It’s hard to imagine losing our most beloved pieces of jewelry, but we all know that “life happens,” and that unexpected circumstances can occur. Maybe your wedding ring accidentally flies off your hand and into the ocean on vacation, or the antique locket you’ve had since childhood suddenly disappears from your hotel room. In either case, the jewelry you love is gone but not forgotten.
Jewelry insurance protects the value of your cherished pieces, mostly through providing you with repair, replacement, or reimbursement of the appraised value. While you can count on some protection for your jewelry in a homeowners insurance policy, many consumers with valuable jewelry opt to buy separate coverage with higher limits and deductible requirements that actually make sense for personal valuables.
If you’re in the market for a jewelry insurance policy, you should know which providers offer excellent coverage that will deliver on its promises. We compared more than 20 insurance providers to find the best options in terms of quality of coverage, price, and more.
The 7 Best Jewelry Insurance Companies of 2020
Best Overall: Jewelers Mutual Insurance Group
We chose Jewelers Mutual as best overall because of their longevity in the industry and their coverage of all major perils. The fact that you can customize your coverage and go without a deductible also helped them earn this top ranking.
You can get a quote online without entering your personal information
Coverage with no deductible is available
All major perils covered, including mysterious disappearance
In addition to wear and tear and civil authority, this coverage excludes animal infestation, intentional actions, and war
Jewelers Mutual Insurance Group has been around since 1913, and this company boasts an A+ rating from AM Best. That makes this provider one of the longest-running jewelry insurance companies in operation today, and also one that is known for its financial strength and trustworthiness.
Jewelers Mutual Insurance Group makes it easy to get a quote for your treasured pieces online and in a matter of minutes. Not only do they offer jewelry insurance for individuals who want to insure their personal collection, but they’re also a trusted name among jewelry insurance companies for jewelers who want protection for their collections and jewelry stores.
Policies from Jewelers Mutual can be tailored to your needs and the amount of coverage you want. You can choose your deductible, or you can choose not to have a deductible. The limits of your policy will also vary depending on the appraised value of the jewelry pieces you cover.
This provider also covers direct physical loss or damage to your insured items “unless the loss is caused by a peril that is excluded.” Exclusions listed in their contract include loss of jewelry due to civil authority (such as a lawful seizure) and general wear and tear. Jewelers Mutual Insurance Group covers all major perils you may expect to encounter with your jewelry over the years.
We also like the fact that this provider lets you submit a claim and follow up on the process entirely online. However, you should note that the appraisal amount for any jewelry you insure lists the total amount your policy could pay out if you file a claim. With that in mind, you’ll want to get an appraisal for each piece of jewelry you insure.
Their policies can also be very affordable. To buy coverage with no deductible for a $10,000 wedding ring, you would only need to pay $100 per year.
Best Personalized Experience: JIBNA Personal Jewelry Insurance
We chose JIBNA as the best for a personalized experience based on the fact you get to work with an agent to purchase your policy and file any claims. Not everyone wants to navigate this important coverage alone, so having an agent to turn to is a major plus for many consumers.
Unique underwriting technique eliminates much guesswork
All-risk coverage, including coverage for mysterious disappearance
You cannot get a free quote online
Website doesn’t allow you to file claims online
JIBNA Personal Jewelry Insurance offers all-risk coverage, including insurance for mysterious disappearances. The company also boasts an A- rating from AM Best for financial strength, and they have been in business in some capacity since 1975.
Since this provider only insures personal jewelry, they have been able to enact an advanced underwriting process that takes a lot of guesswork out of the equation. Their underwriting software expertly evaluates jewelry appraisals in order to “perform insurance to value (ITV) calculations.” This process allows them to accurately determine how much coverage you need for each individual piece. With that being said, you’ll want to get an appraisal for each piece of jewelry you plan to insure.
With JIBNA Personal Jewelry Insurance, you have to work with an agent to get a quote. You would also need to file any applicable claims with your agent, which can take up more time when compared to doing it all online. However, some people may prefer to work with an insurance agent on their jewelry policy and claims versus going it alone. After all, an agent can help walk you through the process and provide some much-needed personal support.
In terms of the cost of their policies, consumers typically pay around 1% of the value of the jewelry for their policy, or $100 for a $10,000 wedding ring or necklace. This is in line with most competitors selling jewelry insurance.
Best for Privacy: Lavalier
Lavalier lets you get a free online quote for your jewelry without sharing contact information other than a zip code. This makes them the best in our review if you’re worried about keeping your information private.
No contact information required for a free quote
All-risk coverage included
Coverage is worldwide
Coverage is only good for up to $50,000, although Lavalier does say they make occasional exceptions
While Lavalier is a household name among jewelry insurance providers, it uses Berkley Asset Protection as its underwriting partner. Berkley Asset Protection then writes on behalf of Berkley National Insurance Company, which has received an A+ rating from AM Best.
