How Much Does It Cost to Insure Jewelry?

The cost of jewelry insurance depends on the value of the piece, as well as your location and policy deductible. However, most jewelry insurance companies state that premiums are roughly 1% to 2% of your item’s appraised or estimated value. To better understand the cost of jewelry insurance, we received sample quotes from GemShield for an $8,000 antique necklace , with a $0 deductible. Here are the rates we got for a few different locations: San Francisco: $120/year New York City: $160/year Chicago: $132/year

Is Jewelry Insurance Worth It?

Insuring your jewelry can be a good idea, regardless of the value of your items or the size of your collection. Even if you have home or renters insurance, most policies provide limited coverage for valuables. If you’re debating jewelry insurance, consider whether you would be comfortable repairing or replacing an item that got damaged, lost, or stolen.

Does Homeowners Insurance Cover Lost Jewelry?

Most homeowners insurance policies do not cover lost jewelry. This is one of the biggest benefits of jewelry insurance . Most jewelry insurance policies include coverage for “mysterious disappearance.” If you accidentally drop your ring down the drain, or the clasp comes loose on your pearl necklace and it falls off, your insurance policy will pay for a replacement.

How Does Jewelry Insurance Work?

When you insure a piece of jewelry , you pay the insurance company a premium in exchange for protection against potential risks. If something happens, like your art deco necklace collection gets destroyed in a flood, you can file a claim with your insurance company. You’re usually required to submit an appraisal or a receipt, which shows the insurance company how much the item is worth. After the claim is processed and approved, your insurer provides a payout for you (or a jeweler) to repair the item or replace it, depending on the situation. You might have to pay a deductible, which gets subtracted from the claim settlement.

Does Jewelry Insurance Require an Appraisal?

Some jewelry insurance companies require an appraisal before you can purchase a policy, and others don’t. There are also insurers that only require an appraisal for items over a certain value. For example, Jewelers Mutual doesn’t require appraisals, while Lavalier, on the other hand, requires an appraisal for any items valued at over $5,000.

Best Jewelry Insurance of 2023

Fine jewelry items, like engagement and wedding rings, are priceless pieces that hold significance and meaning. Not to mention, they’re often a big financial investment. While your homeowners or renters insurance policy may provide some protection for your jewelry, there are usually gaps in the coverage. Additionally, the coverage limits for valuables might be lower than you think.

Whether you’re looking to insure an engagement ring, wedding ring, heirloom, watch, or other type of fine jewelry, a standalone jewelry insurance policy is often the best way to protect these pieces.

To find the best jewelry insurance companies, we compared the largest jewelry insurers nationwide based on features like plan costs, plan benefits, ease of getting coverage, and appraisal requirements.

Our Top Picks

Best Established Insurer: Jewelers Mutual Insurance Group
Best for an All-Risk Policy: BriteCo
Lowest Premiums: WAX
Best for Discounts: Lavalier
Best Online Application Experience: GemShield

Pros

Don’t need an appraisal to purchase a policy
Instant online quotes
Covers all types of jewelry, including loose stones
One of the oldest jewelry insurance companies

Cons

No payment plan if your premium is less than $200/year

If you need to purchase an insurance policy for a piece of jewelry fast, Jewelers Mutual is a great option. Appraisals aren’t required, which means you can apply whenever you want. In many cases, coverage is available on the same day you apply and pay the premium.

Jewelers Mutual is one of the oldest jewelry insurance companies on the market, with more than 100 years of experience. It has a wide network of jewelers that can make it easier to file claims for replacements or repairs. The company insures many types of jewelry, including rings, pendants, bracelets, watches, and even loose gemstones.

It’s easy to get a quote from Jewelers Mutual online, and you don’t have to submit your contact information if you’re comparison shopping. However, Jewelers Mutual is one of the few companies we reviewed that doesn’t offer payment plans for everyone. If your annual premium is less than $200, you must pay upfront and in full.

Pros

Comprehensive coverage for jewelry, including maintenance
All policies have a $0 deductible
Coverage is evaluated annually
Relatively low premiums
Online quotes and application

Cons

Time-consuming quote process
Newer insurance company

BriteCo has affordable premiums, and its policies include some of the most robust coverage for jewelry and watches.

If your jewelry is stolen, damaged accidentally or in a natural disaster, or mysteriously disappears, BriteCo will pay to repair or replace the item. We also like that policies include coverage for basic repairs and maintenance, like stone tightening, broken earring posts, clasp replacement, ring-prong re-tipping, and more. And if you’re concerned about rising inflation, BriteCo evaluates your coverage annually and increases it if necessary. (It also considers whether gemstone and metal prices have increased the value of your jewelry.)

You can apply for a quote or purchase a policy directly on BriteCo’s website, but BriteCo’s quote process is more time-consuming than some other companies and requires your personal contact information—which isn’t ideal if you’re quote-shopping to compare multiple insurers.

Pros

Lowest premiums for jewelry and watches
Pays up to 150% of your item’s value after a covered loss
Unlimited coverage
Jewelry insurance policies are underwritten by Chubb

Cons

Quote process is cumbersome
Only available to U.S. residents

Out of the jewelry insurance companies we selected, WAX has the cheapest premiums, according to the rate data we collected. We looked at coverage for watches and rings in San Diego, California, and found that premiums for WAX were 7% less than most competitors.

WAX may also be a good option if you need to insure high-value jewelry items. You can get unlimited coverage, and if something happens to one of your pieces, WAX will pay up to 150% of the item’s value to repair or replace it. Since the value of your jewelry can increase based on inflation and current metal and gemstone prices, this sort of buffer is invaluable.

