Geico jewelry coverage, available via its GEICO Insurance Agency offers customers peace of mind when it comes to high-end rings, heirlooms, and other items. This coverage, backed by Jewelers Mutual Insurance Group, offers flexibility, including the ability to choose your trusted jeweler, file fast and easy claims and travel worldwide.
Some jewelry pieces may need more protection than what is provided by your homeowners or renters policy. GEICO is aware that some jewelry owners or wearers require more specialized protection.
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. In general, the cost of this coverage is about 1-2% per 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. It may not cover you against catastrophic events like losing jewelry in an earthquake or flood.
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. You may have to spend a little extra every month but it will pay off in the end.
A good policy that covers all types of loss will also cover thefts and 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
GemShield was the fastest and easiest to use online of all the providers that we evaluated. Enter your ZIP code, the estimated value of your jewelry and select a deductible from $0 to $1,000.
BriteCo
With an A+ financial strength rating from AM Best and excellent reviews on sites like Google and Facebook, BriteCo offers jewelry insurance with no deductible or up-front appraisal required. 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. It is better to choose the latter if you don't have high-value jewelry or if you do not want an appraisal.
It is also possible to buy a standalone policy which offers jewelry coverage in addition to the homeowners 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.