Best Jewelry Insurance of January 2023

GemShield stands out for its quick quotes and customer satisfaction

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Homeowners and renters insurance policies may include some coverage for jewelry, but it’s typically insufficient. Since jewelry is relatively easy to steal, coverage is capped at around $1,500. Whether you have a shiny new engagement ring or a precious family heirloom, a standalone jewelry policy can be an affordable way to protect yourself from financial losses in the event your jewelry is damaged or stolen. Though jewelry insurance can’t cover the sentimental value of your pieces, it can offer financial peace of mind. 

To help you narrow down your options, we compared the largest jewelry insurers nationwide. We evaluated premiums, coverage and exclusions, plan benefits, and how easy it is to get quotes and apply, including whether appraisals are required. While the best jewelry insurer for you will depend on the pieces you own and your coverage needs, this list is a great place to start. 

Best Jewelry Insurance of 2023

Best Jewelry Insurance of January 2023
Best Jewelry Insurance of January 2023

Best Overall : GemShield


GemShield

GemShield

Pros & Cons
Pros
  • Robust coverage that includes mysterious disappearance

  • Quick and easy online quote

  • Far fewer complaints than expected with the NAIC

  • Discounts for storing your jewelry securely

Cons
  • Appraisal required for items valued at $5,000 or more

Why We Chose It

GemShield has one of the easiest quote and application processes of the insurers we reviewed. You can get a quote in less than a minute without providing any personal information, or you can speak to an agent if you need help. You can also apply online and have coverage in minutes. You can even start claims and request policy changes online. However, you’ll need an appraisal for items worth $5,000 or more. A sales receipt may be accepted for items under $5,000. 

GemShield provides robust, nationwide coverage—there are only a few exclusions, including intentional loss or damage, manufacturer’s defects, and situations such as war or nuclear hazard. New jewelry you buy even receives limited coverage for 30 days until you add the piece to your policy. What’s more, GemShield is financially strong, with an A+ (Superior) financial strength rating from AM Best, which indicates superior claims paying reliability. And the company had far fewer complaints than expected over the last three years, according to the National Association of Insurance Commissioners (NAIC). 

GemShield’s pricing was reasonable based on the quotes we gathered for wedding rings and watches, but it wasn’t the cheapest. However, you can get discounts for storing your jewelry in a safe or having a central station burglar or fire alarm. Note that GemShield policies have a maximum limit of $35,000 per piece and $100,000 per policy.

Best for No Appraisals : Jewelers Mutual Insurance Group


Jewelers Mutual Insurance Group

Jewelers Mutual Insurance Group

Pros & Cons
Pros
  • Quick and easy online quote

  • No appraisals required in most cases

  • Far fewer complaints with the NAIC than expected

Cons
  • Slightly higher premiums than some other companies

Why We Chose It

Jewelers Mutual has been around for over a century and has excellent customer service reviews on Trustpilot, far fewer complaints than expected with the NAIC over the last three years given the company’s size, and an A+ (Superior) financial strength rating with AM Best. 

The insurer was our top pick for best watch insurance due to the ease of its online quoting and application process. You don’t need to supply personal information to get a quote, nor do you need to provide an appraisal to get coverage, but you might pay a slightly higher premium for all this convenience. Jewelers Mutual also has very high coverage limits relative to other insurers and will discount your premium if you have a home security system. 

Jewelers Mutual offers robust coverage, including mysterious disappearance coverage and worldwide travel. You can get a replacement of like kind and quality from the jeweler of your choice. Unlike some other companies, however, Jewelers Mutual excludes coverage for damage from critters. If you’re not wearing your watch or jewelry, make sure you store it securely where pets and pests can’t reach it. 