WAX’s jewelry insurance policies are underwritten by Chubb, an insurance company that specializes in coverage for valuable articles and higher-value properties. Chubb has been in business for more than 140 years and has an A+ (Superior) financial strength rating from AM Best.

But getting a quote from WAX requires a greater time commitment relative to other insurers, like GemShield. You either need to download the WAX app or submit a quote request online via a form and wait for an email response. However, if you purchase a policy, the app makes it easy to file claims and add new jewelry pieces to your policy.

Pros

Biggest selection of discounts
Online quotes and application
Deductibles between $0 and $25,000
Can insure individual jewelry pieces for up to $50,000

Cons

Coverage for standalone watches is not guaranteed
No monthly payment plans
Need an appraisal for items valued at more than $5,000
No online claims

Lavalier offers the most discounts out of the jewelry insurance companies we selected as "best." You can save money on your policy if you have a home alarm; store your jewelry in a home safe, bank vault, or safe deposit box; or provide an approved gemstone grading report. You can also save money by choosing a higher deductible (Lavalier offers deductibles between $0 and $25,000).

Lavalier’s quote process is straightforward—just answer three questions about your ring and its value. If your jewelry is valued at $5,000 or more, you must submit an appraisal. You can purchase a policy in less than 10 minutes and potentially get coverage on the same day you apply and pay the premium. Lavalier doesn’t offer payment plans, so you must pay the entire premium in full.

Lavalier insures many types of jewelry, with a maximum coverage limit of $50,000 per item, and a maximum policy limit of $150,000 (without underwriting review). However, Lavalier may not approve standalone coverage for watches, due to a recent increase in losses. You might have a better shot at getting watch coverage with Lavalier if you insure other jewelry items on the same policy.

Pros

Fast online quote and application process
Online quotes that don’t require contact information
Policies include robust coverage for jewelry

Cons

Must have an appraisal for jewelry valued at over $5,000
Can’t make changes to your policy without an agent

If you’re looking for a jewelry insurance company with a seamless online application, GemShield is our top recommendation. GemShield makes it easy to get an insurance quote and apply for a policy online, without working with an agent. Just input three values: your ZIP code, the value of your ring, and the deductible you want (between $0 and $1,000), and you’ll get a quote. Unlike other companies, GemShield doesn’t require that you submit your contact details until you start the application.

Whether you want to insure a wedding ring, heirloom necklace, or watch, GemShield’s policies include coverage for many potential risks, like mysterious disappearance, theft, damage, earthquakes, and floods. However, your items must be appraised if they are valued at $5,000 or more.

Based on our review of more than a dozen jewelry insurance providers, Jewelers Mutual is a great option for those who don't want to get an appraisal before insuring their jewelry. BriteCo offers comprehensive coverage for many types of jewelry, has affordable premiums, and analyzes your coverage annually to make sure it’s sufficient.

However, if you value a seamless application experience, we suggest GemShield, Jewelers Mutual, or Lavalier. All have a much shorter quote process, and don't require your phone number or email before applying. For low premiums or very valuable jewelry and large collections, look to WAX.

FAQ

How Much Does It Cost to Insure Jewelry?
The cost of jewelry insurance depends on the value of the piece, as well as your location and policy deductible. However, most jewelry insurance companies state that premiums are roughly 1% to 2% of your item’s appraised or estimated value.
To better understand the cost of jewelry insurance, we received sample quotes from GemShield for an $8,000 antique necklace, with a $0 deductible. Here are the rates we got for a few different locations:
- San Francisco: $120/year
- New York City: $160/year
- Chicago: $132/year

FAQ

Is Jewelry Insurance Worth It?

Insuring your jewelry can be a good idea, regardless of the value of your items or the size of your collection. Even if you have home or renters insurance, most policies provide limited coverage for valuables. If you’re debating jewelry insurance, consider whether you would be comfortable repairing or replacing an item that got damaged, lost, or stolen.

FAQ

Does Homeowners Insurance Cover Lost Jewelry?

Most homeowners insurance policies do not cover lost jewelry. This is one of the biggest benefits of jewelry insurance. Most jewelry insurance policies include coverage for “mysterious disappearance.” If you accidentally drop your ring down the drain, or the clasp comes loose on your pearl necklace and it falls off, your insurance policy will pay for a replacement.

FAQ

How Does Jewelry Insurance Work?

When you insure a piece of jewelry, you pay the insurance company a premium in exchange for protection against potential risks. If something happens, like your art deco necklace collection gets destroyed in a flood, you can file a claim with your insurance company. You’re usually required to submit an appraisal or a receipt, which shows the insurance company how much the item is worth.
After the claim is processed and approved, your insurer provides a payout for you (or a jeweler) to repair the item or replace it, depending on the situation. You might have to pay a deductible, which gets subtracted from the claim settlement.

FAQ

Does Jewelry Insurance Require an Appraisal?

Some jewelry insurance companies require an appraisal before you can purchase a policy, and others don’t. There are also insurers that only require an appraisal for items over a certain value. For example, Jewelers Mutual doesn’t require appraisals, while Lavalier, on the other hand, requires an appraisal for any items valued at over $5,000.

To choose the best jewelry insurance companies, we started by reviewing the largest jewelry insurance providers nationwide. We looked at a variety of factors, like plan costs, plan benefits and coverage, plan exclusions, policy options, the number and type of discounts available, and whether payment plans are offered.

We also evaluated each company’s quote and application experience as well as their appraisal requirements and claim filing process.

Other factors that we looked at include financial strength ratings, complaints with the National Association of Insurance Commissioners (NAIC), and years in business.