Have you recently become the proud new owner of a beautiful piece of jewelry? Perhaps it’s a family heirloom, an expensive watch, or a stunning new engagement ring. No matter the case, along with the excitement, you’re probably feeling a little bit nervous. What if you lose it, break it, or it gets stolen?
While a homeowners or renters insurance policy offers some protection for jewelry, it’s very limited. If you want full coverage for a wide range of scenarios, a standalone jewelry insurance policy is your best bet. But which insurer provides the best coverage?
We evaluated over a dozen of the largest jewelry insurance companies nationwide, comparing their costs, coverage, customer complaints, accessibility, and more. Here are the five that came out on top.
Best Overall: GemShield
GemShield
Pros & Cons
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Extensive list of covered scenarios
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Fewer customer complaints than expected
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Multiple discounts
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Monthly and annual payment options
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Flexible deductible options from $0 up to $1,000
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Appraisals are required for items valued at $5,000 and up
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Only 24 years in business
Why We Chose It
GemShield ticks almost all the boxes and does so well. The insurer offers competitive premiums, earned an A+ (Superior) financial strength rating from AM Best, and has far fewer customer complaints than are expected for a company of its size, according to the National Association of Insurance Commissioners (NAIC). Further, it covers many situations that could result in claims, such as loss, damage, theft, mysterious disappearance, earthquake, and flood. It also covers jewelry you’ve recently purchased before you’ve had a chance to add it to your policy, as well as jewelry you gift to others (like a fiancé).
What we appreciate most about GemShield is its convenience. In less than a minute, you can get an online quote without providing personal information (no name, email, or phone number required). Then, if you want to move forward, you can complete the application in minutes and get approved electronically. Both monthly and annual payments are available, and you can get discounts for keeping jewelry in a home safe, having a home alarm, or having a central station burglar alarm.
Best for Engagement Rings: BriteCo
BriteCo
Pros & Cons
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Annual coverage increases for inflation and metal/gemstone prices
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Appraisals aren’t required
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Covers up to 125% of your jewelry’s appraised value
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No deductibles mean no out-of-pocket costs for claims
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Essential maintenance and repairs included
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Online quote requires name and contact info
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Many coverage exclusion types
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Just five years in business
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Can’t opt for a deductible to lower premium
Why We Chose It
BriteCo offers a number of stand-out features that helped it make this list, including no deductibles, free preventative maintenance, and coverage for up to 125% of a jewelry item’s appraised replacement value. The preventive maintenance benefit includes services such as prong re-tipping; repairing broken, bent, or worn prongs; and stone tightening—which can be especially helpful for the owners of engagement rings. Plus, premiums were slightly lower than average in our review of engagement and wedding ring quotes.
The insurer also covers a wide range of scenarios worldwide, including theft, burglary, robbery, accidental damage, fire, mysterious disappearance, and catastrophic events. It also will adjust your coverage annually based on increases in inflation and metal or gemstone prices.
When it comes to getting coverage, the process is fairly convenient. You’ll need to provide more information relative to some competitors for a quote, including contact info. But you can sign up and get a policy online. Monthly payments are available and appraisals aren’t required. You can also get a discount if you keep your jewelry in a home safe and use your local jeweler for claims.
Best for No Appraisal: Jewelers Mutual
Jewelers Mutual Insurance Group
Pros & Cons
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Appraisals and receipts aren’t required for coverage
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Monthly payments available
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Online quotes, applications, and claims are available
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Fewer customer complaints than expected
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Flexible deductibles
Why We Chose It
With over 109 years in business, Jewelers Mutual is one of the longest-standing insurers we reviewed. It received an A+ (Superior) financial strength rating from AM Best and has far fewer customer complaints than are expected for a company of its size, according to the NAIC.
Along with being a long-standing company with a good reputation, Jewelers Mutual stands out because it doesn’t typically require policyholders to provide appraisals or receipts to get coverage. That said, they will be required if you file a claim. The company also offers competitive pricing, several discount options, automatic value adjustments, worldwide coverage, and coverage that can be transferred to another person (like a fiancé) if a piece of jewelry is given away as a gift.
Note that if you’re comparing providers, Geico jewelry insurance is actually provided by Jewelers Mutual.
Best for Discounts: Lavalier
Lavalier
Pros & Cons
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Many discounts available
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Very few consumer complaints
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Comprehensive coverage
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Deductibles range from $0 to $25,000
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Appraisal required for items valued over $5,000
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Can’t start claims online
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No monthly premiums
Why We Chose It
Lavalier made our list thanks in part to the long list of discounts available with its jewelry insurance policies. You can save on your premium if you have a home alarm; keep your jewelry in a home safe, bank vault, or safe deposit box; or if you choose a higher deductible. You can also potentially save if you have a gemstone grading report from AGS, GIA, GSI, or Forevermark.
