Geico jewelry protection, which is offered by its GEICO Insurance Agency to customers with heirloom rings and other high-end items, offers a solid peace ofmind. This coverage from Jewelers Mutual Insurance Group offers flexibility when it comes to choosing your own trusted jewelry repairer, filing claims quickly, travel protection worldwide, and more.
Some jewelry pieces may need more protection than what is provided by your homeowners or renters policy. GEICO is aware that some jewelry owners or wearers require more specialized protection.
GEICO offers a jewelry insurance policy that will cover the full value of a single piece or your entire collection. There is no need for an appraisal up front and there's no deductible. Generally, this coverage costs about 1-2% of the item's total value to insure each year.
The majority of homeowners' and renters' policies will cover damage to jewelry up to a certain limit. This is usually between $1,000-$5,000. You may still not be protected against a catastrophic event such as losing your jewellery in a flooding or earthquake.
The best way to prevent having to pay for jewelry out-of-pocket is to purchase a special insurance policy. This will allow you to replace your most expensive pieces with items of similar value. It may cost a bit more per month, but you could end up saving a lot of money in the long-term.
A good specialist policy will also cover the other types, such as thefts or mysterious disappearances. This is critical, since the majority of losses fall into this group.
When you are considering a jewelry insurance policy, it's important to know what coverage is provided, how much the policy costs, and how the claims process works. You can then get a quotation and decide on the insurer that is best for you.
GemShield
Out of the providers we reviewed, GemShield has the simplest online application and the fastest processing. You simply enter your ZIP code and the estimated value of your ring and choose a deductible between $0 and $1,000.
BriteCo
BriteCo, with its A+ rating by AM Best and positive reviews on Google and Facebook sites, offers jewelry insurance without a deductible. You can pay your monthly or annual premium.
Lavalier
In order to suit your coverage requirements and risk tolerance, you may choose from a range of jewelry insurance policies with limits between $35,000 and $100,000. A jewelry insurance policy can be purchased with a recent appraisal or a sales receipt.
Also, you can select a replacement only policy which will either repair or replace the jewelry with a similar item. This is a good option for those who do not want to go through the hassle of an appraiser or have low-value jewelry.
A stand-alone insurance policy can be purchased to cover jewelry in addition your homeowners policy. This type of policy will not affect your homeowners rates, so it's a good option for people who prefer to have separate insurance for their precious jewelry.