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 from Jewelers Mutual Insurance Group offers flexibility when it comes to choosing your own trusted jewelry repairer, filing claims quickly, travel protection worldwide, and more.
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. Generally, this coverage costs about 1-2% of the item's total value to insure each year.
Most policies for homeowners or renters cover jewelry loss and damage up to a specified limit. This ranges from $1,000 to $5,000. It may not cover you against catastrophic events like losing jewelry in an earthquake or flood.
The best solution to not having to pay cash for your jewelry, is to buy a special policy. It will replace the most valuable items with comparable ones. You may have to spend a little extra every month but it will pay off in the end.
A good specialized policy will also provide coverage for the other types of loss, such as theft or mysterious disappearances. This is very important because most losses are in this category.
If you're considering a specialized jewelry policy, take the time to learn what kind of coverage it provides, how much it costs and how the claim process works. Once you've done that, it's time to get a quote and decide which insurer is right for you.
GemShield
Out of the providers we reviewed, GemShield has the simplest online application and 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, with its A+ rating by AM Best and positive reviews on Google and Facebook sites, offers jewelry insurance without a deductible. 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. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
You can choose a policy that only covers replacements, which will replace or repair your jewelry with an item of comparable value. The latter can be a better choice for people who don't want to deal with the hassle of an appraisal or those with low-value jewelry.
If you want to add jewelry insurance to your homeowners' policy, you can purchase a separate policy. 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.