Your new engagement ring or the emerald necklace you inherited out of your grandmother might not be sufficiently insured in opposition to injury or loss. Householders insurance coverage usually gives some safety for jewellery and different valuables, but it surely’s usually capped at a reasonably low quantity. If you happen to personal a high-value watch or household heirloom, dropping it may very well be each emotionally and financially damaging when you rely solely on your own home insurance coverage for protection.
Thankfully, sure corporations focus on jewellery insurance coverage, and we’ve rounded up the highest choices accessible. To create our listing of the most effective jewellery insurers, we evaluated a number of key components, together with firm fame, common charges, accessible insurance policies, and minimal/ most worth. As a part of our evaluation of firm reputations, we thought-about AM Greatest scores, which measures an organization’s monetary soundness. (See full methodology.)
The 5 greatest jewellery insurance policy of February 2024*
- Greatest general: Jeweler’s Mutual
- Greatest for prime alternative worth: BriteCo
- Greatest low-cost protection: GemShield
- Greatest versatile deductible choices: Lavalier
- Greatest for computerized protection on new gadgets: Chubb
*Final up to date February 12, 2024
The next corporations are well-regarded within the business and supply aggressive charges and appropriate protection for most jewellery house owners. Charges and minimal/most protection necessities are updated as of February 12, 2024, and are topic to vary.
1. Greatest general: Jeweler’s Mutual
About: Jeweler’s Mutual is a highly-rated, financially sound, established insurer that’s been in enterprise since 1913. It provides stand alone jewellery insurance coverage for every type of items.
- Appraisal required: No
- Estimated month-to-month premium for $7,500 girls’s engagement ring: $84-$113, relying on the dimensions of your deductible
- AM Greatest score: A+
- Buyer assist: Jeweler’s Mutual customer support might be reached over the telephone Monday through Thursday between 7 am-7 pm CST, and Fridays between 7 am-6 pm CST. You can too reached them by electronic mail.
Our verdict
Jeweler’s Mutual insures the whole lot from free stones and cufflinks to engagement rings and watches, so it’s an acceptable choice it doesn’t matter what sort of jewellery you’d wish to insure. In contrast to some opponents, it doesn’t have a minimal or most greenback worth for items, and can present as much as 100% of an merchandise’s alternative value if it’s misplaced, stolen, or broken for a lined motive. You may insure as many items as you’d like with this firm and select from versatile deductibles starting from $0 to $5,000.
Whereas Jeweler’s Mutual doesn’t require an appraisal to get protection, you’ll seemingly want one or an in depth receipt when you file a declare. There’s no in-house appraisal service with this firm, so that you’ll must discover a trusted appraiser independently. Jeweler’s Mutual recommends getting your jewellery appraised each two years, but it surely additionally provides an ‘Insurance Value Adjustment’ service that may robotically enhance your protection based mostly in your merchandise’s present estimated worth when you’d moderately not submit future value determinations.
2. Greatest for prime alternative worth: BriteCo
About: Based in 2017 by jewellery and insurance coverage specialists, BriteCo is a highly-rated firm providing standalone protection for items valued as much as $150,000 or collections valued as much as $500,000.
- Appraisal required: Sure
- Estimated month-to-month premium for $7,500 girls’s engagement ring: $114
- AM Greatest score: A+
- Buyer assist: Chat with BriteCo on their web site for customer support. You can too attain them by electronic mail
Our verdict
Many jewellery insurers will present protection for as much as 100% of your merchandise’s alternative worth, however BriteCo covers you for as much as 125% of its alternative worth. That is handy since you received’t essentially want to extend your protection over time to align together with your merchandise’s larger worth. And in contrast to some corporations that require you to get your jewellery re-appraised, BriteCo provides free automated valuation will increase every year.
Those that go for a coverage from BriteCo received’t must pay deductibles on most gadgets, both. You merely pay your month-to-month premiums, and your insurance coverage kicks in instantly after a lined occasion—no must pay something out of pocket.
3. Greatest low-cost protection: GemShield
About: GemShield has been providing complete jewellery insurance coverage since its founding in 1997. Policyholders are lined in opposition to loss, injury, theft, sure pure disasters, and extra.
- Appraisal required: For gadgets valued at $5,000 or extra
- Estimated month-to-month premium for $7,500 girls’s engagement ring: $78-$94, relying on the dimensions of your deductible
- AM Greatest score: A+
- Buyer assist: GemShield’s customer support might be reached over the telephone on weekdays between 9 am to five pm ET. You can too contact them through electronic mail.
Our verdict
GemShield provides lower-than-average premiums for its insurance policies, which makes it a sensible selection when you’re in search of cheap jewellery insurance coverage. That stated, it additionally has decrease most protection limits than some opponents—$35,000 per merchandise or $100,000 per assortment, although case-by-case exceptions might apply. For that reason, we’ve deemed it a great choose for single items, however these with very high-value gadgets ought to look elsewhere.
Aside from comparatively reasonably priced protection, GemShield additionally provides computerized protection on new jewellery for as much as 30 days when you’re an current buyer, and also you profit from versatile deductibles starting from $0 to $1,000. Choosing a better deductible will end in decrease premiums, however make sure you perceive the potential dangers of that call. As an illustration, when you go for a $1,000 deductible and your jewellery is misplaced, stolen, or broken, you’ll must pay out that quantity earlier than your protection kicks in.
4. Greatest versatile deductible choices: Lavalier
About: Based in 2013, Lavalier focuses on reasonably priced jewellery protection and gives versatile deductibles and reductions for its policyholders.
