Best Jewelry Insurance Options of 2024 (2024)

Best Jewelry Insurance Options

Best Jewelry Insurance Options

Jewelers Mutual is the best jewelry insurance provider overall because it has more than 100 years of experience insuring jewelry and includes coverage for all major perils, all while offering customizable coverage with no deductible.

We chose Jewelers Mutual as the best jewelry insurance company overall because the company has a strong reputation in the industry. Jewelers Mutual has been in business since 1913 and is backed by leading organizations, like the American Gem Society and Jewelers of America.

In addition, we were impressed by Jewelers Mutual’s coverage. Every piece is covered on an all-risk basis and is protected against losses like theft, mysterious disappearance, and damage, including damage from floods and earthquakes. Jewelry is covered worldwide and during travel.

Overall, insurance from Jewelers Mutual is affordable. The annual cost of coverage is typically 1% to 2% of the item’s value. You can get a quote online to see what you will pay based on the value of your jewelry and set your own coverage limits. We also like that Jewelers Mutual offers $0 deductible policies.

One of the downsides to Jewelers Mutual is that the company doesn’t offer free appraisals, but you don’t need one in order to purchase insurance. Additionally, the company doesn’t offer 24/7 customer service, but you can file a claim any time through the online customer portal.

Chubb offers generous coverage for heirloom jewelry pieces, including market value increase coverage, which raises your policy limits if your older heirloom jewelry becomes more valuable over time.

If you own heirloom jewelry, Chubb is your best option for jewelry insurance. Not only does the company offer high coverage limits and no required deductible, but every policy comes with unique protection that can be beneficial for older pieces that have been passed down for generations.

Every Chubb jewelry insurance policy includes market increase protection, so if your heirloom pieces gain value, Chubb will pay up to 150% of the new value in the event of a claim. Additionally, your items are covered at their agreed value, and you’ll get 100% of the amount as a cash settlement if you experience a loss. Appraisals are only required if your individual pieces are worth $100,000 or more.

Chubb jewelry insurance is also a good option if you have both heirlooms and new fine jewelry pieces in your collection. The company offers scheduled policies that cover one item, as well as blanket policies that cover multiple pieces. Plus, new pieces are automatically covered for up to 90 days if you already have a policy.

There aren’t many downsides to Chubb, but it’s worth noting that you have to work with an agent to get a quote and purchase a policy. Additionally, the company doesn’t include any information online about how much its policies typically cost.

Not only does BriteCo offer comprehensive coverage for engagement rings and wedding bands, it also covers preventative maintenance and repairs, which can help your wedding jewelry last for decades.

BriteCo is our top recommendation for wedding jewelry insurance. Whether you want to insure a diamond engagement ring or a platinum wedding band, BriteCo offers flexible coverage for common perils, like damage, theft, and loss, with zero deductible.

One of the most unique features of BriteCo is that the company covers preventive maintenance and repairs for wedding rings specifically. That includes things like stone tightening, prong re-tipping, and replacing broken, worn, and bent ring prongs. If something happens to your ring, BriteCo will provide up to 125% of the appraised value to replace it.

Note that BriteCo operates entirely online. You can get an instant rate quote and file claims right from the website. There’s also a live chat feature if you have questions about purchasing a policy.

If you’re looking for an affordable premium, BriteCo is also a good option. Most policies cost between 0.5% and 1.5% of the item’s value, and you have the option to pay monthly or annually. The biggest downside of BriteCo is that you have to appraise your items to purchase insurance.

If you accidentally lose or damage your fine jewelry, GemShield will pay to repair or replace your pieces. Coverage is provided on an all-risk basis, which means that most causes of loss are covered.

If you wear fine jewelry on a daily basis, accidents can happen. We recommend GemShield for accidental coverage, because policies are underwritten on an all-risk basis and cover your items from most causes of loss, including theft and disappearance. It also helps cover the cost of repairs and replacements.

GemShield’s policies are underwritten by Berkley Asset Protection, a division of Berkley National Insurance Company. Most policies cost between 1% and 2% of the item’s value, and there’s a $20 minimum premium. The maximum policy limit is $100,000, with up to $35,000 for any single piece of jewelry. However, you can get higher coverage limits depending on the item and its value. Deductibles range from $0 to $1,000.

One important thing to know about GemShield is that appraisals are required for every item that is valued at $5,000 or more, and the appraisal must have been done in the last 18 months. GemShield allows you to insure newly purchased jewelry, but it also must be appraised.

To get a quote from GemShield, you can visit the website. However, you aren’t able to manage your policy, make changes, or file claims online. If you need assistance, you’ll have to email or call the company during business hours, Monday through Friday from 9 a.m. to 5 p.m EST.

Lavalier offers generous coverage limits for most types of jewelry, which makes it a great option if you have expensive pieces. Plus, you can work with your personal jeweler for repairs.

We chose Lavalier as the best jewelry insurance provider for comprehensive coverage because the company offers flexible policies with high coverage limits. Plus, policies protect your pieces on an all-risk basis, which includes most common losses, like theft, damage, and sudden disappearance, anywhere in the world.

Lavalier’s policies are underwritten by Berkley Asset Protection, which also provides GemShield’s policies. You can get coverage for individual items up to $50,000 and up to $150,000 in combined coverage. Additionally, the deductible options are very flexible, ranging anywhere from $0 to $10,000. Premiums cost about 1% to 2% of the item’s value.

Lavalier's personalized claim process stands out. If you experience a loss, you can work with your own jeweler to repair or replace the item, or you can use a jeweler in Lavalier’s network.

Getting a quote from Lavalier is quick and easy using the online rate generator. You can also purchase a policy on the website. Just keep in mind that appraisals are required for items valued at more than $5,000. Also, watches that are insured on an individual basis may not be eligible for coverage.

JIBNA stands out for its efficient claim handling process. The company prides itself on providing fair and efficient claim payouts with the option for repairs, replacements, or a cash settlement.

JIBNA, which stands for Jewelry Insurance Brokerage of North America, is our top pick for the best claims processing. JIBNA is dedicated to fast, fair, and personalized claims handling, giving customers the option to repair or replace damaged jewelry or opt for a cash settlement for the item’s full value (minus a deductible) at the time of the loss.

JIBNA’s jewelry insurance policies are underwritten on an all-risk basis, so your pieces are covered against most causes of loss. Policies are competitively priced, with a $50 minimum premium. Additionally, the company uses proprietary software to screen jewelry appraisals and calculate value, which ensures you have just the right amount of coverage.

While JIBNA is excellent at handling claims, the company lacks some beneficial features. For example, you have to work with an agent to get a quote, purchase a policy, and file claims. There is also no online customer portal where you can manage your policy.

Note that JIBNA requires an appraisal in order to purchase insurance, regardless of the item’s value. And because the company doesn’t offer market value increase coverage, you’ll probably want to reappraise your pieces annually to ensure you always have sufficient protection.