Top 5 Best Places to Buy Jewelry Insurance (Tips & Tricks)

Jewelry insurance is similar to any other kind of insurance coverage, like homeowners insurance or renters insurance. Except in this case, it is coverage for your jewelry. Some jewelry insurance companies cover jewelry with a stand-alone policy, and some are accompanied by other coverage companies that also do car or home insurance too.

With a jewelry insurance policy, you are able to protect some of the most valuable possessions in your life: your engagement ring or wedding ring. For some, bridal jewelry will be the only jewelry they'll ever wear. For others, it may be adding to an existing insurance policy, or perhaps they're looking to insure multiple pieces.

In general, jewelry insurance provides protection in case the worst happens to your personal property.

Coverage limits are based on specific situations, but most insurance companies cover the same general bases: theft and damage. Some insurance policies cover your jewelry even if it comes as a "mysterious disappearance".

You pay into the insurance every year (costs vary), just in case something happens. If an unfortunate situation happens and you find yourself with a damaged piece of jewelry or worse.

If your jewelry is covered by a jewelry insurance policy, they will likely cut you a check for a replacement or to repair. The cash value of your replacement usually depends on the assessed value from a jewelry appraiser.

Jewelry insurance allows peace of mind to jewelry owners just in case something unforeseen happens to some of their most valuable items.

#1 Buying Jewelry Insurance at Jewelers Mutual

Jewelers Mutual has partnerships with our favorite online jewelry companies, James Allen and Blue Nile. The company is also supported by the Jewelers of America organization. The company is has been protecting jewelry for a 100 years and will probably continue to do so for 100 more, if they have their say about it.

Customers love how easy it is to obtain a quote from Jewelers Mutual. Jewelers Mutual allows you to choose your own insurance policy. You can choose your own deductible, or even select "no deductible".

One thing that really stands out for many customers is that this company is backed by a team of GIA certified and AGS certified gemologists, which makes customers feel safe insuring with a company that lives and breathes jewelry. They don't cut a check and run either when filing a claim. Their coverage includes disappearance, damage, loss, and theft and is covered worldwide.

If you file a claim with Jewelers Mutual, you can initiate it online, which is very convenient. Once they've received it, you can talk to your jeweler. Jewelers Mutual doesn't choose a company for you to work with; you tell Jewelers Mutual what jewelry store to work with. If you plan has a deductible, you'll pay that amount to your jewelers and the insurance company will take care of the rest. You walk out of the store that same day with your replacement.

Pros

Deal with Blue Nile, James Allen, and Brian Gavin
Online Quote
No deductible available

Cons

Have to put all your info in

#2 Buying Jewelry Insurance at Lavalier

Lavalier Jewelry Insurance is perfect for the hands-off person. Why? Unlike most insurance companies, you don't need to put in all your contact info to get a quote.

It's pretty easy to purchase insurance with them. It can all be done online or over the phone. Online, you can get your quote within a minute, the website boasts. You will need an appraisal in order to receive your quote. Blue Nile gives free appraisals with all of their engagement rings and wedding bands.

If you're satisfied with your quote, you can purchase your policy right there. Lavalier offers coverage wherever you go, worldwide. The coverage limit is $50,000, but they can make exceptions where necessary.

Lavalier works with one of our recommended retailers for conflict-free diamonds, Brilliant Earth.

Lavalier covers many situations like theft, loss, damage, and mysterious disappearance. They will not cover manufacturer defects, wear and tear, war, intentional damages, or nuclear hazards. In that event, I'd make sure I buy an engagement ring from a retailer with a free lifetime warranty, like James Allen.

Pros

Worldwide
No contact info needed for quote
Covers mysterious loss
Online or over the phone

Cons

Lower coverage limit
Need appraisal beforehand
Doesn't cover defects or wear

#3 Buying Jewelry Insurance at Jibna

Jibna Personal Jewelry insurance is another jewelry insurance company that has been around since the 1900s, 1975 to be exact.

The problem is, I think they're still living in that time period. Jibna insurance requires all customers to work with one of their insurance agents, which leads me to believe they're paid on commission.

The reason I say they're not living in the 21st century is because they don't offer any assistance further than connecting you to an agent. You also won't find too much info without speaking to an agent.

If you want a quote, you'll have to talk to an agent. If you want to file a claim, same thing. Also, when you check out their site, it's very old school looking. But given that they're still around, they must have a very good reputation with the customers despite their dinosaur practices.