- Appraisal required: For gadgets valued at $5,000 or extra
- Estimated month-to-month premium for $7,500 girls’s engagement ring: $88-$113, relying on the dimensions of your deductible
- AM Greatest score: A+
- Buyer assist: Lavalier customer support might be reached over the telephone or electronic mail
Our verdict
Some jewellery insurers supply restricted deductibles, however this isn’t the case with Lavalier. Deductibles vary from $0 to $25,000, so you may customise your coverage based mostly in your preferences and threat tolerance. Your deductible choices will differ based mostly on the worth of your merchandise or assortment, although choosing a better deductible will scale back your protection prices. It additionally provides reductions for issues like storing your jewellery in a protected or having a house alarm system, which might additional decrease the price of your coverage.
Lavalier provides protection as much as $50,000 per merchandise and $150,000 per assortment, although some exceptions might apply. These comparatively beneficiant protection limits make it an acceptable choice for a lot of jewellery house owners.
5. Greatest for computerized protection on new gadgets: Chubb
About: Chubb was initially established as an underwriting firm in 1882. Right this moment, it provides a number of insurance coverage coverages for people and households, together with jewellery insurance coverage.
- Appraisal required: For gadgets valued at $100,000 or extra
- Estimated month-to-month premium for $7,500 girls’s engagement ring: On-line quotes not accessible.
- AM Greatest score: A++
- Buyer assist: Chubb’s customer support might be reached over the telephone or through emai
Our verdict
Whereas sure corporations supply computerized protection for brand spanking new gadgets in your jewellery assortment, Chubb’s providing outshines opponents. This insurer offers current policyholders 25% of itemized protection on newly acquired items for as much as 90 days, supplying you with ample time to make sure your total assortment is correctly protected.
Moreover its beneficiant computerized protection providing, Chubb additionally pays out as much as 150% of a lined merchandise’s alternative value worth if its present exceeds your protection quantity. This insurer additionally provides versatile appraisal necessities, solely requiring value determinations for gadgets valued at over $100,000. Whereas this flexibility could also be helpful, we nonetheless extremely suggest getting your jewellery appraised to make sure you get enough insurance coverage.
What to learn about jewellery insurance coverage
Jewellery insurance coverage can reimburse you if a lined merchandise is misplaced, broken, or stolen, and it sometimes gives a better protection restrict than a typical householders coverage. Most protection limits differ based mostly on the corporate you select.
Relying on the insurer, you could want your jewellery appraised to assist decide its worth. Some jewellery insurance coverage corporations supply in-house appraisers, which might be handy. Even when a devoted appraisal service isn’t accessible, your insurer can seemingly suggest a good appraiser.
The price of your protection will differ relying on the worth of the piece (or items) you’re insuring. As an illustration, you’ll seemingly pay barely larger premiums to insure a $25,000 ring than you’ll with a $10,000 ring. A deductible might apply as effectively, so it’s vital to grasp what you’ll must pay earlier than your insurance coverage kicks in when you’re searching for a coverage.
How to decide on jewellery insurance coverage
Evaluating jewellery insurance coverage corporations is crucial, as insurance policies, charges, and protection minimums and maximums differ. Right here’s what to contemplate as you’re researching potential insurers:
- Firm fame: You need to make sure you’re working with a good firm that may pay out if it’s worthwhile to file a declare. Overview every firm’s AM Greatest score and previous buyer suggestions to evaluate whether or not it’s reliable.
- Premiums: Many jewellery insurers supply on-line quotes that may supply perception into your premiums. The quote course of is often fast, and since there’s no customary value for jewellery insurance coverage, it’s price getting a number of quotes as you examine choices.
- Deductibles: You’ll need to think about the deductibles every firm provides. Many supply a spread, with larger deductibles sometimes leading to decrease premiums.
- Protection minimums and maximums: Some corporations might have minimal or most greenback values for protection. As an illustration, some solely insure gadgets valued at over $5,000. Others might have per-item or per-collection most limits.
- Appraisal necessities: Many jewellery insurance coverage corporations require value determinations. Some supply in-house companies, whereas others don’t. Look into appraisal necessities as you store for protection.
- Exclusions: Exclusions additionally differ by insurer. As an illustration, some might cowl injury on account of common put on and tear, whereas others received’t. Studying the superb print will aid you decide which exclusions apply.
Ceaselessly requested questions
Is jewellery insurance coverage price it?
Jewellery insurance coverage might be price the associated fee when you personal significant, costly jewellery. A typical householders coverage might not cowl the complete alternative value of your rings, necklaces, or watches, and jewellery insurance coverage can fill this hole.
How a lot does jewellery insurance coverage value?
Many jewellery insurance coverage insurance policies value round 1%-2% of an merchandise’s complete worth, although premiums differ by firm. As an illustration, it might value round $75-$120 yearly to insure a $7,500 engagement ring.
How usually ought to you have got jewellery appraised for insurance coverage?
You’ll seemingly need to have your jewellery appraised each two or three years because it fluctuates in worth over time. Appraisal necessities and timeframes might differ by insurer.
Our methodology
The Fortune RecommendsTM editorial workforce in contrast the highest jewellery insurers available on the market that will help you discover the absolute best protection. We thought-about key information factors like the next to decide on the most effective jewellery insurance coverage corporations.
- Firm energy: We researched every firm’s monetary energy and fame in our analysis, reviewing their present AM Greatest scores and NAIC Buyer Criticism Scores.
- Common charges: As a part of our analysis course of, we obtained quotes from every jewellery insurance coverage firm. All the businesses on our listing have aggressive premiums and a number of deductible choices.
- Accessible insurance policies: Every firm on our listing provides stand alone jewellery insurance coverage insurance policies. Protection shouldn’t be bundled with householders or renters insurance coverage.
- Minimal/most worth: We additionally thought-about if the businesses we evaluated solely insured gadgets of a sure minimal worth and any most relevant protection limits.
