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.
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 is aware that some jewelry owners or wearers require more specialized protection.
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 homeowners and renters policies cover jewelry damage or loss up to a limit, usually $1,000-$5,000. It may not cover you against catastrophic events like losing jewelry in an earthquake 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. 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 critical, since the majority of losses fall into this group.
Consider a policy that covers jewelry. Learn what it includes, how much it will cost, and how it works. Then, get an insurance quote and choose the right insurer 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 pay your premium monthly or annually.
Lavalier
You can select a jewelry policy that offers coverage limits ranging from $30,000 per item up to $100,000, depending on your risk tolerance. Additionally, you can cover jewelry with an appraised value less than 18-months old or with detailed sales receipts.
You can choose a policy that only covers replacements, which will replace or repair your jewelry with an item of comparable value. This is a good option for those who do not want to go through the hassle of an appraiser or have low-value jewelry.
If you want to add jewelry insurance to your homeowners' policy, you can purchase a separate policy. This policy type will not impact your homeowners insurance rates. Therefore, it is an excellent option for those who wish to insure their jewelry separately.