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.
Some jewelry pieces may need more protection than what is provided by your homeowners or renters policy. GEICO is aware that some jewelry owners or wearers require more specialized protection.
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. This coverage is usually priced at 1-2% of an item's value.
The majority of homeowners' and renters' policies will cover damage to jewelry up to a certain limit. This is usually between $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 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. That can mean spending a little more each month, but it could save you a lot in the long run.
A good specialist policy will also cover the other types, such as thefts or mysterious disappearances. It is crucial to note that most losses fall under this category.
You should take time to research the type of coverage provided by a special jewelry policy. Also, you need to find out how much they cost and what the claim procedure is. Once you've done that, it's time to get a quote and decide which insurer is right for you.
GemShield
Out of the providers we reviewed, GemShield has the simplest online application and the fastest processing. Enter your ZIP code, the estimated value of your jewelry and select a deductible from $0 to $1,000.
BriteCo
With an A+ financial strength rating from AM Best and excellent reviews on sites like Google and Facebook, BriteCo offers jewelry insurance with no deductible or up-front appraisal required. You can pay your premium monthly 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. In addition, you can insure jewelry with an appraisal less than 18 months old or with a detailed sales receipt for value.
You can choose a policy that only covers replacements, which will replace or repair your jewelry with an item of comparable value. 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 policy type will not impact your homeowners insurance rates. Therefore, it is an excellent option for those who wish to insure their jewelry separately.