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Jewelry has long been one of our most prized possessions, which is one reason specialized jewelry insurance policies are so incredibly important. After all, most homeowners insurance policies only cover jewelry to a limited extent, and there may be exclusions or rules that limit your coverage altogether. Without jewelry insurance, you may be left with nothing if your favorite ring or a treasured antique watch winds up damaged or stolen.
Before you invest in a jewelry insurance policy, we suggest comparing the top providers in this space in terms of their reputation, ratings, and policy offerings. Also, consider getting a few quotes from different jewelry insurance companies to ensure you're getting the best coverage without overpaying. Keep reading for more about the best jewelry insurance.
Best Overall: Jewelers Mutual Insurance Group
Why We Chose It
We selected Jewelers Mutual Insurance Group as the best jewelry insurance provider overall due to its long company history and broad selection of covered perils. Its plans are also flexible and customizable, and you can even choose a policy with no deductible.
Company history dates back to 1913
Coverage is customizable
$0 deductible options available
More covered perils included
Several emergency situations are not covered
Jewelers Mutual Insurance Group has been in operation since 1913 and boasts an A+ rating for financial strength from AM Best. This company also stands out since it was founded by jewelers, for jewelers. Its qualified staff even includes an array of GIA Graduate Gemologists and AGS Certified Sales Associates.
Jewelry Insurance from Jewelers Mutual Insurance Group covers more perils than many other policies, including loss, theft, damage, disappearance, floods, and earthquakes. Coverage from this company is also worldwide, so it travels with you no matter where you are. You can also tailor your policy to your individual needs as well as your budget, with $0 deductible options available.
While there are no hard and fast rules when it comes to the cost of jewelry insurance, Jewelers Mutual does offer some sample pricing on its website. For example, you could pay:
- $25 per year for a $2,500 watch in Milwaukee (ZIP code 53202) with a $0 deductible
- $80 per year for an $8,000 ring in Indianapolis (46217) with a $0 deductible
- $93 per year for a $5,000 ring in New York City (10016) with a $100 deductible
Jewelers Mutual makes it simple to get a free quote for jewelry insurance online. The online portal makes paying your premium and filing a claim easy.
Best for Automatic Coverage for New Items: Chubb
Why We Chose It
While valuables insurance from Chubb has plenty of positive attributes, we chose this company because it offers automatic coverage for new items for up to 90 days. This benefit is important for jewelry enthusiasts or collectors who are constantly adding new pieces and may not want to update their coverage every week or month.
Newly acquired items are covered for up to 90 days
Flexible, worldwide coverage options
Agreed value feature
No free quote option online
The history of the Chubb company dates back to 1882, and it has since grown to become a major provider of insurance for individuals and businesses, including homeowners insurance, auto insurance, valuables insurance, and more. We like this company's jewelry insurance product for a few reasons, including the fact that newly added items get coverage automatically for up to 90 days. This benefit can be important for collectors who frequently buy new items but only want to update their policies every few weeks or once per month.
Chubb jewelry insurance policies are highly customizable, and many policies don't require a deductible. They also come with liberal appraisal requirements for high-value items only, while an agreed value feature ensures you'll get 100 percent of the agreed value as a cash settlement if your item is stolen or irreparably damaged.
Also keep in mind that Chubb lets you buy blanket coverage for a collection of items, individual coverage for specific jewelry pieces you own, or both.
Best Value: BriteCo
Why We Chose It
We selected Brite as our best value option due to the low prices it advertises, along with its easy online quote process.
Jewelry insurance with no deductible
Coverage is worldwide
Covered perils include mysterious disappearance
Monthly payment options
Short company history
Replacement only policy
BriteCo was only founded in 2017, but it does partner with Glencar Insurance Company to underwrite its policies, which has an A+ rating for financial strength from AM Best.
We added BriteCo to our ranking based on a few factors, including the fact that it offers worldwide coverage with zero deductibles. Policies are also good for 125 percent of the replacement value, and coverage is good for loss, theft, damage, and mysterious disappearance.
