Insurance for jewelry protects your treasured pieces with repair, replacement, or reimbursement in case something happens to them. While most homeowners’ policies offer some jewelry protection, many people buy additional coverage for more valuable pieces and a higher coverage limit.
They also get better coverage for certain types of jewelry. The best insurers make it easy to get a quote and provide helpful customer service representatives and competitive prices.
When it comes to protecting your fine jewelry, you should also consider a jewelry insurance service. These services can offer various levels of protection, including coverage for any loss or damage to your jewelry.
Jewelry insurance is great because the coverage isn’t built into your homeowner’s or renters insurance policy like other valuables and can provide quick payments when your jewelry is stolen or lost.
There are many types of fine jewelry insurance, so you’ll want to make sure you choose the one that is right for you.
Table of contents
Where can I buy jewelry insurance?
Homeowner’s and renters insurance policies typically offer up to $1,500 of coverage for jewelry.
If you don’t have a policy, or if that’s insufficient, you can add insurance coverage to your policy (typically called a “scheduled” floater, rider or endorsement).
These policies include a list of insured items with replacement values, typically with higher limits than standard homeowners or renters policies.
They may also include other types of coverage depending on the customer’s needs.
Jewelry insurance companies often offer more comprehensive, customizable coverage than the typical homeowner or renter’s policy.
You can often get better rates and more flexible terms by allowing your jewelry to be covered under an existing policy, instead of purchasing a stand-alone policy.
What are the pricing and discount on jewelry insurance?
Jewelry insurance policies are usually priced at 1% to 2% of the value of each ring, bracelet, or necklace, and the price of adding a floater to your homeowners or renters policy depends on what you’re insuring.
See Also: 10 Most Expensive Jewelry in the World in 2023
The price of a policy can be influenced by the following:
- Your location
- The number of pieces you’re insuring and their values
- The deductible (the amount subtracted from your claim check)
- Whether the policy reimburses actual value (the cost minus depreciation) or replacement value (the cost to replace it today).
It is unlikely that a company will provide an excellent rate without some proof that the person’s home is well protected. “For example, a homeowner might have an alarm or might have had multiple policies with the same company.”
Discounts could include having an alarm system in place, paying for the policy for multiple years, and keeping jewelry at a bank safe deposit box. Some insurers require appraisals before deciding on a final quote.
Insurers often post their preferred rates online or over the phone. With some companies, you can immediately begin coverage once you’ve paid.
How to claim Jewelry insurance?
Before you file a claim with your insurance company, determine their payment for damaged or stolen jewelry.
Ask the following questions:
- Am I covered if I damage or lose my jewelry by accident?
- Is jewelry given or received as a gift covered?
- Does my coverage change when I’m traveling?
- Will I be reimbursed the cash value of the item or the amount it takes to replace it?
- Can I choose my jeweler for repair or replacement?
- If I own custom jewelry, will my policy pay for a new piece, or will I be required to accept something “comparable”?
If you have purchased your jewelry insurance policy through an agent, contact that agent to file a jewelry insurance claim.
Also, if your policy has been purchased online, you will file the claim and provide any evidence and documentation required online.
Some jewelry insurance providers also accept claims over the telephone.
In any case, you must provide information on the date of the loss and what exactly happened to your jewelry. You will need to provide your policy number, your name, and your contact information.
Your jewelry insurance company will investigate your claim and ask you some follow-up questions if necessary.
15 best jewelry insurance companies of 2023
#1 Jewelers Mutual Insurance group
Jewelers Mutual was named the best overall insurer in large part because of its
longevity as an industry leader and its coverage of most major perils.
In addition, you can customize your coverage without a deductible.
Pros Cons
- Online quotes available Coverage excludes animal infestation
- No deductible Coverage excludes war
- Major perils included Coverage excludes intentional actions
Jewelers Mutual Insurance Group allows you to select from a regular or special rider policy, though the value of your insured items will depend on this selection.
The limits of your policy will also vary depending on the damage to your insured items “unless the loss is caused by a peril that is excluded.”
Their contract exclusions include jewelry loss due to civil authority (such as a lawful seizure) and general wear and tear. Still, Jewelers Mutual Insurance Group covers all major perils you may expect to encounter with your jewelry over the years.
See Also: James Allen Reviews 2023: the Best Jewelry Dealers?
#2 JIBNA Personal Jewelry Insurance
JIBNA provides a personalized experience. Agents guide you through the purchase of policies and help with claims filing.
Pros Cons
- All risk coverage for most types of jewelry. Limited policy information online
- Competitive premiums Must work with an agent to get a
quote and buy coverage - Personalized claim handling appraisals are required
JIBNA Insurance Brokers & Consultants is an industry leader in creating jewelry insurance policies.
The company’s jewelry insurance policies, which offer enough coverage to suit the needs of most customers, are underwritten on an all-risk basis and are competitively priced.
Most policies have a minimum premium of $50, with many priced around $100.
JIBNA also has great claim-handling services with quick and timely reimbursements for eligible claims.
#3 Chubb
Chubb offers coverage for heirloom jewelry, including a provision that can raise the policy limits if your older heirloom jewelry becomes more valuable over time.
Pros cons
- No deductible is required. Must work with an agent to get a quote
and buy a policy - Pieces are insured at their agreed value Doesn’t include pricing information online.
