Fine jewelry is an investment, whether an antique necklace or a brand-new engagement ring. Jewelry insurance can be beneficial in protecting your valuables. Jewelry insurance protects your valuables from various risks, including theft, loss, and damage. Although some homes and renters insurance policies cover exquisite jewelry, it is usually limited. We reviewed the best jewelry insurance carriers based on comprehensive coverage for common losses, low or no deductibles, adjustable coverage limits, and inexpensive premiums. Our advice can assist you in selecting the best service provider for your requirements.
Best Jewelry Insurance Options
- Jewelers Mutual Insurance Company is the best overall.
- Chubb is the best for heirlooms.
- BriteCo is the best for wedding jewelry.
- GemShield is the best option for accidental coverage.
- Lavalier has the most comprehensive coverage.
- JIBNA Personal Jewelry Insurance is the best for claims processing.
IN GENERAL, THE BEST
Jewelers Mutual Insurance Company is a mutual insurance company for jewelers.Why Did We Pick It?
Jewelers Mutual is the finest jewelry insurance company overall because it has more than 100 years of expertise in ensuring jewelry and offers personalized coverage with no deductible and coverage for all major dangers.Advantages and disadvantages
- Advantages
- Reputation within the industry
- Option for coverage with no deductible.
- All dangers are covered.
- Cons
- Some losses, such as wear and tear, are not covered.
- It doesn't provide customer service 24 hours a day, seven days a week.
- There are no free appraisals available.
Overview
Because of its great reputation in the business, we chose Jewelers Mutual as the finest jewelry insurance provider. Since 1913, Jewelers Mutual has been endorsed by prestigious organizations such as the American Gem Society and Jewelers of America. In addition, the coverage provided by Jewelers Mutual impressed us. Every item is insured against all risks, including theft, inexplicable disappearance, and damage caused by floods and earthquakes. Jewelry is protected both at home and on the road. Jewelers Mutual Insurance is, on the whole, reasonably priced. Coverage costs typically range from 1% to 2% of the item's value per year. You may get a quotation online and establish your coverage limits to see how much you'll pay based on the worth of your jewelry. We also enjoy that Jewelers Mutual offers plans with no deductible. One disadvantage of Jewelers Mutual is that it does not provide free appraisals, but you do not need one to get insurance. Furthermore, the organization does not provide customer care 24 hours a day, but you can register a claim anytime via the online customer portal.MOST SUITABLE FOR HEIRLOOMS
Chubb
Why Did We Pick It?
Chubb provides extensive coverage for vintage jewelry, including market value increase coverage, which increases your policy limits if the value of your older heirloom jewelry increases over time.Advantages and disadvantages
- Advantages
- There is no need for a deductible.
- The agreed-upon value of the pieces is insured.
- Coverage for rises in market value is included.
- Cons
- You must engage with an agent to obtain a quote and purchase a policy.
- Online pricing information is not accessible.
Overview
Chubb is the finest option for jewelry insurance if you have heirloom jewelry. The organization provides high coverage levels with no deductible, and each policy also includes specific protection for ancient items passed down through the generations. Market increase protection is included in every Chubb jewelry insurance policy, so if the value of your treasured items increases, Chubb will pay up to 150 percent of the increased value in the event of a claim. Additionally, your possessions are protected at their agreed-upon value, and if you experience a loss, you will get 100% of the amount as a cash payout. Appraisals are required only if your artworks are valued at $100,000. Chubb jewelry insurance is an excellent choice if you have both heirlooms and new fine jewelry in your collection. The company offers scheduled plans for single items and blanket policies for several items. In addition, if you currently have a policy, additional items are immediately covered for up to 90 days. There aren't many drawbacks to Chubb, but it's worth noting that getting an estimate and purchasing insurance requires working with an agent. Furthermore, there is no information on the company's website about how much its plans normally cost.WEDDING JEWELRY AT ITS BEST
BriteCo
Why Did We Pick It?
BriteCo not only provides comprehensive coverage for engagement rings and wedding bands, but it also covers preventative maintenance and repairs, which can extend the life of your wedding jewelry.Advantages and disadvantages
- Advantages
- There is no need for a deductible.
- Premiums are very reasonable.
- Preventative maintenance and repairs are provided at no cost.
