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 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.
Most homeowners and renters insurance policies cover jewelry as part of the personal property coverage (alongside clothes, furniture, and other items). However, this may not be sufficient to protect some pieces. GEICO recognizes that jewelry owners may need more specialized insurance.
GEICO offers a jewelry insurance policy that will cover the full value of a single piece or your entire collection. There is no need for an appraisal up front and there's no deductible. This coverage is usually priced at 1-2% of an item's value.
Most homeowner and renters insurance policies cover damage or loss of jewelry up to an amount, which is typically $1,000-$5,000. However, this may not provide enough protection against a catastrophic loss of jewelry due to a natural disaster 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. 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. After you've completed this step, you can get a quote to determine which insurer will be best for you.
GemShield
GemShield offers the easiest and fastest application online. Enter the ZIP code of your home and your estimated ring value. Then choose between $0 or $1,000 as your deductible.
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 choose to pay monthly or annually.
Lavalier
Depending on your risk tolerance and coverage needs, you can choose a jewelry insurance policy with limits from $35,000 per item to $100,000. Additionally, you can cover jewelry with an appraised value less than 18-months old or with detailed sales receipts.
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.
It is also possible to buy a standalone policy which offers jewelry coverage in addition to the homeowners insurance. 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.