Best Jewelry Insurance Companies: How to Choose Now and for the Future

BriteCo offers comprehensive, all risk engagement ring insurance.
Author:  The Groom Club Editors 
Updated on 02/22/24
Reviewed: 
Best Jewelry Insurance Companies: How to Choose Now and for the Future

Best Jewelry Insurance Companies: How to Choose Now and for the Future

BriteCo offers comprehensive, all risk engagement ring insurance.
Author:  The Groom Club Editors 
Updated on 02/22/24
Reviewed: 

Best Jewelry Insurance Companies: How to Choose Now and for the Future

Author:  The Groom Club Editors 
Updated on 02/22/24
Reviewed: 
seperator
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Best Jewelry Insurance Companies

Don’t wait. Get jewelry insurance now!

Too many people put off getting insurance for their fine jewelry (especially engagement rings) thinking that jewelry insurance will be too expensive, they put it off, or they simply don’t know how easy it can be to protect some of your most valuable possessions. Don’t worry, it can be easy and affordable and we can help guide you.

Don’t assume renters or homeowners insurance covers fine jewelry like a jewelry insurance policy does

A lot of people think if they have homeowners insurance, their valuable jewelry is covered.  What they don’t realize is that most homeowners insurance has coverage limits for personal possessions such as jewelry—typically $1,000 or $2,000 (and they are also usually subject to deductibles). Any jewelry worth more than $1,000 should be insured with a standalone jewelry insurance policy.

Don’t think jewelry insurance is too expensive

You might be surprised at how reasonable jewelry insurance cost can be given the amount of coverage you get for your precious possessions.  A stand alone jewelry policy costs about one to two percent of your jewelry item’s value.  That means insurance for a $5,000 engagement ring would cost about $50 to $100 per year depending on where you live.

Jewelry Insurance Options Review

With those understandings in mind, let’s compare what you can get for your insurance dollar.  We’ve looked at dozens of insurance companies and have selected the best insurance for jewelry for you to consider.  And yes, we do have a favorite, so we’ll start there.

Best comprehensive, all risk jewelry insurance – BriteCo

We rate BriteCo jewelry and watch insurance as the best option for comprehensive, all risk jewelry insurance. We choose BriteCo because it specializes only in jewelry insurance and it checks all the right boxes for top-notch insurance that beats any competitor. For the groom in particular, there is peace of mind that they are recognized by organizations like Brides and Martha Stewart for “Best Overall Engagement Ring Insurance.”

  • BriteCo insurance is affordable (20% less or more than competitors depending on where you live)
  • BriteCo is easy to get a quote and insured, often in a matter of minutes online.
  • BriteCo offers better coverage at 125% of insured value, with no deductibles. That means you can avoid any out of pocket costs if you have to make a claim.
  • Customers seem to love BriteCo, scoring very high Google ratings with outstanding reviews of its claims process, and working with the jeweler of your choice for replacements.
  • You can be confident BriteCo policies are backed by an AM Best A+ rated carrier.
  • Interestingly, BriteCo does not report your jewelry claim to third-party services used by many insurance companies to assess your risk and set rates. So a claim with BriteCo will not impact your other insurance like homeowners and auto—all of which are increasing these days.

Best for discounts – Lavalier

Lavalier is another specialty jewelry insurance company.  Lavalier offers standard coverage and pricing; however, they offer a range of discounts for having a home safe, a home alarm system, as well as a gemstone grading report from a recognized organization such as the GIA. There’s also discounts if you keep your jewelry in a bank vault or a safe deposit box.

Lavalier appears to have a mediocre satisfaction rating among customer reviews. Lavalier premium costs may be somewhat higher than other competitors if you want to get a no deductible policy.

Best for quick quotes – GemShield

GemShield is a specialty jewelry insurance company that allows you to get a quote in just a few seconds without providing any personal information, and you can speak to an agent by phone if you need help. It was difficult for us to find more than a handful of customer reviews online. While a sales receipt is all you need to get coverage on a jewelry item under $5,000, over that amount you need an appraisal.

Best for no appraisals – Jewelers Mutual

Jewelers Mutual is the incumbent specialized jewelry insurance company, having been around for one hundred years. It started out insuring retail jewelry stores and eventually branched into personal jewelry insurance.

You just need to supply a zip code and estimated value to get an initial quote on a piece of jewelry, and you don’t necessarily need to provide a jewelry appraisal to get coverage. Jewelers Mutual offers AM Best A+ rated coverage, deductible plans to help reduce premium costs, and works with your local jeweler for replacements.

Best for antiques – JIBNA

JIBNA offers a stand-alone jewelry insurance policy through an authorized JIBNA insurance broker who can provide a quote. It specializes in insuring high value and antique jewelry as long as each piece can be properly appraised.

The appraisal provides for an agreed upon insured value and can result in higher premiums than standard replacement policies. If you need to make a claim on a JIBNA policy, you can either contact a representative by telephone or fill out the claims form directly online.

