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, backed by Jewelers Mutual Insurance Group, offers flexibility, including the ability to choose your trusted jeweler, file fast and easy claims and travel worldwide.
Some jewelry pieces may need more protection than what is provided by your homeowners or renters policy. 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. In general, the cost of this coverage is about 1-2% per year.
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. But that may not be enough to protect you against a catastrophic event like losing your jewelry in a flood 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. It may cost a bit more per month, but you could end up saving a lot of money in the long-term.
A good policy that covers all types of loss will also cover thefts and disappearances. It is crucial to note that most losses fall under this category.
You should take time to research the type of coverage provided by a special jewelry policy. Also, you need to find out how much they cost and what the claim procedure is. You can then get a quotation and decide on the insurer that is best for you.
GemShield
GemShield was the fastest and easiest to use online of all the providers that we evaluated. Enter the ZIP code of your home and your estimated ring value. Then choose between $0 or $1,000 as your deductible.
BriteCo
BriteCo is a jewelry insurer that offers a financial strength rating of A+ by AM Best. The company also has excellent reviews from sites such as Google or Facebook. You can choose to pay monthly or annually.
Lavalier
A jewelry insurance policy can be customized to meet your needs and risk tolerance. Limits range from $35,000 for each item up until $100,000. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
Also, you can select a replacement only policy which will either repair or replace the jewelry with a similar item. It is better to choose the latter if you don't have high-value jewelry or if you do not want an appraisal.
If you want to add jewelry insurance to your homeowners' policy, you can purchase a separate policy. This type of policy will not affect your homeowners rates, so it's a good option for people who prefer to have separate insurance for their precious jewelry.