Geico jewelry insurance, available through its GEICO Insurance Agency, provides rock-solid peace of mind for customers with high-end rings and other heirloom items. This coverage is provided by Jewelers Mutual Insurance Group. You can choose your own trusted jeweler to repair jewelry, make claims fast and easily, and get worldwide travel protection.
Some jewelry pieces may need more protection than what is provided by your homeowners or renters policy. GEICO knows that some jewelry owners and wearers need more specialized coverage.
GEICO’s jewelry coverage is a separate, standalone policy that covers all the value of a jewel or your entire collection. You don't need to pay a deductible or get an appraisal upfront. In general, the cost of this coverage is about 1-2% per 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. However, this may not provide enough protection against a catastrophic loss of jewelry due to a natural disaster or flood.
The best way to prevent having to pay for jewelry out-of-pocket is to purchase a special insurance policy. This will allow you to replace your most expensive pieces with items of similar value. You may have to spend a little extra every month but it will pay off in the end.
The other types of losses, like theft and mysterious disappearances, are also covered by a good policy. It is crucial to note that most losses fall under this category.
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. After you've completed this step, you can get a quote to determine which insurer will be best for you.
GemShield
Out of the providers we reviewed, GemShield has the simplest online application and the fastest processing. Enter the ZIP code of your home and your estimated ring value. Then choose between $0 or $1,000 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 choose to pay monthly or annually.
Lavalier
In order to suit your coverage requirements and risk tolerance, you may choose from a range of jewelry insurance policies with limits between $35,000 and $100,000. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
You can also opt for replacement-only policies that will repair or replace your jewelry with similar-value items. It is better to choose the latter if you don't have high-value jewelry or if you do not want an appraisal.
You can also opt to purchase a stand-alone policy that offers jewelry insurance in addition to your homeowners policy. This type of insurance will not increase your homeowners' rates.