Best for high-value items over $150,000 – Chubb

Chubb is an insurance company that specializes in insuring high-value properties and personal items including jewelry.  That means its premium costs are typically higher than most competitors. You have to contact an insurance agent to get a quote and policy since Chubb doesn’t offer online quotes, or let you apply for a policy online. It offers discounts for a home safe and a burglar alarm.

Best for bundling – State Farm

Occasionally you may be able to save some money on insurance costs with a major carrier such as State Farm if you “bundle” homeowners and auto insurance. However, higher value jewelry insurance is usually treated as a separate floater policy at additional cost with its own deductible options.

That’s because homeowners policies typically limit coverage on personal items like jewelry to $1,000 to $2,000 subject to your homeowners deductible. It’s also important to recognize that a jewelry claim on a homeowners floater is recorded and reported to third party services that rate your risk with insurance companies.

Making a jewelry claim could jeopardize your homeowners or auto policy renewal.  BriteCo, for example, does not report claims to any third party services so making a claim would not impact your homeowners policy.

Jewelry Insurance Comparison Chart

Company Rating Price Customer Satisfaction/ Reviews Coverage Preventive Maintenance High Value Item Surcharge Home Safe & Burglar Alarm Discount
BriteCo Best comprehensive, all risk jewelry insurance 0.5% to 1.5% of appraised value 4.9 in Google ratings Up to 125% of the insured limit Included No Yes, 5% for each
Lavalier Best for discounts 1.0% to 2.0% 2.7 out of 5 Consumer Affairs Up to 100% of insured limit Not Included Yes, starting at $15,000 or $30,000 Yes, 5% for each
GemShield Best for quick quotes 1.0% to 2.0% Few customer reviews available Up to 100% of insured limit Not Included No No
Jewelers Mutual Best for no appraisals 1.0% to 2.0% 4.2 in Google ratings 3.9 Consumer Affairs Up to 100% of insured limit Included Yes, starting at $15,000 or $30,000 Yes, 5% for each
JIBNA Best for antiques 1.0% to 2.0% Few customer reviews available Up to 100% of insured limit Not Included Yes, starting at $15,000 or $30,000 No
Chubb Best for high-value items over $150,000 1.5% to 2.5% Few customer reviews available for jewelry coverage Up to 150% of insured limit Not Included Not Included Yes, starting at $100,000 Yes, 5% for home safe, 10% for burglar alarm
State farm Best for bundling 1.0% to 2.0% 3.4 out of 5 for homeowners policies Up to 100% of insured limit Not Included Yes, starting at $25,000 Yes, 15% for burglar alarm
Company BriteCo
Rating Best comprehensive, all risk jewelry insurance
Price 0.5% to 1.5% of appraised value
Customer Satisfaction/ Reviews 4.9 in Google ratings
Coverage Up to 125% of the insured limit
Preventive Maintenance Included
High Value Item Surcharge No
Home Safe & Burglar Alarm Discount Yes, 5% for each
Company Lavalier
Rating Best for discounts
Price 1.0% to 2.0%
Customer Satisfaction/ Reviews 2.7 out of 5 Consumer Affairs
Coverage Up to 100% of insured limit
Preventive Maintenance Not Included
High Value Item Surcharge Yes, starting at $15,000 or $30,000
Home Safe & Burglar Alarm Discount Yes, 5% for each
Company GemShield
Rating Best for quick quotes
Price 1.0% to 2.0%
Customer Satisfaction/ Reviews Few customer reviews available
Coverage Up to 100% of insured limit
Preventive Maintenance Not Included
High Value Item Surcharge No
Home Safe & Burglar Alarm Discount No
Company Jewelers Mutual
Rating Best for no appraisals
Price 1.0% to 2.0%
Customer Satisfaction/ Reviews 4.2 in Google ratings 3.9 Consumer Affairs
Coverage Up to 100% of insured limit
Preventive Maintenance Included
High Value Item Surcharge Yes, starting at $15,000 or $30,000
Home Safe & Burglar Alarm Discount Yes, 5% for each
Company JIBNA
Rating Best for antiques
Price 1.0% to 2.0%
Customer Satisfaction/ Reviews Few customer reviews available
Coverage Up to 100% of insured limit
Preventive Maintenance Not Included
High Value Item Surcharge Yes, starting at $15,000 or $30,000
Home Safe & Burglar Alarm Discount No
Company Chubb
Rating Best for high-value items over $150,000
Price 1.5% to 2.5%
Customer Satisfaction/ Reviews Few customer reviews available for jewelry coverage
Coverage Up to 150% of insured limit
Preventive Maintenance Not Included
High Value Item Surcharge Not Included Yes, starting at $100,000
Home Safe & Burglar Alarm Discount Yes, 5% for home safe, 10% for burglar alarm
Company State farm
Rating Best for bundling
Price 1.0% to 2.0%
Customer Satisfaction/ Reviews 3.4 out of 5 for homeowners policies
Coverage Up to 100% of insured limit
Preventive Maintenance Not Included
High Value Item Surcharge Yes, starting at $25,000
Home Safe & Burglar Alarm Discount Yes, 15% for burglar alarm

