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.
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 understands that certain jewelry wearers and owners need specialized coverage.
GEICO jewelry insurance provides coverage for the total value of a particular piece or collection. No deductible is required and no appraisal must be done up front. Generally, this coverage costs about 1-2% of the item's total value to insure each year.
Most homeowner and renters insurance policies cover damage or loss of jewelry up to an amount, which is typically $1,000-$5,000. You may still not be protected against a catastrophic event such as losing your jewellery in a flooding or earthquake.
The best solution to not having to pay cash for your jewelry, is to buy a special policy. It will replace the most valuable items with comparable ones. Spending a bit extra each month could mean saving you a lot over time.
A good specialized policy will also provide coverage for the other types of loss, such as theft or mysterious disappearances. This is vital, since most losses fall in this category.
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
Out of the providers we reviewed, GemShield has the simplest online application and 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, with its A+ rating by AM Best and positive reviews on Google and Facebook sites, offers jewelry insurance without a deductible. You can pay for your monthly premium or annually.
Lavalier
According to your risk tolerance, you can purchase a jewelry coverage policy with a limit of up to $100,000 per item. You can also cover jewelry that is less than 18 month old, or has a detailed sale 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 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.