Geico Jewelry Insurance, offered through its GEICO Insurance Agency provides customers with high-end jewelry and other heirlooms peace of mind. This coverage is backed by Jewelers Mutual Insurance Group and offers flexibility in terms of selecting your own trusted jeweler for repairs, filing fast and easy claims, worldwide travel protection 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 understands that certain jewelry wearers and owners need specialized coverage.
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, this coverage costs about 1-2% of the item's total value to insure each year.
The majority of homeowners' and renters' policies will cover damage to jewelry up to a certain limit. This is usually between $1,000-$5,000. This may not be sufficient to cover you in the event of a catastrophe, such as losing your jewelry during a flood or an earthquake.
The best way to prevent having to pay for jewelry out-of-pocket is to purchase a special insurance policy. This will allow you to replace your most expensive pieces with items of similar value. Spending a bit extra each month could mean saving you a lot over time.
A good specialist policy will also cover the other types, such as thefts or mysterious disappearances. It is crucial to note that most losses fall under this category.
You should take time to research the type of coverage provided by a special jewelry policy. Also, you need to find out how much they cost and what the claim procedure is. Once you've done that, it's time to get a quote and decide which insurer is right for you.
GemShield
GemShield offers the easiest and fastest application online. Enter your ZIP and estimated value and choose your deductible amount between $0 to $1000.
BriteCo
With an A+ financial strength rating from AM Best and excellent reviews on sites like Google and Facebook, BriteCo offers jewelry insurance with no deductible or up-front appraisal required. You can choose to pay monthly or annually.
Lavalier
A jewelry insurance policy can be customized to meet your needs and risk tolerance. Limits range from $35,000 for each item up until $100,000. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
If you want to replace your jewelry, you can opt for a replacement-only policy. This will allow the insurer to repair or replace it with items of similar value. The latter can be a better choice for people who don't want to deal with the hassle of an appraisal or those with low-value jewelry.
A stand-alone insurance policy can be purchased to cover jewelry in addition your homeowners policy. This type of policy will not affect your homeowners rates, so it's a good option for people who prefer to have separate insurance for their precious jewelry.