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 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.
Most homeowners and renters insurance policies cover jewelry as part of the personal property coverage (alongside clothes, furniture, and other items). However, this may not be sufficient to protect some pieces. GEICO realizes that some jewelers and jewelry wearers may require a more specialized policy.
GEICO's jewelry insurance is a separate policy that covers the entire value of a piece or your whole collection, with no deductible and up-front appraisal needed. This coverage is usually priced at 1-2% of an item's value.
Most renters and homeowners policies cover loss or damage to jewelry, up until a certain amount. This limit is usually $1,000-$5,000. You may still not be protected against a catastrophic event such as losing your jewellery in a flooding or earthquake.
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. 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.
When you are considering a jewelry insurance policy, it's important to know what coverage is provided, how much the policy costs, and how the claims process works. It's now time to compare quotes and find the best insurer for your needs.
GemShield
GemShield is the provider with the easiest online application. It also has the fastest processing. Enter the ZIP code of your home and your estimated ring value. Then choose between $0 or $1,000 as your deductible.
BriteCo
BriteCo's jewelry insurance is available with a rating of A+ from AM Best, and has received excellent reviews across sites such as Google and Facebook. There are no upfront appraisal or deductibles required. You can pay for your monthly premium or annually.
Lavalier
Depending on your risk tolerance and coverage needs, you can choose a jewelry insurance policy with limits from $35,000 per item to $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. People who don't wish to undergo an appraisal, or who have jewelry of low value may prefer the replacement-only policy.
A stand-alone insurance policy can be purchased to cover jewelry in addition your homeowners policy. This policy type will not impact your homeowners insurance rates. Therefore, it is an excellent option for those who wish to insure their jewelry separately.