Best for Engagement Ring Insurance : BriteCo


BriteCo

BriteCo

Pros & Cons
Pros
  • Excellent pricing for engagement rings with no deductibles

  • No complaints with the NAIC

  • Coverage for up to 125% of the appraised value

  • Offers comprehensive coverage, including some preventive maintenance

  • Policy adjusts according to inflation and metal/gemstone prices

Cons
  • Must provide personal information to get a quote

Why We Chose It

BriteCo offers comprehensive coverage for engagement rings, and only excludes things like prior damage, wear and tear, mechanical breakdown, and voluntary separation. The company even provides some limited coverage for preventive maintenance. What’s more, you’re covered for up to 125% of your jewelry’s original appraised value, which is helpful if the appraised value of your engagement ring increases. And pricing for engagement ring coverage is also very affordable at BriteCo. The company offers the second lowest premium of the insurers we reviewed, with discounts for storing your jewelry securely. 

BriteCo policies come with high coverage limits—you can insure up to $150,000 per item and $350,000 per policy—but you must have a home safe and central station burglar alarm for policies over $100,000. Unfortunately, BriteCo’s quote process requires your personal information and isn’t as streamlined as some. But you can apply entirely online and start claims online as well. 

BriteCo has excellent customer reviews on Google and Facebook and hasn’t received any complaints with the NAIC over the last two years, which indicates that the company has few issues with customer satisfaction. BriteCo policies are also backed by an insurer that holds an A+ (Superior) financial strength rating with AM Best, which highlights a superior claims paying ability. 

Best for Discounts : Lavalier


Lavalier

Lavalier

Pros & Cons
Pros
  • Offers security and gemstone grading discounts

  • Flexible deductible amounts

  • Quick and easy online quote and application

  • Offers an unscheduled jewelry endorsement

Cons
  • Appraisals required for items worth $5,000 or more

  • Coverage may not be available for standalone watches

  • No online claims

Why We Chose It

We found that Lavalier offered reasonable pricing and a wide variety of discounts, including savings for having a home safe, home alarm, or gemstone grading report. You can also save if you keep your jewelry in a bank vault or safe deposit box. Another way to reduce your premium is to choose a higher deductible. Lavalier offers flexible deductible amounts from $0 to $25,000. You can also insure a variety of items under $1,000 with the unscheduled jewelry endorsement from Lavalier, which can be an affordable way to cover a lot of different pieces. 

Lavalier has a simple quote tool that doesn’t require you to enter personal information. You can apply online as well, but you can’t start a claim online. You’ll need an appraisal for items worth $5,000 or more, and there’s a $50,000 single item limit and a $150,000 policy limit. One of the downsides of choosing Lavalier is that watches require underwriting review and may not be eligible for standalone scheduled coverage. You can, however, include watches as part of a schedule with other jewelry. 

Lavalier’s underwriter has an A+ (Superior) financial strength rating with AM Best, indicating superior reliability when it comes to paying claims. The company has a good customer satisfaction record—it received far fewer complaints than expected over the last three years. Lavalier offers robust coverage, only excluding intentional damage or loss, manufacturer’s defects, and rare circumstances such as nuclear hazard and war.

Best for Low Premiums : WAX


Wax Insurance

 Wax Insurance

Pros & Cons
Pros
  • Lowest quotes of any provider we reviewed

  • No coverage limits

  • Pays up to 150% replacement value

  • Easy to add new jewelry with the WAX app

  • Policies pay cash at agreed value

Cons
  • Online quote only available via WAX app

Why We Chose It

WAX offered the lowest premiums of the jewelry insurance providers we reviewed, for both watches and engagement rings. The company, which offers coverage through Chubb, is also a great choice for people insuring a large collection of jewelry and other collectibles such as watches, handbags, and shoes. There are no coverage maximums, and appraisals are only required for items worth $100,000 or more. Once you’re a policyholder, you can download the WAX Insurance app and snap a picture of each new jewelry item you want to add to your collection. You can receive a quote and pay for additional coverage in minutes via the WAX app. In some states, you can even take out a loan against your collection. 

The company provides worldwide coverage for loss, fire, theft, earthquake, flood, and breakage. And if you insure multiple pieces, you’ll be covered for up to 150% of each piece’s value, up to the policy limit, should its market value increase. But the platform isn’t designed for shopping around. You’ll need to supply your contact information to have a quote emailed to you or download the WAX app. 

WAX Insurance is underwritten by Chubb, which has been in business for 140 years and holds an A+ (Superior) financial strength rating from AM Best. The company also had fewer complaints than expected over the past three years, given its market share.