- Includes coverage for market value increases
Chubb offers jewelry insurance policies that provide up to 150 percent of the new value of your collection in the event of a loss, as well as 100 percent cash settlements.
In addition to its standard coverage, Chubb also offers scheduled and blanket policies for your collection.
If you have expensive pieces worth $100,000 or more (or if you own several valuable pieces), you’ll need to work with an agent, but otherwise, you can apply for coverage online.
#4 BriteCo
BriteCo offers comprehensive coverage for engagement rings and wedding bands, as well as preventative maintenance and repairs that help your jewelry last for years.
Pros Cons
- No deductible required No in-person offices or agents
- Very affordable premiums Require a recent appraisal to purchase coverage
- Free preventative maintenance and repairs
BriteCo offers free ring appraisals and covers preventive maintenance and repairs for broken, worn, or bent prongs on engagement rings.
The company also applies up to 125% of the appraised value if your ring is damaged or needs to be replaced in the event of theft, fire, or loss.
BriteCo provides instant rate quotes and operates entirely online. You can also get a live chat feature for questions about coverage and products.
#5 Lavalier
Lavalier offers coverage limits for most types of jewelry higher than the typical amount offered by other insurance companies, making it a good option for high-value items.
Plus, you can bring your jeweler to work on repairs.
Pros cons
- High coverage limits available Appraisals are required for pieces valued at $5,000 or more
- Easy to get a quote online Can’t manage your policy online
- Policies are underwritten on an all-risk basis Watches may not be covered
Lavalier offers coverage for individual items up to $50,000 and $150,000 in combined coverage.
The network of participating jewelers includes appraisers and repairmen who can help you make a claim or provide a replacement for your lost jewelry.
See Also: How To Start A Jewelry Business In 2023: The Ultimate Guide, Step-By-Step
#6 GemShield
GemShield offers all-risk insurance coverage for fine jewelry. Most causes of loss are covered, including fire, theft, natural disaster, and accidental damage.
Pros cons
- Pieces are covered anywhere in the world Appraisals required for pieces valued at more
than $5,000 - Easy to get an instant quote online Can’t file a claim online
- Policies are underwritten on an all-risk basis
GemShield has certain requirements for its policyholders. Every item valued at $5,000 or more requires an appraisal, which must have been done within the last 18 months.
GemShield allows its policyholders to insure newly purchased jewelry if the item has not yet been appraised; however, the jewelry must be appraised before filing a claim.
To get a quote from GemShield, you can visit its website. However, you cannot file a claim or manage your policy online with this provider.
If you need assistance, contact GemShield during business hours, 9 a.m.-5 p.m., Monday through Friday.
#7 Zillion
Zillion provides customers with no-deductible policies for replacements and repairs, protecting against possible, unanticipated fees when filing a claim.
Pros cons
- 30-day money-back guarantee Unclear policy description
- Worldwide coverage No pricing information on site
- Buy all-risk coverage with no deductible. Provide personal information to get a quote
#8 GEICO
GEICO offers multiple types of insurance policies with bundling discounts, as well as an overall positive reputation for customer satisfaction.
Pros Cons
- Strong company reputation Scratches and tarnished may not be covered
- Free online quote and quick coverage Must contact company for maximum policy limits
#9 Nationwide
Nationwide offers optional insurance endorsements to its renters and homeowners insurance policies that include jewelry coverage.
Jewelry insurance from Nationwide is a relatively affordable cost that averages 1-2% of the value of your jewelry per year. Visit Nationwide here
Pros Cons
- Reliable service Limited homeowners coverage for jewelry
- Easy to get quotes online
- Valuables Plus policy option
#10 State farm
Visit the State farm Here
Pros cons
- No deductibles A State Farm agent required
- Worldwide coverage
- Replacement cost coverage
- Best for Antique Jewelry
#11 Perfect Circle Jewelry Insurance
Insurance company Perfect Circle tailors its plans to the insured by allowing them to choose the amount of coverage provided at the time a claim is made. Register for a paperless account, and instantly all your payment information is available.
The Perfect Circle policy provides worldwide coverage for insured property lost, stolen, damaged, or mysteriously disappeared.
Read: Top 25 Thrifting Websites & Store Online In 2023
#12 Travelers
Travelers offer coverage for a wide range of possessions and property, allowing you to change all your insurance policies to one provider, helping you save money on premiums.
To make paying your bill easier online and by phone, you can set up automatic payments or electronic transfers from your checking account to the electric company.
International property insurance company Travelers is part of the Dow Jones industrial average.
As a result, Travelers’ many international offices provide coverage for all types of property, from jewelry to renter’s contents to vehicles and more.
In Conclusion
Whether a jewelry owner is a beginner or a collector of considerable experience, the decision to insure pieces will depend upon whether the individual desires to pay for repair or replacement if something happens to a piece he or she loves.
“The goal is to avoid out-of-pocket costs or being forced into a type of compensation or repair you don’t want,” says jewelry insurance expert Kara White.
References
- Investopedia – Best Jewelry Insurance of March 2023
- Balance – Best Jewelry Insurance Options
- Benzinga – Best Jewelry Insurance
- NerdwalletInsurance – Best Jewelry Insurance
- Bravopolicy – 7 Best Jewelry Insurance Companies for 2023
Recommendation
