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. 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. 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. Jewelers Mutual is one of the oldest jewelry insurance companies on the market, with more than 100 years of experience. 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. 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. Wax may also be a good option if you need to insure high-value jewelry items. You can get coverage for up to $1 million, 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. 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.
Methodology
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. 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/yearNew York City: $160/yearChicago: $132/year
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. 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.
