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 realizes that some jewelers and jewelry wearers may require a more specialized policy.
GEICO's Jewelry Insurance is a separate insurance policy which covers the value of a specific piece, or even your entire collection. It does not require a deductible nor an upfront appraisal. This coverage is usually priced at 1-2% of an item's value.
Most homeowners and renters policies cover jewelry damage or loss up to a limit, 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 way to avoid having to pay out of pocket for your jewelry is to invest in a specialized insurance policy that will replace your most valuable pieces with similar-value items. 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. 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
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 is a jewelry insurer that offers a financial strength rating of A+ by AM Best. The company also has excellent reviews from sites such as Google or Facebook. You can pay for your monthly premium or annually.
Lavalier
Depending on your risk tolerance and coverage needs, you can choose a jewelry insurance policy with limits from $35,000 per item to $100,000. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
If you want to replace your jewelry, you can opt for a replacement-only policy. This will allow the insurer to repair or replace it with items of similar value. These policies are a great option for those that don't want the hassle of an evaluation or who own low-value jewellery.
It is also possible to buy a standalone policy which offers jewelry coverage in addition to the homeowners insurance. This type of insurance will not increase your homeowners' rates.