Geico Jewelry Insurance, offered through its GEICO Insurance Agency provides customers with high-end jewelry and other heirlooms peace of mind. 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.
In most cases, jewelry is covered under your personal property policy. This includes clothes, furniture and much more. However, it may not cover certain pieces. GEICO realizes that some jewelers and jewelry wearers may require a more specialized policy.
GEICO's jewelry insurance is a separate policy that covers the entire value of a piece or your whole collection, with no deductible and up-front appraisal needed. 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. But that may not be enough to protect you against a catastrophic event like losing your jewelry in a flood or earthquake.
The best way to prevent having to pay for jewelry out-of-pocket is to purchase a special insurance policy. This will allow you to replace your most expensive pieces with items of similar value. 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.
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 code, the estimated value of your jewelry and select a deductible from $0 to $1,000.
BriteCo
BriteCo provides jewelry insurance that does not require a deductible or an appraisal up front. It has an A+ rating for financial strength from AM Best as well as excellent reviews posted on Google, Facebook and other sites. You can pay your premium monthly or annually.
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. In addition, you can insure jewelry with an appraisal less than 18 months old or with a detailed sales receipt for value.
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.
In addition to your homeowners insurance, you can opt to purchase an independent policy that provides jewelry insurance. 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.