Jewelry is more than just a fashion accessory, it is often a sentimental and valuable possession that holds great meaning. Whether it’s an engagement ring, family heirloom, or a recently purchased piece, losing your jewelry can be heartbreaking. That’s why it’s important to protect it with jewelry insurance.
What is jewelry insurance?
Jewelry insurance is a type of insurance policy that provides coverage for your valuable jewelry in case it gets lost, stolen, or damaged. It can be included in your homeowner’s insurance policy or purchased as a standalone policy from a dedicated jewelry insurance company.
Unlike standard homeowner’s insurance policies, jewelry insurance offers specific coverage for jewelry items, including engagement rings, watches, and other precious stones. This coverage provides peace of mind knowing that your valuable items are protected.
Types of Jewelry Insurance Coverage
There are two types of jewelry insurance coverage: replacement cost and actual cash value.
Replacement Cost Coverage
Replacement cost coverage provides you with the full cost of replacing your lost or stolen jewelry with a similar item. The coverage includes the cost of the labor and materials needed to replace the item. This type of coverage is ideal for those who want to be fully reimbursed for their lost or stolen item without having to worry about depreciation.
Actual Cash Value Coverage
Actual cash value coverage provides you with the current market value of your lost or stolen jewelry. This type of coverage takes into account the depreciation of your jewelry over time. While it may not provide you with the same amount of coverage as replacement cost coverage, it is often less expensive and can still help cover the cost of replacing your lost or stolen jewelry.
Top Jewelry Insurance Companies
Choosing the right jewelry insurance company can be a daunting task, especially with so many options available in the market. To help you make an informed decision, we’ve compiled a list of some of the top jewelry insurance companies:
Company |
Policy Highlights |
Price Range |
|---|---|---|
Jewelers Mutual |
Flexible coverage options, worldwide protection, no deductible, free jewelry cleaning and inspections, and 24/7 claims service. |
$200 – $300 per year |
Chubb |
Flexible coverage options, coverage for mysterious disappearance, and worldwide protection. |
$200 – $400 per year |
State Farm |
Flexible coverage options, no deductible, worldwide protection, and 24/7 claims service. |
$50 – $100 per year (added to your homeowner’s insurance policy) |
Geico |
Flexible coverage options, no deductible, and worldwide protection. |
$4 – $6 per month (added to your homeowner’s insurance policy) |
USAA |
Flexible coverage options, no deductible, worldwide protection, and 24/7 claims service. |
$23 – $27 per year (added to your renter’s or homeowner’s insurance policy) |
Jewelers Mutual
Jewelers Mutual is a dedicated jewelry insurance company that has been in business for over 100 years. They offer flexible coverage options that allow you to choose the coverage that best suits your needs. They provide worldwide protection, which means that your jewelry is covered no matter where you are in the world. Jewelers Mutual also offers free jewelry cleaning and inspections to help keep your jewelry in top condition.
With Jewelers Mutual, you’ll have access to 24/7 claims service, so you can file a claim at any time. They also have a reputation for fast claims processing, which means you’ll be able to get your jewelry replaced or repaired quickly.
Chubb
Chubb is a well-known insurance company that offers a range of insurance policies, including jewelry insurance. They offer flexible coverage options that allow you to choose the coverage that best suits your needs. Chubb also provides coverage for mysterious disappearance, which means that your jewelry is covered even if you’re not sure how you lost it.
Chubb provides worldwide protection for your jewelry, so you can travel with peace of mind knowing that your valuable items are protected. They also have a reputation for excellent customer service, so you can be sure that you’ll receive the support you need when you file a claim.
State Farm
State Farm is a well-known insurance company that offers a variety of insurance policies, including homeowner’s insurance and jewelry insurance. They offer flexible coverage options that allow you to choose the coverage that best suits your needs. State Farm provides worldwide protection for your jewelry, so you can travel with peace of mind knowing that your valuable items are protected.
State Farm also offers 24/7 claims service, so you can file a claim at any time. They have a reputation for fast claims processing, so you can get your jewelry replaced or repaired quickly.
Geico
Geico is a well-known insurance company that offers a range of insurance policies, including homeowner’s insurance and jewelry insurance. They offer flexible coverage options that allow you to choose the coverage that best suits your needs. Geico provides worldwide protection for your jewelry, so you can travel with peace of mind knowing that your valuable items are protected.
Geico also has a reputation for excellent customer service, so you can be sure that you’ll receive the support you need when you file a claim. They offer 24/7 claims service, so you can file a claim at any time.
USAA
USAA is a dedicated insurance company that provides insurance policies to members of the military and their families. They offer flexible coverage options that allow you to choose the coverage that best suits your needs. USAA provides worldwide protection for your jewelry, so you can travel with peace of mind knowing that your valuable items are protected.
USAA also offers 24/7 claims service, so you can file a claim at any time. They have a reputation for excellent customer service, so you can be sure that you’ll receive the support you need when you file a claim.
Commonly Asked Questions
What does jewelry insurance cover?
Jewelry insurance typically covers loss, theft, and damage to your valuable jewelry items. This coverage can include engagement rings, watches, and other precious stones. Some policies may also provide coverage for mysterious disappearance, which means that your jewelry is covered even if you’re not sure how you lost it.
How much does jewelry insurance cost?
The cost of jewelry insurance can vary depending on a number of factors, including the value of your jewelry, where you live, and the level of coverage you choose. On average, you can expect to pay around $1 to $2 for every $100 of coverage you need.
Do I need jewelry insurance?
If you own valuable jewelry items, it’s a good idea to consider purchasing jewelry insurance. Jewelry insurance provides peace of mind knowing that your valuable items are protected in case they get lost, stolen, or damaged. Without insurance, you may be left with a significant financial loss if anything happens to your jewelry.
Do I need an appraisal for my jewelry?
Most jewelry insurance companies will require an appraisal in order to provide coverage for your jewelry. An appraisal will help determine the value of your jewelry, which is necessary for determining the amount of coverage you need.
What should I look for in a jewelry insurance policy?
When choosing a jewelry insurance policy, there are a few things you should consider. First, look for a policy that provides the level of coverage you need for your valuable items. Make sure the policy offers worldwide protection, so you’re covered no matter where you are in the world. Finally, look for a policy with excellent customer service and fast claims processing.
Conclusion
Jewelry insurance is an important investment for those who own valuable jewelry items. With the right policy, you can have peace of mind knowing that your valuable items are protected in case they get lost, stolen, or damaged. When choosing a jewelry insurance policy, be sure to consider the level of coverage you need, the reputation of the insurance company, and the cost of the policy. With the right policy in place, you can enjoy your precious possessions without worrying about what would happen if they were lost or damaged.