- Cons
- There are no physical offices or agents.
- To purchase coverage, you'll need a current appraisal.
Overview
When it comes to wedding jewelry insurance, we prefer BriteCo. Brite offers customizable coverage for typical dangers like damage, theft, and loss, with no deductible, whether you want to ensure a diamond engagement ring or a platinum wedding band. BriteCo is one of the only companies covering preventative maintenance and repairs for wedding bands. This includes stone tightening, prong re-tipping, and ring prong replacement for damaged, worn, or bent rings. If your ring is lost or damaged, BriteCo will replace it for up to 125 percent of the appraised value. BriteCo is a completely online company. You can get a fast rate quote from the website and file claims. You may also use the live chat option if you have questions about acquiring insurance. BriteCo is also a wonderful alternative if you're seeking a low-cost premium. You can pay monthly or annually for most insurance, which costs between 0.5 percent and 1.5 percent of the item's worth. The most significant disadvantage of BriteCo is that you must appraise your products to obtain insurance.BEST FOR COVERAGE IN THE EVENT OF AN ACCIDENT
GemShield
Why Did We Pick It?
GemShield will pay to repair or replace your expensive jewelry if it is lost or damaged by accident. Most causes of loss are covered because coverage is given on an all-risk basis.Advantages and disadvantages
- Advantages
- All-risk underwriting is used to underwrite policies.
- Pieces can be found all over the world.
- It's simple to acquire an online quote right away.
- Cons
- You won't be able to file a claim online.
- Appraisals are necessary for anything worth more than $5,000.
Overview
Accidents can happen if you wear exquisite jewelry every day. For accidental coverage, we offer GemShield since policies are underwritten on an all-risk basis and cover your belongings against most causes of loss, including theft and disappearance. It also contributes to the expense of maintenance and replacement. Berkley Asset Protection, a Berkley National Insurance Company division, underwrites GemShield's insurance. Most insurance costs between 1% and 2% of the item's value, with a $20 minimum premium. The maximum coverage amount is $100,000, with a single jewelry item worth up to $35,000. However, depending on the item and its value, you may be able to obtain larger coverage limits. Deductibles range from zero to one thousand dollars. One thing to remember with GemShield is that appraisals are necessary for all items valued at $5,000 or more, and they must be completed within the last 18 months. You can insure recently purchased jewelry with GemShield, but it must be assessed first. You can acquire a quote from GemShield by going to their website. You can't manage your policy, make changes, or process claims online. If you require assistance, you must email or contact the company between 9 a.m. and 5 p.m., Monday through Friday. until 5 p.m. ESTCOVERAGE THAT IS THE MOST COMPREHENSIVE
Lavalier
Why Did We Pick It?
Most types of jewelry have generous coverage limits with Lavalier, making it a good choice if you have valuable pieces. Additionally, you have the option of working with your jeweler for repairs.Advantages and disadvantages
- Advantages
- There are large coverage limits available.
- It's simple to acquire a quote online.
- All-risk underwriting is used to underwrite policies.
- Cons
- For items worth $5,000 or more, appraisals are required.
- Capabilities for policy management are unclear.
- It's possible that watches won't be protected.
Overview
Because Lavalier offers customizable policies with large coverage limits, we identified them as the best jewelry insurance provider for complete coverage. Furthermore, insurance covers your items against all risks, including the most typical losses such as theft, damage, and sudden disappearance, wherever in the world. Berkley Asset Protection, which also underwrites GemShield's insurance, underwrites Lavalier's coverage. You can acquire coverage for up to $50,000 in individual products and up to $150,000 in total. Furthermore, the deductible possibilities are extremely versatile, ranging from $0 to $25,000. Premiums often range from 1% to 2% of the item's worth. The individualized claim method used by Lavalier stands out. If you lose an item, you can have it repaired or replaced by your jeweler or utilize a jeweler from Lavalier's network. You may get a quote from Lavalier quickly and easily using the online rate generator. A policy can also be purchased on the internet. Remember that appraisals are required for things worth more than $5,000. Additionally, watches that are insured individually may not be covered.BEST FOR PROCESSING CLAIMS
Personal Jewelry Insurance from JIBNA
Why Did We Pick It?