Lavalier makes it easy to get a quote for jewelry insurance if you’re worried about your privacy. They let you get pricing for a policy without even entering your contact details, although you do have to enter the zip code where you live.
Coverage offered is worldwide, although coverage is limited to $50,000 per piece with some potential exceptions made, according to Lavalier. That makes Lavalier a poor choice if you have incredibly expensive jewelry to insure. Appraisals are also required for pieces worth $5,000 or more.
Fortunately, Lavalier offers all-risk coverage, which means that all loss, damage, theft, and mysterious disappearances are included in your policy. On the flip side, some situations are excluded including manufacturer defects, intentional actions, war, and nuclear hazards.
A policy for your jewelry typically costs 1% to 2% of its value each year, so a $10,000 wedding ring may be insured for $100 to $200.
Best Coverage With No Deductible: Zillion
Policies from Zillion come with no deductibles for replacements and repairs (and they don't charge more for it). This means you won’t face sudden, surprise charges when you go to file a claim, and it makes Zillion our pick for best coverage with no deductible.
Buy all-risk coverage with no deductible
Coverage is worldwide
30-day money-back guarantee
You may not qualify for coverage if you have had a bankruptcy or foreclosure within the last five years, or if you have been convicted of a crime
You have to provide considerable personal information in order to get a free quote
Jewelry insurance from Zillion is underwritten by AXA XL, which has a superior A+ rating for financial strength from AM Best. This means you can rest assured that the coverage you purchase will be financially viable if you need to file a claim.
Jewelry coverage from Zillion includes protection against theft, other types of loss, damage, and disappearance. Coverage is worldwide, meaning it applies no matter where you are in the world when you make a claim. This coverage is even good for natural disasters, and you can cancel any time within 30 days of your policy for a full refund.
If you want a policy that doesn’t come with a pricey deductible, you’ll want to check out Zillion for this purpose. Their policies come with a $0 deductible for replacements and repairs, whereas some others just allow you to opt for no deductible in exchange for a higher premium. There are also no hidden service fees or charges involved in buying this coverage.
While Zillion doesn’t explicitly state you’ll want an appraisal for your jewelry, you should get one if you want to ensure you’re reimbursed for its true value. With that being said, you should note that filing a claim won’t affect your premiums going forward. You can also file a claim online and benefit from free shipping protection.
In terms of cost, Zillion quoted us $95 for no-deductible coverage for a $10,000 engagement ring. This makes them the most affordable option among companies we profiled.
Best Full Value Coverage: Chubb
We chose Chubb as the best full value coverage, as the company offers an agreed value feature that promises the cash value of your settlement will be an amount declared ahead of time. This means you’ll never have to guess how much your coverage is worth.
An agreed value feature means you’ll receive 100% of the amount you’re promised if you need to file a claim for lost or ruined jewelry
Company boasts a long and storied history along with excellent ratings for financial strength
In some cases, you can receive up to 150% of your policy amount if the value of your item has increased
You have to work with an agent to get a quote
Chubb may not be a household name, but they are the world’s largest publicly traded property and casualty company. Chubb has also been in business in some capacity since 1792, so they have incredible longevity within the world of property and jewelry insurance. In terms of financial security, Chubb also boasts an A++ rating from AM Best.
Chubb Valuables Insurance works for jewelry and other expensive items you own and want to protect. You can purchase individualized coverage that provides the exact amount of protection you need, and appraisals are only required for jewelry items worth $100,000 or more. You will likely want to get an appraisal for your jewelry ahead of time if you want to ensure you receive the full value of your item.
Policies from Chubb also come with an agreed value feature that states you will receive 100% of the value you agree upon in a cash settlement if your item is stolen or damaged and unable to be repaired. In some cases, Chubb may even pay up to 150% of the amount of your policy if the value of your item increases. So, having an appraisal completed is an essential step in ensuring you’ll receive the cash payout you deserve. Jewelry insurance policies from Chubb can also be purchased with no deductible.
One major downside of Chubb is the fact that you need to work with an independent agent in order to get a quote for your policy. That makes it considerably more difficult to shop around and compare pricing from more than one provider. The cost of their policies falls in line with others in our ranking. For a $10,000 piece of jewelry, a jewelry insurance policy typically starts at $100.
Best for New Jewelry: GemShield
GemShield is best for new jewelry in our review due to the fact that they don't require an appraisal for newly purchased pieces and will insure jewelry based on receipts.
Options with no deductible available
Get worldwide coverage that moves with you
Work with your own jeweler
Coverage is for newly purchased jewelry only
A maximum policy limit of $100,000 (and $35,000 per piece) applies, although exceptions may be granted
GemShield is another jewelry insurance company with policies that are underwritten by Berkley Asset Protection, and these policies are offered through Wasserman & Wexler Insurance Agency, LLC. Their policies are best for individuals who move around from place to place since coverage is worldwide, and it’s also important to note that GemShield covers all major risks, including mysterious disappearance.
