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 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.
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 knows that some jewelry owners and wearers need more 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 renters and homeowners policies cover loss or damage to jewelry, up until a certain amount. This limit is usually $1,000-$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 way to avoid having to pay out of pocket for your jewelry is to invest in a specialized insurance policy that will replace your most valuable pieces with similar-value items. It may cost a bit more per month, but you could end up saving a lot of money in the long-term.
A good specialized policy will also provide coverage for the other types of loss, such as theft or mysterious disappearances. This is important, as most losses fall into this category.
Take the time to understand the coverage, the cost and the claims process of a jewelry policy. After you've completed this step, you can get a quote to determine which insurer will be best for you.
GemShield
GemShield had the simplest and fastest online application of all providers we tested. Enter your ZIP and estimated value and choose your deductible amount between $0 to $1000.
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. You can also cover jewelry that is less than 18 month old, or has a detailed sale receipt.
Choose a replacement policy to have your jewelry repaired or replaced with similar items. 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 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.