JIBNA is known for its quick and efficient claim processing. The organization takes pride in paying out claims quickly and fairly, with repairs, replacements, or cash payment options.Advantages and disadvantages
- Advantages
- For most forms of jewelry, all-risk coverage is available.
- Competitive premiums
- Handling of claims on an individual basis
- Cons
- There is a scarcity of policy information available online.
- You must deal with an agent to obtain a quote and purchase coverage.
- Appraisals are necessary.
Overview
Our top option for the best claims handling is JIBNA, which stands for Jewelry Insurance Brokerage of North America. JIBNA is committed to providing rapid, fair, and customized claims service, allowing clients to have damaged jewelry repaired or replaced or receive a cash payout for the item's full value (less a deductible) at the time of loss. Your jewelry is covered against most causes of loss because JIBNA's jewelry insurance policies are underwritten on an all-risk basis. With a $50 minimum premium, policies are reasonably priced. Additionally, the company screens jewelry appraisals and calculates value using unique tools, ensuring that you have just the proper quantity of coverage. While JIBNA excels at resolving claims, the company lacks some key elements. To obtain a quote, acquire a policy, and file claims, you must interact with an agent. In addition, there is no online customer portal through which you can manage your insurance. Note that regardless of the item's value, JIBNA demands an assessment to acquire insurance. Because the company doesn't provide market value increase coverage, you'll need to reappraise your items yearly to ensure you're always covered.The Final Word
In the jewelry insurance market, there are several major participants. Based on our in-depth analysis, we discovered that Jewelers Mutual is the best overall provider. Your items are covered from most risks, even while traveling, thanks to comprehensive coverage with variable insurance limits and deductibles. We also enjoy that Jewelers Mutual has over a century of experience in the business and is supported by major jewelry companies.Insurance Companies for Jewelry Comparison
When evaluating jewelry insurance companies, consider factors such as the company's reputation, client reviews, and the time the provider has been in operation. Here are some other things to think about: The premium is the amount of money you pay on a monthly or annual basis to maintain the effectiveness of your insurance. Most jewelry insurance policies cost between 1% and 2% of the item's worth. However, this might vary depending on the insurance company and other considerations such as the type of jewelry and how it's stored. When you file an insurance claim, you usually have to pay a deductible out of cash. On the other hand, some insurance firms offer policies with no or low deductibles. Restrictions of coverage: Each insurance company has its coverage limits. Make certain that the business you choose fully covers the value of your valuables. If you own a $250,000 one-of-a-kind watch, you don't want to choose a company that only covers $100,000 in jewelry. Some insurance companies, but not all, need appraisals before you may get coverage. Check if the company you're considering requires one when it's due and if any additional photos or receipts are needed. This is crucial to understand before you suffer a loss. Exclusions: Each carrier will have its own set of exclusions, and it's crucial to be aware of them. For example, if you want coverage for loose stones or bent ring prongs, check for insurance firms that offer such coverage. If you plan on adding more items to your policy in the future, you'll want to choose the provider with the fewest exclusions.What Is A Jewelry Insurance and How Does It Work?
Jewelry insurance is available as a standalone or scheduled floater on your homeowner's insurance policy. In the event of theft, accidental loss, or inexplicable disappearance, a jewelry insurance policy should cover the full value of your jewels. After you've reached your deductible, the insurance company pays their half to replace or repair your jewelry to the same standards and quality as the original item.How much does it cost to insure jewelry?
An insurance policy to cover a $10,000 wedding ring, for example, could cost between $100 and $200 each year. Your rate, however, may vary depending on your chosen insurance provider, coverage limits, deductible, and where you keep your jewels.What Does Jewelry Insurance Provide Coverage For?
Jewelry insurance policies vary in coverage, although they are usually pretty extensive. Damage, disappearance, loss, and theft are all covered by most providers. Some companies offer all-risk coverage, which means that your jewelry is protected against any occurrence that isn't specifically excluded from the policy. Remember that jewelry insurance usually excludes damage caused by normal wear and tear and malicious acts.Methodology
We compared 15 jewelry insurance providers and property insurance firms offering jewelry insurance endorsements to identify the top jewelry insurance companies. We scrutinized each company's premiums, coverage limits, deductible options, areas of availability, and customer reviews. We also looked at how easy it was to receive a quote and contact an agent, as well as the claim filing process and appraisal standards for all carriers.