Pricing from BriteCo can vary, but it offers these examples of how much some customers pay for their coverage:
- $4.59 per month for $3,500 earrings in New York City
- $12.60 per month for an $11,750 watch in San Francisco, California
- $4.17 per month for a $1,100 wedding band in Miami, Florida
BriteCo also stands out because it allows you to customize your policy. Monthly payment options are also available.
Best for Convenience: Lavalier
Why We Chose It
We chose Lavalier as best for convenience based on its seamless online quote process. You can get a free quote without providing your contact information (only your ZIP code is required), and you can buy your policy and get coverage in a matter of minutes.
Easy online quote and purchase process
Worldwide coverage for loss damage or theft
Online claims available
Most coverage capped at $50,000 per item
Coverage may not be available for watches on a stand-alone scheduled basis
Appraisal needed for items that cost $5,000+
Lavalier jewelry insurance policies are underwritten by Berkley Asset Protection, which then writes on behalf of Berkley National Insurance Company. This company has received an A+ rating from AM Best, which should leave you feeling confident about the legitimacy of your policy. Ultimately though, we picked Lavalier for our ranking based on its easy quote process, which lets you see pricing without speaking to an agent or providing your contact details.
Lavalier says its policies typically cost around 1 percent to 2 percent of the price of your jewelry in any given year, and that the full application for jewelry insurance can be completed in less than 10 minutes. Coverage is also worldwide, and you can customize your coverage limits and deductibles based on your budget and needs.
Best Satisfaction Guarantee: Zillion
Why We Chose It
We chose Zillion for our ranking based on its satisfaction guarantee. You can cancel your policy anytime, and you can receive a full refund if you do so within 30 days.
Money-back guarantee for 30 days
$0 deductible plans
Zero impact claims
Short company history
Several situations excluded from coverage
Jewelry insurance policies offered by Zillion are underwritten by AXA XL, which is rated A+ for its financial strength by AM Best. We chose this company based on its money-back guarantee. If you buy a policy and decide to cancel within 30 days, you can qualify for a free refund with no questions asked.
Other benefits of Zillion include the fact that coverage is worldwide and that its policies all come with a $0 deductible. Zillion also offers an online quote process as well as easy online claims.
Policies from Zillion cover perils such as loss, theft, damage, and disappearance, and there's also a "zero impact claims" policy that says your premiums won't go up if you use your insurance to cover a loss.
You'll have to apply for a quote to find out exactly how much you would pay for jewelry insurance from Zillion, but it does claim that policies typically cost 1 percent to 2 percent of the value of your jewelry. And it states that insuring a $7,000 diamond engagement ring could cost as little as $70 per year.
Choosing a jewelry insurance policy isn't easy, and that's true whether you have a single engagement ring you want to protect or whether you're a jewelry collector who needs ongoing coverage for pieces added to your collection. We suggest comparing the top jewelry insurance policies out there based on qualifications, policy offerings, and pricing before purchasing coverage.
Frequently Asked Questions
How Much Does It Cost to Insure Jewelry?
The cost of jewelry insurance varies based on the company you buy from, the jewelry pieces you want coverage for, your deductible, and other factors. To find out how much you might pay for coverage, take the time to get a free jewelry insurance quote.
Is Jewelry Insurance Worth Getting?
If you do not purchase a jewelry insurance policy, you may not have any coverage at all if your treasured pieces are lost, damaged, or stolen. Your homeowners insurance may provide some coverage for jewelry and other valuables, yet it's possible that coverage is limited and it's unlikely you'll get full replacement value.
What Does Jewelry Insurance Cover?
Jewelry insurance can cover nearly any type of jewelry you can buy, from diamonds and other precious stones to watches, necklaces, engagement rings, and more. Coverage is typically good for instances where your jewelry is lost, damaged, or stolen, although exclusions can apply.
Does Jewelry Insurance Require an Appraisal?
Most jewelry insurance policies require an appraisal for items of a certain value, although the threshold where appraisals are required varies from company to company.
To find the best jewelry insurance providers, we compared companies based on factors like financial security and ratings, online presence and functionality, and coverage offered. We gave preference to companies that have a free and easy online quote process, as well as those that offer unique benefits such as temporary automatic coverage, no deductibles, and online claims options.