Jewellery may be covered by homeowner’s and renter’s insurance, although coverage is typically inadequate because jewelry is easily stolen while the limit range is $1,500. A separate jewelry insurance policy can protect you financially if your jewelry is destroyed or stolen. Although jewelry insurance does not cover sentimental value, it can give financial protection.
To assist you in making a decision, we evaluated the nation’s largest jewelry insurers. We analyzed costs, coverage, exclusions, plan advantages, the ease of obtaining estimates and applying, and the necessity of assessments. The best jewelry insurer for you will depend on your items and coverage needs, but this list is an excellent place to start.
List of Contents
Gemshield

Best Overall
Why We Selected It
GemShield provides one of the most straightforward application and quote processes. You can speak with an agent in less than a minute, receive a quote if you require assistance, or obtain coverage within minutes if you apply online. Online claim and policy modification requests are possible. For items over $5,000, an appraisal is required. Merchandise under $5,000 may be returned with the original receipt.
GemShield provides nationwide protection with few exclusions, such as intentional loss or damage, manufacturing defects, and war or nuclear hazards. Even new jewelry is covered for 30 days before you add it to your policy. In addition, GemShield has an A+ (High) AM Best rating for financial strength, demonstrating outstanding claims-paying dependability. According to the National Association of Insurance Commissioners, the company has received significantly fewer complaints than anticipated during the past three years (NAIC).
Based on estimates for wedding rings and watches, GemShield’s prices were reasonable but not the lowest. However, having a burglar or fire alarm monitored by a central station or storing your jewelry in a safe can earn you savings. The maximum amount for GemShield insurance is $35,000 per item and $100,000 per coverage.
Pros
✔ J.D. Power customer satisfaction scores are the highest.
✔ Excellent average NCQA plan rating
✔ Members have access to complimentary mental health resources.
Cons
✘ Plans are marketed in eight states and the District of Columbia.
✘ Limited plan types
Lavalier

Best for Savings
Why We Selected It
Lavalier offered reasonable prices and a variety of incentives, including those for possessing a home safe, home alarm, or gemstone grading report. Additionally, you can save money by putting your jewelry in a bank vault or safety deposit box. Increasing your deductible might reduce your rate, the deductibles for Lavalier range from $0 to $25,000. The unanticipated jewelry endorsement from Lavalier can cheaply cover various items under $1,000.
Lavalier’s quote tool requires no personal data. Applications submitted online are acceptable, but online claims are not. Items exceeding $5,000 require an appraisal, and the single-item and policy limits are $50,000 and $150,000, respectively. Lavalier watches are subject to underwriting scrutiny and may not be eligible for coverage under a standalone scheduled plan.
The AM Best financial strength grade for Lavalier’s underwriter is A+ (High), suggesting superior claim payment dependability. The business has received significantly fewer consumer complaints in the previous three years than anticipated. Lavalier excludes willful loss or damage, manufacturer’s flaws, nuclear peril, and conflict.
Pros
✔ J.D. Power customer satisfaction scores are the highest.
✔ Excellent average NCQA plan rating
✔ Members have access to complimentary mental health resources.
Cons
✘ Plans are marketed in eight states and the District of Columbia.
✘ Limited plan types
Wax

Best for Cheapest Premiums
Why We Selected It
Wax had the lowest premiums for watches and engagement rings. The company’s Chubb coverage is a good alternative for jewelry and collectibles insurance. Appraisals are only needed for products exceeding $100,000. Once you’re a policyholder, download the Wax Insurance app and take a picture of each new jewelry piece you want to add. The Wax app lets you get a quotation and pay for additional coverage in minutes. In some states, you can borrow against your collection.
The company covers loss, fire, theft, earthquake, flood, and breakage globally. Should the market value rise, you’ll be covered for up to 150% of each piece’s worth, up to the policy limit, if you insure multiple pieces. However, the platform is for something other than shopping. You must provide your contact information to receive a quote by email or download the Wax app.
Wax Insurance is underwritten by 140-year-old Chubb, with an AM Best A+ (Superior) financial strength rating. The company’s three-year complaint rate was lower than predicted due to its market dominance.
Pros
✔ J.D. Power customer satisfaction scores are the highest.
✔ Excellent average NCQA plan rating
✔ Members have access to complimentary mental health resources.
Cons
✘ Plans are marketed in eight states and the District of Columbia.
✘ Limited plan types
BriteCo

Best for Wedding Band Insurance
Why We Selected It
BriteCo has excellent customer evaluations on Google and Facebook and has not received any NAIC complaints in two years, indicating few customer satisfaction issues.
Only prior damage, wear and tear, mechanical breakdown, and voluntary separation are excluded from BriteCo’s engagement ring coverage. The corporation covers some preventive maintenance. You’re also insured for up to 125% of your jewelry’s initial assessed value, which is helpful if your engagement ring’s worth rises. BriteCo’s engagement ring covering is very inexpensive. With discounts for jewelry storage, the company has the second lowest premium among the insurers we studied.
For premiums exceeding $100,000, BriteCo requires a home safe and central station burglar alarm. However, you can insure up to $150,000 per item and $350,000 per policy. Unfortunately, BriteCo’s quote procedure takes personal information and needs to be more streamlined than others. However, you can apply and initiate claims online.
BriteCo insurance is backed by an insurer with an AM Best A+ (Exceptional) financial strength rating, indicating superior claims-paying ability.
Pros
✔ J.D. Power customer satisfaction scores are the highest.
✔ Excellent average NCQA plan rating
✔ Members have access to complimentary mental health resources.
Cons
✘ Plans are marketed in eight states and the District of Columbia.
✘ Limited plan types
Jewelers Mutual Insurance Group

Best for No Evaluations
Why We Selected It
Jewelers Mutual has been around for almost a century and has exceptional customer service evaluations on Trustpilot, significantly fewer complaints than expected with the NAIC over the previous three years given its size, and an A+ (Superior) financial strength rating with AM Best.2
The insurer’s online quote and application process made it our top watch insurance option. You can acquire a quote without providing personal information or an evaluation, but you may pay a higher premium for this convenience. Jewelers Mutual will lower your premium if you have a home security system.
Jewelers Mutual covers strange disappearances and international trips. The jeweler of your choice can replace it. However, Jewelers Mutual does not cover critter damage. If you’re not wearing your watch or jewelry, keep it safe from pets and bugs.
Pros
✔ J.D. Power customer satisfaction scores are the highest.
✔ Excellent average NCQA plan rating
✔ Members have access to complimentary mental health resources.
Cons
✘ Plans are marketed in eight states and the District of Columbia.
✘ Limited plan types
FAQs
When choosing a jewelry insurance company, you should consider factors such as coverage options, premiums, deductibles, policy limits, claims process, and customer service. You should also check if the company has a good reputation and reviews from customers. It is important to choose a company that offers the right coverage for your specific jewelry pieces at an affordable price.
Jewelry insurance works by providing coverage for your jewelry items against risks such as loss, theft, damage, and other perils. You pay a premium to the insurance company, and in return, they provide you with coverage up to a certain limit specified in your policy. If your jewelry gets lost, stolen, or damaged, you can file a claim with your insurance company and receive compensation for the value of your jewelry.
The common types of jewelry insurance coverage are replacement cost coverage, actual cash value coverage, and agreed value coverage. Replacement cost coverage provides compensation for the full cost of replacing your jewelry item with a similar one. Actual cash value coverage provides compensation for the current value of your jewelry item, which takes into account depreciation. Agreed value coverage provides compensation for the value of your jewelry item as agreed upon by you and your insurance company.
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Read more: Insurances
Source: Investopedia