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.
The personal property section in your homeowner's or renter's policy will cover most jewelry, but it may be inadequate to protect certain pieces. GEICO knows that some jewelry owners and wearers need more 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, it costs between 1-2% of a piece's total value per year to cover.
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. 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 policy will cover other types such as theft or disappearances. This is very important because most losses are in 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. You enter your ZIP Code and the estimated value for your ring, and then choose between $0 and $1000 as your deductible.
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 pay your monthly or annual premium.
Lavalier
In order to suit your coverage requirements and risk tolerance, you may choose from a range of jewelry insurance policies with limits between $35,000 and $100,000. You can also cover jewelry that is less than 18 month old, or has a detailed sale receipt.
Also, you can select a replacement only policy which will either repair or replace the jewelry with a similar item. People who don't wish to undergo an appraisal, or who have jewelry of low value may prefer the replacement-only policy.
In addition to your homeowners insurance, you can opt to purchase an independent policy that provides jewelry insurance. 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.