JIBNA ask for your appraisal and then they go over the appraisal using their own software to make sure your appraisal is correct. They'll give you a quote for every piece of jewelry you're needing insured. JIBNA also covers all risk situations as well, including mysterious disappearance.

Pros

Long standing reputation
Hands-on insurance agents
Covers mysterious disappearance

Cons

Must work with agent for quote
Must file claim with agent
Uses their own appraisal system with yours

#4 Buying Jewelry Insurance at Chubb

Chubb Insurance is an example of a property insurance company that also offers jewelry insurance.

Jewelry is covered under their valuables coverage and unlike most companies that add jewelry insurance as a side policy.

Chubb has been around since the 1700s, so they're a long standing company, but most people probably don't go to them for jewelry. I do like that you don't need an appraisal with them, unless your jewelry is over the $100,000 value limit.

But like JIBNA, you can't get a free quote online. You'll have to work with an agent. This situation is popular for companies that have a floater policy or include jewelry in their coverage. Their policy is covered worldwide and is itemized, so you can insure a whole fine jewelry collection if you want. And when you get a new piece of jewelry, it's automatically covered for 90 days, unless you choose to actually insure it. Chubb coverage covers theft and damage beyond repair, but not mysterious loss.

Pros

Worldwide
Temporary Automatic Coverage
Appraisals needed only for $100,000 value

Cons

Property insurance company
No free quote online
Doesn't cover mysterious loss

#5 Buying Jewelry Insurance at GemSafe

GemSafe insurance is also a lesser known standalone jewelry insurance provider. They've been in the business since 1932 and are actually under the company, SterlingRisk Insurance.

The parent company does property insurance. But GemSafe serves as the hub for jewelers, appraisers, and customers alike.

One thing I really like about GemSafe's insurance policy is that your jewelry can be insured for up to 25% more coverage than its agreed value. The reason they do this is in case market values increase. It's a nifty little feature that most companies don't do.

Gemsafe covers loss and damages, including regular repairs and missing stones. You are also protected worldwide and all risk coverage. They don't have a zero deductible option, which is what usually deters people. They don't cover mysterious loss either.

Pros

Online quotes

Insured up to 25% more than value
Worldwide Coverage

Cons

Sub-sector of a larger insurance company

lesser known company
Doesn't have 0 deductible option

Is Jewelry Insurance Expensive Or Cheap?

Insurance cost for jewelry items depends entirely on the company, but you should expect any outrageous pricing. There are two price tags you want to worry about when buying jewelry insurance: your premium and your deductible.

The first cost is the actual cost of your policy, also known as your premium. You'll pay your premium every year without fail, even if nothing happens to your valued items for years.

Some providers offer a choice of policies, while others do not. For example, if an insurance provider has a policy that has a coverage limit of up to $10,000 and you own an engagement ring worth $18,000 on an appraisal, you're not going to get the full value if something bad happens to it. You'll need a policy with higher limits, but don't be surprised when it costs more.

For most policyholders looking for coverage for a single item, like an engagement ring, they meet the policy limit for $10,000. I mean, the average cost of an engagement ring according to the Knot's 2019 survey was $5,900.

Of course, if you're looking for jewelry coverage for multiple pieces, you may need a more expensive policy, because you'll want to make sure you can get the full value of your jewelry.

While the policy may not be able to replace devastation of loss in sentimental value in a family heirloom in a piece of new jewelry, you can still ensure you can replace the monetary value of the jewelry.

Jewelry insurance is pretty affordable it itself. Most companies charge 1-2% of the value of your jewelry. So, keeping that $10,000 coverage limit, it'd cost you around between $100-$200 a year. If you've chosen a floater policy, which allows you to add certain items to your standard homeowners insurance, it'll probably be a bit more expensive.

Floater policies, also referred to as rider policies, allow you to add unique items to your typical home insurance.

Aside from the cost of the policy itself, the cost of the deductible is going to be of importance. A deductible is the amount you have to pay in order to take advantage of your insurance claim. Some companies offer no deductible, which is what many insurance seekers are looking for.

Other deductible amounts can start $100 and go up. Keep in mind that whatever deductible cost you've chosen, you must pay that amount before being able to cash in on that policy.

The best way to pick out the right cost of insured jewelry is to compare and contrast. Many jewelry insurance companies offer free online insurance quotes that you can fill out. Most require an appraisal, so you'll want to have that on hand before you start comparing costs.

What Should You Look For In The Best Jewelry Insurance Policy?