Final Verdict

For no-commitment quotes, start with GemShield, Jewelers Mutual, and Lavalier. Without providing your contact info, you can easily get an idea of cost. We found that WAX offered the lowest premiums, but only by a small margin. However, it caters to consumers with both jewelry and other valuable collectibles. If you have a collection and add to it frequently, WAX is a good option. Choose Jewelers Mutual if you want quick coverage for your jewelry without an appraisal, and opt for BriteCo if you want the most robust engagement ring coverage.

How Much Is Jewelry Insurance?

Your annual premium for jewelry insurance and watch insurance will depend on the value of your jewelry, your location, and the deductible you choose. Most jewelry insurers estimate that you’ll pay between 1% and 2% of the value of each piece you insure. At GemShield, our pick for the top jewelry insurance provider, the premium you’d pay for a $10,000 item with a $0 deductible would be $150 in San Diego; $200 in Brooklyn, New York; or $110 in Columbus, Ohio. 

How Do I Insure a Ring?

Compare Quotes: You’ll want to start by getting a premium estimate from a handful of jewelry insurance companies.

Ask Questions to Understand Your Coverage Options: Make sure to compare the coverage offered at different companies as well. You should ask questions like:

  1. How will I prove my ring was lost?
  2. Is the policy a repair and replacement policy?
  3. Can I choose the jeweler I work with for repair or replacement?
  4. Does coverage extend out of the country?
  5. What are the exclusions?

Get an Appraisal: With most companies, you’ll need an appraisal. Sometimes, you can submit less expensive pieces of jewelry with only a receipt. WAX Insurance offers digital verification with a photo and description. But even if an appraisal isn’t required to apply for coverage, you should consider getting one for high-value pieces to avoid disputes during the claims process. Remember, you won’t be able to appraise a lost or stolen piece of jewelry after-the-fact. 

Apply for Coverage: Some companies make it easy to apply entirely online, while you may need to apply by phone with others. When you apply, you’ll pay your first premium (most companies offer monthly payments), which will activate your coverage. 

Update Your Coverage: If you add new jewelry to your collection and want it covered, you’ll need to request a change and pay the new premium. Some insurance companies also recommend you get an updated appraisal for your pieces every two years, in case their value changes. 

Does Homeowners Insurance Cover Lost Jewelry?

Homeowners insurance does not cover accidental loss of jewelry. You’ll need to either purchase an endorsement or a standalone jewelry policy for mysterious disappearance to be covered. Most homeowners policies will cover theft, but the limit for jewelry is typically capped around $1,500.

How Does Jewelry Insurance Work?

When you apply for jewelry insurance, you’ll pay a premium, or a monthly or annual fee for coverage. In exchange for that premium, your insurance company will agree to provide reimbursement for repair or replacement of your jewelry in the event of a covered loss. Your policy will state what is covered and what is excluded, but jewelry insurance generally covers things like theft, damage, and accidental loss. 

If something happens to your jewelry and it’s covered under your policy, you’ll file an insurance claim. You’ll work with your insurer to settle the claim, and they’ll write you a check for the amount you need to either repair or replace your jewelry. Typically, that amount is based on an appraisal. 

Methodology

To choose the best jewelry insurance companies, we compared premium quotes for engagement and wedding rings, and watches across the largest jewelry insurers nationwide. We also evaluated whether discounts and monthly payments were available, and whether there were membership or other requirements to get coverage. 

We placed particular importance on the ease of the application process, evaluating whether online quotes were available without submitting personal information and whether appraisals were required. We also looked at how comprehensive the coverage was at each company and whether policyholders could file a claim online. And we checked both complaint data with the NAIC and financial strength ratings to determine reputability, eliminating any companies with serious customer satisfaction issues.

Jewelry Insurance Companies
Article Sources
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  1. NAIC. “StarNet Insurance Company.”

  2. NAIC. “Jewelers Mutual Insurance Company.”

  3. NAIC. “Glencar Insurance Company.”

  4. NAIC. “Berkley National Insurance Company.”

  5. NAIC. “Consumer Insurance Search Results [Search Chubb].”