Do you have good-looking jewelry, such as an engagement ring or a luxury watch? It is very important and necessary to protect your jewelry with the best jewelry insurance companies. Standard homeowners insurance policies have limited theft coverage, and your property portion of a home insurance policy may not be enough to cover treasured jewelry and all your other belongings.
You might think that your jewelry is covered under your home insurance policy. However, a lot of insurance companies limit the coverage they will pay per claim.
According to the Insurance Information Institute, the characteristic sub-limit for jewelry is around $1,500, though a lot have the choice to raise it for an additional cost. However, there are other options available, with negative effects or no deductible on your home insurance premium.
What is Jewelry Insurance?
Jewelry insurance is a type of property insurance policy that precisely covers good-looking jewelry, such as necklaces, watches, rings, earrings, and occasionally even loose gemstones. The insurance company pays to replace or repair the item if your covered jewelry gets lost, stolen, or even damaged.
10 Best Jewelry Insurance Companies of 2024
Based on some research, experience, and the criteria made, the lists below are some of the best-specialized jewelry insurance companies of 2024. They all include:
GemShield is one of the best-picked jewelry insurance companies of 2024. Its minimum yearly premium of $20 is an exceptional choice if you do not have any expensive jewelry to protect. However, they will cover jewelry up to about $35,000 in value and about $100,000 per policy.
Jewelry valued at more than $5,000 needs an assessment of not more than 18 months, but lower-cost jewelry only needs a complete sales receipt. The GemShield policy will be responsible for the repair or replacement of your jewelry with the same quality and kind, and you can select your jeweler.
Another sensational jewelry insurance company in 2024 is Lavelier. Although Lavalier’s minimum premium is about $50, they provide a lot of discounts to assist in keeping costs low, such as having a home alarm, home safe, Gem ID, or safety deposit box. You can list jewelry up to about $50,000 each and about $150,000 per policy.
Lavalier provides an unscheduled jewelry authorization in coverage amounts ranging from $1,000 to $5,000 for cheap jewelry you don’t have appraised. Note that these jewelries won’t have coverage for secretive vanishings.
3. State Farm
State Farm provides a stand-alone personal article policy for jewelry keepsakes, equipment including silverware, cameras, computers, and sports equipment, and health-related items like mobility, hearing aids, prosthetics, and medical devices.
It is also one of the best jewelry insurance companies in 2024. The policy premium rests on the article, but there is naturally no deductible. State Farm is responsible for the repair or replacement of the item.
Located in Evanston, Illinois, BriteCo is another top-notch jewelry insurance company in 2024. This company covers jewelry at 125% of the review amount when you buy jewelry insurance coverage for its assessed value, which is the maximum amount we found.
They have high coverage limits as well, up to about $150,000 per piece of jewelry and $350,000 per policy. The lowest premium is about $50 a year; although you can pay per month, you will get a discount for paying in full.
5. Jewelers Mutual
Jewelers Mutual provides replacement-only coverage at 100% appraised value with a minimum of about $25 in premium. Although they don’t offer a monthly payment option, you could qualify for a payment plan if your yearly premium is more than $200. Through Jewelers Mutual, you can cover good-looking jewelry items, such as watches, custom pieces, and loose gemstones.
Do you have home, condo, or renter’s insurance through Lemonade? Their extra coverage authorization can cover planned jewelry items, fine arts, bikes, musical instruments, and cameras.
You should know that things you have for a minimum of five years need an appraisal, while items you have for less only need a receipt. Scheduled jewelry is covered for accidental damage and secretive vanishing, while unscheduled jewelry is not.
WAX obtained the lowest premiums of the jewelry insurance providers, which makes it one of the best jewelry insurance companies in 2024. There are high coverage limits of about $1 million or even more, and appraisals are only needed for jewelry worth $100,000 or more.
Zillion can protect your jewelry from theft, loss, damage, or other unexpected conditions. The best part is that it will cost you $0 out of pocket for replacement or repair. Another additional bonus is that Zillion’s coverage is worldwide, so even when traveling the world, you are fully covered.
If you have a large collection of jewelry, Chubb might be the best insurance company option for you. There is no specific dollar limit, and the guarantor will pay up to about 150% of your jewelry value to account for gratitude. You will likewise receive automatic coverage for new jewelry items for up to about 90 days, giving you time to add them to your list of items.
JIBNA stands out for its well-organized claim-handling process, which makes it earn a spot on the list of the best insurance companies of 2024. The company prides itself on offering fair and well-organized claim payouts with the option for replacements, repairs, or a cash settlement. It provides all-risk coverage for most jewelry types, competitive premiums, and personalized claim handling.
How Much Does It Cost to Insure Jewelry?
The cost of jewelry insurance rests on the value of the jewelry, the same as your location and policy deductible. However, a lot of jewelry insurance companies publish that premiums are roughly in the range of 1% to 2% of your jewelry’s appraised or estimated value.
Is Jewelry Insurance Worth It?
Protecting your jewelry might be a good idea, irrespective of the value of your jewelry or the size of your collection. A lot of policies offer limited coverage for valuables, even if you have home or renter’s insurance. If you are discussing jewelry insurance, consider whether you would be happy repairing or replacing an item that got lost, damaged, or stolen.
Does Homeowners Insurance Cover Lost Jewelry?
A lot of homeowners insurance policies do not cover lost jewelry. This is one of the biggest advantages of jewelry insurance. Most jewelry insurance policies include coverage for “secretive vanishing.” If you accidentally misplace your ring or the hook of your pearl necklace gets damaged and it falls off, your insurance policy will pay for a replacement.