While the specifics of a policy depends on what you're needing for your own valuable items, there are a few things other than price to make sure you're looking at when comparing different jewelry insurance coverages.

Deductible

We just talked about how some jewelry insurance providers offer no deductible options. For many companies, this is a big selling point. Other companies either require or give you the option to choose a deductible, usually ranging from $100 on up.

Why on earth would someone want to voluntarily pay when they don't have to? At least, that's what I thought before learning what a deductible really is and what purpose it serves. Idk about you, but I'm not trying to pay more after I just lost my wedding ring in order to get the monetary value of it.

But here's why some might want to choose a deductible. A higher deductible means low premium costs. Remember, premiums are the cost you have to pay per year, whether anything happens or not. Deductibles only have to be paid if a claim is made.

For some, the likelihood that something happen to the piece is low. These owners may keep valuable and expensive items in a locked fireproof safe. Plus, they might not be able to afford high yearly premiums. Better to pay higher costs if something happens, not on a regular basis that they must pay every year. For others, it's the opposite.

You'll want to make sure you know how much the premiums will be for every deductible option in a jewelry insurance company.

Coverage

We also talked about how most jewelry insurance companies offers the same basic coverage. But, there are some differences you might see within different companies.

The most common coverages in a jewelry insurance policy is damage or theft. And when we say damages, it means something excessive, like a fire or tornado. If your engagement ring has a prong that needs to be retipped as part of its regular maintenance, a lot of policies don't cover repairs for wear and tear.

Some may, but most don't.

This is why it's very important to buy jewelry from a company with a lifetime warranty, like our good friends at James Allen. They offer a free warranty as well as jewelry insurance through Jewelers Mutual Insurance Group.

You'll want to read the coverage limits to the fullest. Even some obvious claims have stipulations. For instance, if you're filing a theft claim, you'll need a police report to ensure that it was stolen, especially if your policy specifically covers theft, not mysterious loss.

Mysterious loss is the coverage that most people want, because it's the most common situation to happen. People all over lose their wedding bands. My husband lost his temporary wedding band (my dad's old ring) at an airport. When he got his actual wedding band, he lost that too.

People lose items all the time, even if it's valuable. Human error happens. That's why some companies offer coverage under situations like that.

Personally, I wouldn't buy a policy without the coverage for mysterious loss. Imagine having that situation happen to you at the airport and you've been paying jewelry insurance for 10 years only to find out that the time you need to finally make a claim, it isn't covered.

Less than satisfying, right? I highly recommend finding that kind of coverage, even if you don't think you'll need it.

Make sure you read all the stipulations and situations in a policy about their coverage. Also, as a side note, if you're a traveler (business or pleasure), you might want to look at a company with worldwide coverage as well, because not all companies offer it.

Claims

This is probably the last thing people really observe in detail when survey different jewelry insurance companies. Unfortunately, it's also extremely important. Many people know that they can make a claim if one of the above situation happens to their jewelry.

But you want to make sure you know exactly how the process of making a claim works. Before ever purchasing jewelry insurance, I recommend you talk to their staff and have them walk you step-by-step how their claim process goes, as well as how long it takes.

Some companies have had their customers waiting to okay their claim for a month, while others have a specific time limit. You need to ask these questions. You don't want to be in limbo waiting for your claim to go through. And since we're still living in the times of COVID-19, you'll want to ask this.

It's easy for a supporting staff to gush about the ease of claim processing, seeing as they're working for them. But if you want to get real world advice and experiences from consumers, you can check out complaints on the Better Business Bureau, or customer reviews from Trustpilot, Yelp, Facebook, or Reddit.

Our Top Pick: Jewelers Mutual

Jewelers Mutual has a reputation with both customers and jewelers alike that supersedes all other insurance companies. Their standalone policy is custom tailored to fit your needs, whether you're looking for insurance coverage for just one piece of jewelry or many.

Working with some of our favorite online jewelers like James Allen, Blue Nile, and Brian Gavin, Jewelers Mutual is our top pick for best jewelry insurance. You also won't find too many people that will say otherwise.

There all risk coverage makes it easy for you to feel safe in case anything happens to your jewelry, whether its theft, loss, damage, or mysterious loss. Their premiums are between 1-2% of the value of your jewelry and they even offer you a 0 deductible. By letting you choose your policy, Jewelers Mutual has the trust of customers worldwide.

File a simple online quote today at Jewelers Mutual with just an appraisal and you could have your coverage within the hour!