Geico Jewelry Insurance, offered through its GEICO Insurance Agency provides customers with high-end jewelry and other heirlooms peace of mind. This coverage comes from Jewelers Mutual Insurance Group. It offers flexibility to select your own jeweler and file claims quickly and easily, as well as worldwide travel insurance.
Some jewelry pieces may need more protection than what is provided by your homeowners or renters policy. GEICO realizes that some jewelers and jewelry wearers may require a more specialized policy.
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.
Most homeowner and renters insurance policies cover damage or loss of jewelry up to an amount, which is typically $1,000-$5,000. However, this may not provide enough protection against a catastrophic loss of jewelry due to a natural disaster or flood.
The best way to avoid having to pay out of pocket for your jewelry is to invest in a specialized insurance policy that will replace your most valuable pieces with similar-value items. You may have to spend a little extra every month but it will pay off in the end.
A good policy will cover other types such as theft or disappearances. It is crucial to note that most losses fall under this category.
Take the time to understand the coverage, the cost and the claims process of a jewelry policy. After you've completed this step, you can get a quote to determine which insurer will be 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, with its A+ rating by AM Best and positive reviews on Google and Facebook sites, offers jewelry insurance without a deductible. Your premium can be paid monthly or annually.
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. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
You can also opt for replacement-only policies that will repair or replace your jewelry with similar-value items. It is better to choose the latter if you don't have high-value jewelry or if you do not want an appraisal.
A stand-alone insurance policy can be purchased to cover jewelry in addition your homeowners policy. This policy won't affect your homeowner rates so it is a great option for those who want to insure their jewelry separately.