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.
Homeowners and renters policies typically cover jewelry under the personal property section of your policy (along with clothes, furniture and more), but that may not be enough to protect 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 renters and homeowners policies cover loss or damage to jewelry, up until a certain amount. This limit is usually $1,000-$5,000. This may not be sufficient to cover you in the event of a catastrophe, such as losing your jewelry during a flood or an earthquake.
The best solution to not having to pay cash for your jewelry, is to buy a special policy. It will replace the most valuable items with comparable ones. It may cost a bit more per month, but you could end up saving a lot of money in the long-term.
The other types of losses, like theft and mysterious disappearances, are also covered by a good policy. This is critical, since the majority of losses fall into this group.
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. Then, get an insurance quote and choose the right insurer for you.
GemShield
Out of the providers we reviewed, GemShield has the simplest online application and the fastest processing. 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 for your monthly premium 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. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
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.
In addition to your homeowners insurance, you can opt to purchase an independent policy that provides jewelry insurance. 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.