Many individuals are unaware of the concept of jewelry insurance, but it exists. Jewelry insurance safeguards the value of your prized possessions by offering repair, replacement, or repayment of the appraised value.
While a homeowner’s insurance policy will provide some protection for your jewelry, many consumers with precious jewelry will purchase separate coverage with higher limits and deductible restrictions that are appropriate for personal possessions.
Continue reading to compare the best jewelry insurance choices, how they work, and what they cover.
What Is Jewelry Insurance?
Jewelry insurance, like other types of insurance for a boat or a car, is a financial instrument that offers coverage for the object in question. Jewelry insurance allows you to pay an annual fee for coverage that protects your jewelry from damage or theft. Policies frequently include a deductible, although other jewelry companies provide this coverage with no deductible.
For covered objects worth more than a specific sum, such as $5,000, some jewelry insurance policies demand an assessment. You must ensure that any jewelry you buy and wish coverage for is eventually included and described in your policy as a “scheduled item.”
How jewelry Insurance company works
Jewelry insurance is essentially a contract between you and an insurance company. If you purchase a policy, the insurance provider is responsible for repairing or replacing the item if something happens, such as a broken ring, or if it is lost, stolen, or simply disappears.
A normal jewelry insurance coverage will cover your jewelry items if they are lost or stolen. It also covers “unexplained loss.” It means losing your valuables owing to unexpected circumstances that you cannot explain.
Unlike other insurance products, jewelry insurance covers you.
Furthermore, unlike other insurance policies that provide coverage for valuable goods, such as homeowners insurance, standalone jewelry insurance has no cap on the insured jewelry’s value. This means that you can receive insurance for your jewelry regardless of its entire value.
Best Jewelry Insurance Options of 2023
Below is a list of best jewelry insurance options to consider, and they include the following:
- Best Overall: Jewelers Mutual Insurance Company
- Best for Heirlooms: Chubb
- Best for Wedding Jewelry: Britco
- Best for Accidental Coverage: GemShield
- Most Comprehensive Coverage: Lavalier
- Best for Claims Processing: JIBNA Personal Jewelry Insurance
#1. Jewelers Mutual:
This is the overall best jewelry insurance provider since it has over 100 years of expertise insuring jewelry and provides coverage for all major dangers, all while giving customizable coverage with no deductible.
Pros:
- It has a very strong reputation in the industry
- Option for $0 deductible policy
- The Coverage is for all perils
Cons:
- Few losses are excluded, like wear and tear
- It Does not offer 24/7 customer service
- There are no free appraisals
#2. Chubb:
It provides comprehensive coverage for heirloom jewelry, including market value increase coverage, which increases your policy limits if your older heirloom jewelry becomes more valuable over time.
Pros:
- There is No deductible required
- The Pieces are insured at their agreed value
- It Includes Coverage for market value increases
Cons:
- You Must work with an agent to get a quote and buy a policy
- The Pricing information is unavailable online
#3. Britco:
Britco not only provides full coverage for engagement rings and wedding bands, but it also covers preventative maintenance and repairs, which can extend the life of your wedding jewelry for decades.
Pros:
- There is No deductible required
- It has Very affordable premiums
- Has Free preventative maintenance and repairs
Cons:
- There are no in-person offices or agents
- It Requires a recent appraisal to purchase Coverage.
#4. GemShield:
If you misplace or damage your beautiful jewelry, GemShield will pay to repair or replace it. All-risk coverage is offered, which means that most causes of loss are covered.
Pros:
- The Policies are underwritten on an all-risk basis
- The Pieces are covered anywhere in the world
- It is Easy to get an instant quote online
Cons:
- You Can’t file a claim online
- The Appraisals required for pieces valued at more than $5,000
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#5. Lavalier:
It provides extensive coverage limits for most types of jewelry, making it an excellent choice if you own expensive pieces. You can also work with your own jeweler for repairs.
Pros:
- There are High coverage limits available
- It is Easy to get a quote online
- The Policies are underwritten on an all-risk basis
Cons:
- The Appraisals are required for pieces valued at $5,000 or even more
- Watches may not be covered
#6. JIBNA:
JIBNA is distinguished for its effective claim handling procedure. The company takes pleasure in offering quick and fair claim payments with the choice of cash, repairs, or replacements.
Pros:
- All-risk Coverage for most jewelry types
- Has Competitive premiums
- Personalized claims handling
Cons:
- It has Limited policy information online
- You Must work with an agent to get a quote and purchase coverage
- Appraisals are required
#7. Zillion:
No deductibles are required for replacements or repairs with Zillion policies, so you won’t be hit with unexpected costs when it comes time to submit a claim.
Pros:
- purchase all-risk coverage with no deductible
- the coverage is worldwide
- it has a 30-day money-back guarantee
Cons:
- you must provide personal information to get a quote
- there is no pricing information on the site
- Vague policy descriptions
FAQS
Is it worth it to get jewelry insurance?
Jewelry insurance can give you peace of mind and protection from theft, damage, and in some circumstances, even disappearance or loss if you own expensive jewelry that isn’t covered by a homes or renters policy.
How much is it to insure $5000 jewelry?
Jewelry insurance typically costs 1% to 2% of the jewelry’s worth every year. Insuring a $5,000 ring would cost $50 to $100 annually.
Does jewelry insurance cover the loss?
Standalone jewelry coverage will pay the full replacement cost of the item, whether it is misplaced, stolen, or harmed. Jewelry that you’ve borrowed from friends or family may be covered under your insurance policy if it is lost while it is in your care.
Can I insure my gold chain?
It must be valuable, such as genuine gold jewelry, heirloom brooches, other trinkets, and wedding bands (one of the top pieces of jewelry that get insured). Most insurance policies charge $1 to $2 per $100 of the piece’s worth and cover events like jewelry theft or damage.
How much does jewelry insurance cost?
Most jewelry insurance rates are 1-2% of the insured jewelry’s value annually.
Does jewelry lose value?
A newly purchased piece of jewelry will deteriorate by 30% the moment it is purchased.
The vast majority of jewelry on the market will depreciate over time. Since antiquity, jewelry has been regarded as a luxury item. Furthermore, because the distinction between jewelry and money is sometimes blurred, jewelry is frequently considered a sort of cash.
Conclusion
Choosing a jewelry insurance policy is difficult, whether you want to protect a single engagement ring, or you are a jewelry collector who wants continuing coverage for new pieces added to your collection.
Before getting coverage, we recommend evaluating the best jewelry insurance policies available based on eligibility, policy options, and pricing.
You can learn more from the video below:
About Author
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My name is Precious Ejiofor, I am a professional self motivated, dependable writer and editor, with over 4 year of experience in writing for variety of business and platforms. I am able and capable to write on any kind of topic.
Specifically, I focus on producing persuasive and compelling contents that is thoughtful, prominent, and engaging.
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