costs and renewals in the event of a claim. 

$100 dollar bill rolled inside an engagement ring  Investing in the best jewelry insurance ensures that the prized possessions of your clients—especially significant pieces like an engagement ring, eternity ring, diamond studs—are adequately protected.  

BriteCo technology makes agent transactions frictionless 

BriteCo’s new Agent & Broker program is unique in the industry for its tech-enabled, streamlined processes. BriteCo jewelry insurance replaces outdated, legacy carrier processes that often take days or weeks to complete and require traditional paperwork. BriteCo appointed agents enjoy a seamless experience through an online portal that delivers: 

  • Instant quotes and underwriting decisions in minutes 
  • No-touch renewals with automated limit updates 
  • No claims reporting to third parties such as C.L.U.E. and A-PLUS 
  • No accounting lift – BriteCo manages all payments, claims, reporting and commissions 

Backed by an AM Best A+ rated carrier and licensed in all 50 states, BriteCo has transformed the jewelry insurance buying experience into the digital age. Agents and brokers can learn more at  or by contacting: 


Ben Glispie, National Agent Channel Lead 


Phone: (224) 307-5790.  

Those brokers and agents who embrace innovation and new solutions for themselves and their clients will be poised to thrive in a turbulent insurance marketplace where competition is becoming more intense every day. 


About the Author 


Dustin Lemick is a third-generation retail jeweler and founder/CEO of BriteCo, a leading tech-driven provider of jewelry and watch insurance. He has over a decade of jewelry insurance experience combined with an extensive background in the retail jewelry industry. It includes in-depth knowledge and expertise in insurance operations, underwriting, claims processes, retail pricing models, and other key fundamentals. He holds a BS in economics from University of Wisconsin-Madison, a gemological degree from the Gemological Institute of America, and insurance producer license in all fifty U.S. states and Washington, DC.  



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