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 is provided by Jewelers Mutual Insurance Group. You can choose your own trusted jeweler to repair jewelry, make claims fast and easily, and get worldwide travel protection.
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 knows that some jewelry owners and wearers need more specialized coverage.
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 homeowners and renters policies cover jewelry damage or loss up to a limit, usually $1,000-$5,000. It may not cover you against catastrophic events like losing jewelry in an earthquake or flood.
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. Spending a bit extra each month could mean saving you a lot over time.
A good specialist policy will also cover the other types, such as thefts or mysterious disappearances. It is crucial to note that most losses fall under 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. After you've completed this step, you can get a quote to determine which insurer will be best for you.
GemShield
GemShield was the fastest and easiest to use online of all the providers that we evaluated. You enter your ZIP Code and the estimated value for your ring, and then choose between $0 and $1000 as your deductible.
BriteCo
BriteCo's jewelry insurance is available with a rating of A+ from AM Best, and has received excellent reviews across sites such as Google and Facebook. There are no upfront appraisal or deductibles required. You can pay your monthly or annual premium.
Lavalier
You can select a jewelry policy that offers coverage limits ranging from $30,000 per item up to $100,000, depending on your risk tolerance. In addition, you can insure jewelry with an appraisal less than 18 months old or with a detailed sales receipt for value.
Also, you can select a replacement only policy which will either repair or replace the jewelry with a similar item. This is a good option for those who do not want to go through the hassle of an appraiser or have low-value jewelry.
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.