Geico Jewelry Insurance, offered through its GEICO Insurance Agency provides customers with high-end jewelry and other heirlooms peace of mind. This coverage from Jewelers Mutual Insurance Group offers flexibility when it comes to choosing your own trusted jewelry repairer, filing claims quickly, travel protection worldwide, and more.
Homeowners and renters policies typically cover jewelry under the personal property section of your policy (along with clothes, furniture and more), but that may not be enough to protect certain pieces. GEICO is aware that some jewelry owners or wearers require more specialized protection.
GEICO’s jewelry coverage is a separate, standalone policy that covers all the value of a jewel or your entire collection. You don't need to pay a deductible or get an appraisal upfront. Generally, it costs between 1-2% of a piece's total value per year to cover.
Most renters and homeowners policies cover loss or damage to jewelry, up until a certain amount. This limit is usually $1,000-$5,000. It may not cover you against catastrophic events like losing jewelry in an earthquake or flood.
The best option to avoid paying out of pocket to replace jewelry is by investing in a policy that covers similar items. You may have to spend a little extra every month but it will pay off in the end.
A good specialist policy will also cover the other types, such as thefts or mysterious disappearances. This is critical, since the majority of losses fall into this group.
If you're considering a specialized jewelry policy, take the time to learn what kind of coverage it provides, how much it costs and how the claim process works. Then, get an insurance quote and choose the right insurer for you.
GemShield
GemShield was the fastest and easiest to use online of all the providers that we evaluated. Enter your ZIP code, the estimated value of your jewelry and select a deductible from $0 to $1,000.
BriteCo
BriteCo provides jewelry insurance that does not require a deductible or an appraisal up front. It has an A+ rating for financial strength from AM Best as well as excellent reviews posted on Google, Facebook and other sites. Your premium can be paid monthly or annually.
Lavalier
You can select a jewelry policy that offers coverage limits ranging from $30,000 per item up to $100,000, depending on your risk tolerance. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
You can also opt for replacement-only policies that will repair or replace your jewelry with similar-value items. It is better to choose the latter if you don't have high-value jewelry or if you do not want an appraisal.
In addition to your homeowners insurance, you can opt to purchase an independent policy that provides jewelry insurance. This policy does not affect the homeowner's rates. It is therefore a good choice for people who would like to separate their insurance for precious jewelry.