Preparation
Jewelry is more than just an accessory—it’s a treasured valuable that can be worth its weight in gold (literally). Whether your favorite piece is that birthstone bracelet you’ve always worn, your grandmother’s gold locket, or the diamond ring that symbolizes your marriage, you’ll want to keep your jewelry safe. Unfortunately, there’s always a risk of theft, damage, or disappearance, which is where insurance comes in. A jewelry insurance policy can protect you from financial loss, even if the sentimental value is irreplaceable.
Homeowners and renters policies typically provide limited coverage for jewelry and don’t protect against mysterious disappearance. But a standalone jewelry insurance policy does. And most offer an affordable way to get high-value coverage for your precious pieces. We assessed the cost, benefits, application and claims processes, and customer satisfaction of the largest jewelry insurance providers in the nation. Our top picks can provide the peace of mind that comes with knowing your valuables are covered.
Best Overall: GemShieldBest for Engagement Ring Insurance: BriteCoBest for No Appraisals: Jewelers MutualBest for Discounts: LavalierBest for Collectors: Wax
If you want to insure a single piece of jewelry or modest collection, GemShield is an excellent option, with its easy application process and superior track record of customer satisfaction. If you want to get a policy as quickly as possible, you can do so without an appraisal through Jewelers Mutual. But if you’re looking for the lowest price or have a large collection, consider Wax. If you can qualify for discounts and want to choose a higher deductible, Lavalier may offer you the lowest price. BriteCo is also an affordable option for engagement ring insurance and offers great coverage that adjusts annually if inflation or gemstone and jewelry prices increase.
Most jewelry insurance providers estimate that it will cost between 1% and 2% of the appraised value of your jewelry each year to maintain insurance coverage. To insure a $5,000 engagement ring, you can expect to pay between $50 and $100 annually. Your actual premium will depend on where you live, the value of your jewelry, and the deductible you choose.
Collect quotes and compare pricing: If you want to insure your jewelry, start by comparing quotes so you can get the best premium for the coverage you need. Many insurance companies have online quote tools, while others require you to call for a quote. Get an appraisal if needed: If required by your insurer, you’ll need an appraisal before you apply. Even if it’s not required, it’s a good idea to get an appraisal as soon as possible to avoid claims disputes, especially for high-value jewelry. Ask the right coverage questions: Compare the coverage offered by your top choices and make sure you understand what’s excluded. Ask whether you’re covered when you leave the country, whether the policy pays for a replacement or cash value, and whether you can work with the jeweler of your choice. Apply for a jewelry policy: Once you’ve chosen a policy that meets your needs, you’ll need to submit all the required documents and apply for a policy. Most companies let you do this online. Update your coverage: When you purchase new jewelry, make sure to update your coverage so it will be included. It’s also a good idea to get an appraisal every two years or so, in case the value of your jewelry changes.
Most homeowners insurance policies place coverage limits on valuable items like jewelry. While your homeowners policy might provide some reimbursement for theft or damage, most standard policies are capped around $1,500 for jewelry insurance coverage. You’ll also be subject to your homeowners deductible, and filing a claim could increase your premiums. What’s more, homeowners insurance doesn’t cover accidental loss or mysterious disappearance. If you were to lose an earring by accident, for example, it probably wouldn’t be covered.
Whether jewelry insurance is worth it depends on how you value your jewelry. If you would feel comfortable replacing your jewelry with your own funds, or if you wouldn’t be upset about living without it if it went missing, you can forgo jewelry insurance. If the opposite is true, purchasing a jewelry insurance policy is an affordable way to provide peace of mind.
When comparing the largest jewelry insurance providers nationwide, we focused on the ease of the application process, evaluating whether potential customers could get a quote and apply for a policy quickly online. We then compared the annual cost of rings and watches across companies for a $0-deductible policy, paying attention to whether discounts were offered and whether monthly payments were accepted. We evaluated the coverage offered and the number of exclusions, as well as any accessibility criteria, and how easy or difficult it is to submit claims. We also compared financial strength, looking to AM Best ratings and years in business, and customer satisfaction data, eliminating companies with a high NAIC complaint index.
