Geico's jewelry insurance is available through the GEICO Insurance Agency and offers peace of heart to customers who own high-end rings or other heirloom pieces. This coverage is provided by Jewelers Mutual Insurance Group. You can choose your own trusted jeweler to repair jewelry, make claims fast and easily, and get worldwide travel protection.
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 realizes that some jewelers and jewelry wearers may require a more specialized policy.
GEICO offers a jewelry insurance policy that will cover the full value of a single piece or your entire collection. There is no need for an appraisal up front and there's no deductible. In general, the cost of this coverage is about 1-2% per year.
Most policies for homeowners or renters cover jewelry loss and damage up to a specified limit. This ranges from $1,000 to $5,000. It may not cover you against catastrophic events like losing jewelry in an earthquake or flood.
A specialized insurance plan that replaces your most valuable jewelry with pieces of comparable value is the best way to avoid paying for it out of your own pocket. This may mean paying a little bit more every month, but in the end you will save a great deal.
A good policy that covers all types of loss will also cover thefts and disappearances. This is critical, since the majority of losses fall into this group.
Take the time to understand the coverage, the cost and the claims process of a jewelry policy. You can then get a quotation and decide on the insurer that is best for you.
GemShield
Out of the providers we reviewed, GemShield has the simplest online application and the fastest processing. You enter your ZIP Code and the estimated value for your ring, and then choose between $0 and $1000 as your deductible.
BriteCo
BriteCo is a jewelry insurer that offers a financial strength rating of A+ by AM Best. The company also has excellent reviews from sites such as Google or Facebook. You can pay for your monthly premium 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. In addition, you can insure jewelry with an appraisal less than 18 months old or with a detailed sales receipt for value.
You can choose a policy that only covers replacements, which will replace or repair your jewelry with an item of comparable value. These policies are a great option for those that don't want the hassle of an evaluation or who own low-value jewellery.
A stand-alone insurance policy can be purchased to cover jewelry in addition your homeowners policy. 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.