Policies from GemShield are only good for newly purchased jewelry, so you’ll need to consider another provider if you need a plan for a family heirloom or an older antique piece. Fortunately, you can use the GemShield website to get a free quote online, and you’ll find out how much you need to pay within a matter of minutes. Generally speaking, GemShield insurance policies cost 1% to 2% of the insured jewelry value per year, which is based on the purchase price.
Another benefit of GemShield is the fact that you can use your own jeweler for replacement or repairs. You don’t have to work with a jeweler that’s been pre-approved by GemShield. You can also tailor your coverage to your needs, including the option of no deductible.
Best for Bundling Policies: GEICO
We chose GEICO for our ranking based on the fact you can lean on this single provider to bundle other policies you have, including auto and home insurance. Their company history and reputation also helped them earn the top spot in our ranking for bundling.
GEICO is a reputable insurer with considerable longevity and a strong reputation for trustworthiness
Get a free quote online and get coverage in a matter of minutes
You can easily get a quote for a single piece of jewelry
You’ll need to receive full policy details in order to find out about specific exclusions
While GEICO and its gecko mascot may only come to mind when you think of auto insurance, this provider also offers insurance for individual jewelry pieces. Fortunately, this is yet another provider you can count on and trust. GEICO was purchased by Berkshire Hathaway, which is headed by Warren Buffett, in 1996. The company has an A++ rating for financial strength from AM Best. Consumers may be eligible for discounts when bundling policies together.
When it comes to jewelry insurance, GEICO lets consumers apply for a free quote online and get coverage in a matter of minutes. Policies typically cost around 1% of the value of the jewelry at hand according to their figures, so a $10,000 wedding ring would require an annual premium of around $100.
Coverage from GEICO is also for all major perils, including mysterious disappearance and loss. GEICO’s coverage is also good worldwide, meaning your jewelry will be protected no matter where your travels take you.
While you don’t necessarily need an appraisal to purchase coverage, you will need an appraisal to file a claim. With that in mind, you should get an appraisal for all jewelry you plan to buy insurance for.
What Is Jewelry Insurance?
Like other types of insurance for a boat or a car, jewelry insurance is a financial product that provides coverage for the item at hand. With jewelry insurance, you can pay an annual premium for a policy that protects your jewelry against damage or theft. Policies often have a deductible, but some jewelry companies offer this coverage with no required deductible.
Some jewelry insurance policies require an appraisal for covered items over a certain amount, such as $5,000. You’ll need to make sure all jewelry you purchase and want coverage for is ultimately included and outlined in your policy as a "scheduled item."
Does Homeowners Insurance Cover Jewelry?
Homeowners insurance often includes a personal property component that includes jewelry. However, the way homeowners insurance is set up can make the coverage for jewelry less than optimal and expensive to use.
For example, many homeowners insurance policies come with a limit as low as $1,000 per item of jewelry. A homeowners insurance deductible might also apply, which could wipe out the value of the policy entirely.
This is why many consumers prefer to buy separate jewelry insurance coverage that is specific to their collection. They can purchase an amount of coverage that will make them whole in the event of a loss this way, and they can choose their deductible and other policy details.
What Does Jewelry Insurance Typically Include?
Before you purchase a jewelry insurance policy, you should know what is and isn’t included. Jewelry insurance typically includes any type of loss, including damage or theft. This can include mysterious disappearance, which is any situation where your jewelry is suddenly missing without an explanation. Jewelry insurance does not typically include damage from wear and tear or intentional acts.
What Are the Expected Costs of Jewelry Insurance?
Most jewelry insurance policies tend to cost between 1% and 2% of the value of the jewelry in question. For example, an insurance policy to cover a wedding ring worth $10,000 could set you back between $100 and $200 per year.
Coverage can vary in terms of pricing and scope. If you choose a policy without a deductible and with full replacement value, you can expect to pay higher premiums.
How to File a Claim for Jewelry Insurance
The process involved in filing a jewelry insurance claim depends on where you purchase your policy. If you bought a policy through an agent, you’ll work with your agent to file a claim. If you purchased a policy online, on the other hand, it’s likely you’ll be able to file your claim and provide the evidence and documentation required online as well. Most jewelry insurance providers also let their clients file claims over the phone.
Either way, you should expect to provide information on the date of the loss and what exactly happened to your jewelry. You will also need to provide your policy number, your name, and your contact information.
Your jewelry insurance company will conduct an investigation into your claim, and you may be asked to answer some additional questions and provide more supporting evidence.
How We Chose the Best Jewelry Insurance Companies
To come up with the providers in our ranking, we considered a broad range of criteria. Transparency was considered first and foremost, and we gave preference to companies that highlight specific information about their policies online. We also gave extra points to providers who let you get a free quote online and without providing extensive contact information.
All of the policies that made our ranking include all major risks, including mysterious disappearances. You should check the wording on any policy you purchase so you’re clear on any specific exclusions that might apply.
AM Best. "A.M. Best Assigns Credit Ratings to JM Specialty Insurance Company." Accessed June 1, 2020.