Geico jewelry protection, which is offered by its GEICO Insurance Agency to customers with heirloom rings and other high-end items, offers a solid peace ofmind. 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.
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's Jewelry Insurance is a separate insurance policy which covers the value of a specific piece, or even your entire collection. It does not require a deductible nor an upfront appraisal. Generally, it costs between 1-2% of a piece's total value per year to cover.
Most renters and homeowners policies cover loss or damage to jewelry, up until a certain amount. This limit is usually $1,000-$5,000. It may not cover you against catastrophic events like losing jewelry in an earthquake 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. That can mean spending a little more each month, but it could save you a lot in the long run.
A good policy that covers all types of loss will also cover thefts and disappearances. This is very important because most losses are in this category.
Take the time to understand the coverage, the cost and the claims process of a jewelry policy. Then, get an insurance quote and choose the right insurer for you.
GemShield
GemShield is the provider with the easiest online application. It also has the fastest processing. You simply enter your ZIP code and the estimated value of your ring and choose a deductible between $0 and $1,000.
BriteCo
BriteCo provides jewelry insurance that does not require a deductible or an appraisal up front. It has an A+ rating for financial strength from AM Best as well as excellent reviews posted on Google, Facebook and other sites. You can choose to pay 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. 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. This is a good option for those who do not want to go through the hassle of an appraiser or have low-value jewelry.
If you want to add jewelry insurance to your homeowners' policy, you can purchase a separate policy. This policy won't affect your homeowner rates so it is a great option for those who want to insure their jewelry separately.