Geico Jewelry Insurance, offered through its GEICO Insurance Agency provides customers with high-end jewelry and other heirlooms peace of mind. This coverage, backed by Jewelers Mutual Insurance Group, offers flexibility, including the ability to choose your trusted jeweler, file fast and easy claims and travel worldwide.
The personal property section in your homeowner's or renter's policy will cover most jewelry, but it may be inadequate to protect certain pieces. GEICO recognizes that jewelry owners may need more specialized insurance.
GEICO offers a jewelry insurance policy that will cover the full value of a single piece or your entire collection. There is no need for an appraisal up front and there's no deductible. In most cases, this insurance costs 1-2% of the total value of each item.
Most homeowners and renters policies cover jewelry damage or loss up to a limit, usually $1,000-$5,000. However, this may not provide enough protection against a catastrophic loss of jewelry due to a natural disaster or flood.
The best option to avoid paying out of pocket to replace jewelry is by investing in a policy that covers similar items. You may have to spend a little extra every month but it will pay off in the end.
A good specialist policy will also cover the other types, such as thefts or mysterious disappearances. This is important, as most losses fall into this category.
Take the time to understand the coverage, the cost and the claims process of a jewelry policy. Once you've done that, it's time to get a quote and decide which insurer is right for you.
GemShield
GemShield is the provider with the easiest online application. It also has the fastest processing. You enter your ZIP Code and the estimated value for your ring, and then choose between $0 and $1000 as your deductible.
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
According to your risk tolerance, you can purchase a jewelry coverage policy with a limit of up to $100,000 per item. In addition, you can insure jewelry with an appraisal less than 18 months old or with a detailed sales receipt for value.
Choose a replacement policy to have your jewelry repaired or replaced with similar items. This is a good option for those who do not want to go through the hassle of an appraiser or have low-value jewelry.
It is also possible to buy a standalone policy which offers jewelry coverage in addition to the homeowners 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.