Your new engagement ring or the emerald necklace you inherited out of your grandmother will not be sufficiently insured in opposition to harm or loss. Householders insurance coverage usually gives some safety for jewellery and different valuables, however it’s usually capped at a reasonably low quantity. In case you personal a high-value watch or household heirloom, dropping it could possibly be each emotionally and financially damaging for those who rely solely on your private home insurance coverage for protection.
Fortuitously, sure firms focus on jewellery insurance coverage, and we’ve rounded up the highest choices accessible. To create our listing of the very best jewellery insurers, we evaluated a number of key elements, together with firm popularity, common charges, accessible insurance policies, and minimal/ most worth. As a part of our evaluation of firm reputations, we thought-about AM Finest rankings, which measures an organization’s monetary soundness. (See full methodology.)
The 5 finest jewellery insurance coverage of February 2024*
- Finest total: Jeweler’s Mutual
- Finest for top alternative worth: BriteCo
- Finest low-cost protection: GemShield
- Finest versatile deductible choices: Lavalier
- Finest for automated protection on new objects: Chubb
*Final up to date February 12, 2024
The next firms are well-regarded within the business and provide 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 alter.
1. Finest total: 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 ladies’s engagement ring: $84-$113, relying on the scale of your deductible
- AM Finest ranking: A+
- Buyer assist: Jeweler’s Mutual customer support will be reached over the cellphone Monday via Thursday between 7 am-7 pm CST, and Fridays between 7 am-6 pm CST. You too can reached them by e mail.
Our verdict
Jeweler’s Mutual insures every part from free stones and cufflinks to engagement rings and watches, so it’s an acceptable possibility it doesn’t matter what kind of knickknack you’d wish to insure. Not like some rivals, it doesn’t have a minimal or most greenback worth for items, and can present as much as 100% of an merchandise’s alternative price if it’s misplaced, stolen, or broken for a lined motive. You’ll be able to 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 possible want one or an in depth receipt for those who file a declare. There’s no in-house appraisal service with this firm, so that you’ll have to discover a trusted appraiser independently. Jeweler’s Mutual recommends getting your jewellery appraised each two years, however it additionally provides an ‘Insurance coverage Worth Adjustment’ service that may robotically enhance your protection based mostly in your merchandise’s present estimated worth for those who’d slightly not submit future value determinations.
2. Finest for top 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 ladies’s engagement ring: $114
- AM Finest ranking: A+
- Buyer assist: Chat with BriteCo on their web site for customer support. You too can attain them by e 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 gained’t essentially want to extend your protection over time to align along with your merchandise’s greater worth. And in contrast to some firms that require you to get your jewellery re-appraised, BriteCo provides free automated valuation will increase annually.
Those that go for a coverage from BriteCo gained’t have to pay deductibles on most objects, both. You merely pay your month-to-month premiums, and your insurance coverage kicks in instantly after a lined occasion—no have to pay something out of pocket.
3. Finest 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, harm, theft, sure pure disasters, and extra.
- Appraisal required: For objects valued at $5,000 or extra
- Estimated month-to-month premium for $7,500 ladies’s engagement ring: $78-$94, relying on the scale of your deductible
- AM Finest ranking: A+
- Buyer assist: GemShield’s customer support will be reached over the cellphone on weekdays between 9 am to five pm ET. You too can contact them through e mail.
Our verdict
GemShield provides lower-than-average premiums for its insurance policies, which makes it a sensible alternative for those who’re on the lookout for cheap jewellery insurance coverage. That mentioned, it additionally has decrease most protection limits than some rivals—$35,000 per merchandise or $100,000 per assortment, although case-by-case exceptions could apply. Because of this, we’ve deemed it a superb choose for single items, however these with very high-value objects ought to look elsewhere.
Other than comparatively reasonably priced protection, GemShield additionally provides automated protection on new jewellery for as much as 30 days for those who’re an present 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, for those who go for a $1,000 deductible and your jewellery is misplaced, stolen, or broken, you’ll have to pay out that quantity earlier than your protection kicks in.
4. Finest 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 objects valued at $5,000 or extra
- Estimated month-to-month premium for $7,500 ladies’s engagement ring: $88-$113, relying on the scale of your deductible
- AM Finest ranking: A+
- Buyer assist: Lavalier customer support will be reached over the cellphone or e mail
Our verdict
Some jewellery insurers provide restricted deductibles, however this isn’t the case with Lavalier. Deductibles vary from $0 to $25,000, so you possibly can customise your coverage based mostly in your preferences and danger tolerance. Your deductible choices will range 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 secure 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 could apply. These comparatively beneficiant protection limits make it an acceptable possibility for a lot of jewellery house owners.