Guidelines when you are buying Jewelry Insurance

When shopping for the right jewelry insurance policy, there are several key things to keep in mind to ensure you get the best coverage:

  • Get an Appraisal: You can usually get your jewelry appraised by a certified professional through your local jeweler or where you purchased an item. The appraisal determines the appraised value of your jewelry, which is used by the insurance company to set an insured value for coverage. An appraisal also gives a detailed description of your jewelry piece, which is necessary in case you make a jewelry insurance claim. Jewelry insurance companies protect your valuables against a wide range of risks. Look for coverage that includes theft, accidental loss, damage and worldwide coverage if you travel frequently.
  • Understand Your Current Coverage: If you already have a homeowners or renters insurance policy, check to see what the limits are on personal possessions or if it even covers jewelry. Most homeowners insurance policies have limited jewelry coverage and you may need a separate “floater” policy at added cost. You may be better off with a specialized policy from an insurance company that focuses mainly on jewelry.
  • Choose the Coverage That You Need: When evaluating a jewelry insurance policy, be sure it offers comprehensive coverage for all possible scenarios in which your jewelry could be lost, stolen, or damaged. That includes accidental loss, theft, damage, and natural disasters. BriteCo, for example, provides full coverage for all risks.
  • Understand the Details of Your Policy: You want to know exactly what your jewelry insurance policy does and doesn’t cover. Does it cover full replacement cost or only the depreciated value? Does it offer a cash payout—these are typically more costly policies? Are repairs or maintenance included in coverage? Does it work with the local jeweler of your choice in getting a replacement?
  • Take a Photograph: You should keep a record of your high value pieces by taking high-quality photographs on your smartphone. These are essential to prove possession of an item and in the event of a loss when making a jewelry claim.
  • Retain any Receipts or Certificates: Keep any receipts or grading reports on the quality of the diamond or gemstone that relates to the purchase of your jewelry. This helps you prove the value of your jewelry in case you have to make an insurance claim.
  • Re-appraise Regularly: The value of your luxury jewelry can fluctuate over time.Most jewelry insurance companies recommend you have your jewelry appraised every few years and adjust your jewelry insurance coverage accordingly. BriteCo jewelry insurance policies do this automatically on your policy anniversary so that you don’t need reappraisal to make sure your item has appropriate coverage.
  • Compare prices: Jewelry insurance costs vary significantly between insurance companies, so it’s in your best interest to shop around and compare prices and coverage. Most specialty jewelry insurance companies let you get a quote and secure coverage online.

Engagement ring insurance is probably the most popular type of jewelry insurance that many younger people consider getting, given its one of the major purchases in their life up to that point. Brides magazine, for example, agrees with our assessment and rates BriteCo number one overall for best engagement ring insurance.

When it comes to insuring jewelry, it’s better to be safe than sorry. Now that you understand how jewelry insurance works, you can make an informed decision about whether it’s worth it for you. Remember, while most people may not read their insurance policy in detail before signing up, be sure you get answers to any questions you have upfront so you can feel confident about your purchase. Check the jewelry insurance reviews online to see what customers say, and choose the policy that offers the most complete protection for your needs without breaking your budget.

Methodology

To choose the best jewelry insurance companies, The Groom Club editors evaluated insurance providers that sell coverage nationwide. We focused on insurance companies that specialize in jewelry coverage with a separate stand alone policy while including a few more general insurance companies that offer jewelry coverage under a floater or rider usually associated with a homeowners policy.

Our evaluation also relied on independent expert sources and ratings from web sites, including financial sites Wall Street Journal, Nerd Wallet, Investopedia, and Benzinga, along with jewelry focused sites such as the International Gem Society, as well as wedding and lifestyle sites including Brides and Martha Stewart.

Frequently Asked Questions

Based on our research, BriteCo is the best jewelry insurance technology company. A modern company their pricing is affordable, their coverage is comprehensive, and their technology is easy to use. Their reviews reflect outstanding customer service, particularly in claim replacement.
All the companies on our list insure jewelry and watches. Watches are a special case where everyday, less expensive watches might be covered under personal property on a homeowners policy. High-end luxury, or collectibles watches are usually considered jewelry. The value of these watches often excess personal property protection.
Typically, jewelry insurance can cost between 1-3% of the value of the jewelry per year. For example, at BriteCo, a policy will typically cost 0.5%-1.5% of the appraised value of the jewelry item per year. A $10,000 engagement ring would cost between $4 and $12 every month.
Yes, it is worth getting insurance on a ring, especially if it is valuable or has sentimental value. Insurance can provide financial protection with a replacement in case of loss, theft, damage and mysterious disappearances.
Yes, to receive jewelry insurance, you must provide some information about the item as well as a certified jewelry appraisal. The appraisal gives the insurance company a documented value of the piece in case of a claim.
The person who purchases the engagement ring typically arranges for its initial insurance. However, once the ring is gifted, the recipient, usually the partner-to-be, becomes the primary caretaker and should ensure the ring is adequately insured. Both the purchaser and the recipient should discuss and decide on this, as the responsibility generally falls on the person who perceives the highest value and potential loss.

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