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.
In most cases, jewelry is covered under your personal property policy. This includes clothes, furniture and much more. However, it may not cover certain pieces. GEICO understands that certain jewelry wearers and owners need 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.
Most policies for homeowners or renters cover jewelry loss and damage up to a specified limit. This ranges from $1,000 to $5,000. This may not be sufficient to cover you in the event of a catastrophe, such as losing your jewelry during a flood or an earthquake.
The best option to avoid paying out of pocket to replace jewelry is by investing in a policy that covers similar items. That can mean spending a little more each month, but it could save you a lot in the long run.
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.
Consider a policy that covers jewelry. Learn what it includes, how much it will cost, and how it works. Then, get an insurance quote and choose the right insurer for you.
GemShield
GemShield had the simplest and fastest online application of all providers we tested. Enter the ZIP code of your home and your estimated ring value. Then choose between $0 or $1,000 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. Your premium can be paid monthly 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. Additionally, you can cover jewelry with an appraised value less than 18-months old or with detailed sales receipts.
Choose a replacement policy to have your jewelry repaired or replaced with similar items. These policies are a great option for those that don't want the hassle of an evaluation or who own low-value jewellery.
In addition to your homeowners insurance, you can opt to purchase an independent policy that provides jewelry insurance. 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.