5. Finest for automated protection on new objects: Chubb
About: Chubb was initially established as an underwriting firm in 1882. Right now, it provides a number of insurance coverage coverages for people and households, together with jewellery insurance coverage.
- Appraisal required: For objects valued at $100,000 or extra
- Estimated month-to-month premium for $7,500 ladies’s engagement ring: On-line quotes not accessible.
- AM Finest ranking: A++
- Buyer assist: Chubb’s customer support will be reached over the cellphone or through emai
Our verdict
Whereas sure firms provide automated protection for brand spanking new objects in your jewellery assortment, Chubb’s providing outshines rivals. This insurer offers present policyholders 25% of itemized protection on newly acquired items for as much as 90 days, providing you with ample time to make sure your complete assortment is correctly protected.
Apart from its beneficiant automated protection providing, Chubb additionally pays out as much as 150% of a lined merchandise’s alternative price worth if its present exceeds your protection quantity. This insurer additionally provides versatile appraisal necessities, solely requiring value determinations for objects valued at over $100,000. Whereas this flexibility could also be helpful, we nonetheless extremely advocate getting your jewellery appraised to make sure you get ample 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 usually gives a better protection restrict than a typical householders coverage. Most protection limits range 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 firms provide in-house appraisers, which will be handy. Even when a devoted appraisal service isn’t accessible, your insurer can possible advocate a good appraiser.
The price of your protection will range relying on the worth of the piece (or items) you’re insuring. As an illustration, you’ll possible pay barely greater premiums to insure a $25,000 ring than you’d with a $10,000 ring. A deductible could apply as effectively, so it’s necessary to grasp what you’ll have to pay earlier than your insurance coverage kicks in for those who’re looking for a coverage.
How to decide on jewellery insurance coverage
Evaluating jewellery insurance coverage firms is crucial, as insurance policies, charges, and protection minimums and maximums range. Right here’s what to contemplate as you’re researching potential insurers:
- Firm popularity: You wish to make sure you’re working with a good firm that can pay out if you’ll want to file a declare. Overview every firm’s AM Finest ranking and previous buyer suggestions to evaluate whether or not it’s reliable.
- Premiums: Many jewellery insurers provide on-line quotes that can provide perception into your premiums. The quote course of is often fast, and since there’s no normal price for jewellery insurance coverage, it’s value getting a number of quotes as you examine choices.
- Deductibles: You’ll wish to think about the deductibles every firm provides. Many provide a variety, with greater deductibles usually leading to decrease premiums.
- Protection minimums and maximums: Some firms could have minimal or most greenback values for protection. As an illustration, some solely insure objects valued at over $5,000. Others could have per-item or per-collection most limits.
- Appraisal necessities: Many jewellery insurance coverage firms require value determinations. Some provide in-house companies, whereas others don’t. Look into appraisal necessities as you store for protection.
- Exclusions: Exclusions additionally range by insurer. As an illustration, some could cowl harm because of common put on and tear, whereas others gained’t. Studying the high quality print will make it easier to decide which exclusions apply.
Incessantly requested questions
Is jewellery insurance coverage value it?
Jewellery insurance coverage will be value the fee for those who personal significant, costly jewellery. A typical householders coverage could not cowl the total alternative price of your rings, necklaces, or watches, and jewellery insurance coverage can fill this hole.
How a lot does jewellery insurance coverage price?
Many jewellery insurance coverage insurance policies price round 1%-2% of an merchandise’s complete worth, although premiums range by firm. As an illustration, it might price round $75-$120 yearly to insure a $7,500 engagement ring.
How usually ought to you could have jewellery appraised for insurance coverage?
You’ll possible wish to have your jewellery appraised each two or three years because it fluctuates in worth over time. Appraisal necessities and timeframes could range by insurer.
Our methodology
The Fortune RecommendsTM editorial group in contrast the highest jewellery insurers in the marketplace that will help you discover the very best protection. We thought-about key information factors like the next to decide on the very best jewellery insurance coverage firms.
- Firm energy: We researched every firm’s monetary energy and popularity in our analysis, reviewing their present AM Finest rankings and NAIC Buyer Grievance 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.
- Out there insurance policies: Every firm on our listing provides stand alone jewellery insurance coverage insurance policies. Protection will not be bundled with householders or renters insurance coverage.
- Minimal/most worth: We additionally thought-about if the businesses we evaluated solely insured objects of a sure minimal worth and any most relevant protection limits.