Plus, Lavalier offers a convenient quote and application process. The company doesn’t require contact info for quotes and you can apply online in minutes. Jewelry policies are “all-risk,” meaning that situations are covered unless explicitly excluded in your contract. You also won’t need an appraisal or receipt for items unless they’re valued over $5,000. The company had one of the lowest average complaint indexes with the NAIC (0.06), which means customers filed very few complaints over the last three years relative to other companies. It also earned an A+ (Superior) financial strength rating from AM Best.
Best for High-Net-Worth Families: Chubb
Chubb
Pros & Cons
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Appraisals aren’t required for items valued under $100,000
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Start claims online
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140 years in business
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Discount for bank vault storage
Why We Chose It
Chubb offers jewelry insurance that can be a great fit for high-net-worth families because appraisals aren’t required for individual jewelry pieces valued below $100,000. Instead, the company only asks for a detailed description and estimated value, which can make getting coverage very convenient. You can also opt to protect your entire collection with blanket coverage or can itemize each jewelry piece.
Other perks? Chubb’s coverage is available worldwide, claim payments can be issued in as little as 48 hours, and the company reimburses 100% of the agreed value as a cash settlement. Further, the company has been around for 140 years, has fewer complaints than expected for an insurer of its size, and has an A+ (Superior) financial strength rating with AM Best.
Final Verdict
When shopping for insurance of any kind, it’s a good idea to compare a few providers. They can vary not only in the prices they offer, but in their coverage levels, the quality of their service, their payment options, and more.
While all of the above insurers are worth considering, one may be better than another depending on your situation and preferences. For example, if you value a company that freely provides quotes (no contact info required), start with GemShield, Jewelers Mutual, and Lavalier. BriteCo offers robust preventive maintenance and annually evaluates and adjusts your coverage when necessary. On the other hand, Jewelers Mutual and Chubb may appeal if you would like to get coverage without an appraisal. And if you have multiple high-value pieces to insure, contact Chubb.
In short, review the pros and cons and reach out to at least a few insurers to understand which will best suit your situation.
How Much Is Jewelry Insurance?
The annual cost of jewelry insurance is typically in the ballpark of 1% to 2% of the jewelry’s value. For example, if you have an engagement ring that’s worth $3,000, your policy would likely cost somewhere between $30 and $60 per year. Your exact costs will vary depending on factors such as where you live, your deductible (if any), and the insurer you choose. To estimate your costs, you can request quotes from various providers online—typically, you’ll get them within a few minutes.
Does Homeowners Insurance Cover Lost Jewelry?
Homeowners insurance doesn’t cover mysterious disappearance, or jewelry that’s lost. Other types of losses are covered, such as theft and burglary. But if you lose your ring while on vacation, for example, you might not be covered. For comprehensive coverage that will cover most loss scenarios, you’ll need a dedicated jewelry insurance policy.
How to Insure an Engagement Ring
Many companies now offer engagement ring insurance online. You can often get a quote within a few minutes, compare quotes from various providers, and then complete the application process with the provider that offers the best deal. When comparing insurers, it’s important to ask the right questions such as what’s covered, what the coverage limits are, and if you can pay for coverage monthly.
Does Renters Insurance or Homeowners Insurance Cover Jewelry?
Standard renters and homeowners insurance policies typically cover jewelry in a limited capacity—often up to only $1,000 to $2,500. A standalone jewelry or engagement ring insurance policy provides increased coverage for your precious pieces, up to and beyond what they’re actually worth. Plus, you’re protected against loss and damage in more situations.
Mysterious disappearances and claims tied to earthquakes or floods are often excluded from home and renters policies. Those policies also lack some of the helpful features offered by standalone jewelry insurance, such as flexible deductibles, being able to use your jeweler for repairs, and adding coverage for a person at another address (like a fiancé).
Methodology
To find the best jewelry insurance companies, we compared costs, accessibility, customer satisfaction, coverage, and financial stability of over 15 of the largest jewelry insurers nationwide. To gain an understanding of each insurer’s costs, we researched their annual premiums, payment options, and discounts. For accessibility, we looked into the online quote and application process, appraisal requirements, whether a membership is required to get coverage, how long it took to get a quote, and whether contact information is required.
We also checked each company’s NAIC’s complaint index data over the past three years to evaluate customer satisfaction. Then, we checked how long each insurer has been in business and its financial strength rating with AM Best. Lastly, we evaluated the fine print of what each insurer’s jewelry insurance coverage includes and excludes.