Geico Jewelry Insurance, offered through its GEICO Insurance Agency provides customers with high-end jewelry and other heirlooms peace of mind. 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 understands that certain jewelry wearers and owners need specialized coverage.
GEICO's jewelry insurance is a separate policy that covers the entire value of a piece or your whole collection, with no deductible and up-front appraisal needed. Generally, this coverage costs about 1-2% of the item's total value to insure each 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. 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.
A specialized insurance plan that replaces your most valuable jewelry with pieces of comparable value is the best way to avoid paying for it out of your own pocket. That can mean spending a little more each month, but it could save you a lot in the long run.
A good policy will cover other types such as theft or disappearances. This is very important because most losses are in this category.
Take the time to understand the coverage, the cost and the claims process of a jewelry policy. It's now time to compare quotes and find the best insurer for your needs.
GemShield
GemShield is the provider with the easiest online application. It also has 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. Your premium can be paid 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 also opt for replacement-only policies that will repair or replace your jewelry with similar-value 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 won't affect your homeowner rates so it is a great option for those who want to insure their jewelry separately.