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 is backed by Jewelers Mutual Insurance Group and offers flexibility in terms of selecting your own trusted jeweler for repairs, filing fast and easy claims, worldwide travel protection and more.
Most homeowners and renters insurance policies cover jewelry as part of the personal property coverage (alongside clothes, furniture, and other items). However, this may not be sufficient to protect some pieces. GEICO is aware that some jewelry owners or wearers require more specialized protection.
GEICO jewelry insurance provides coverage for the total value of a particular piece or collection. No deductible is required and no appraisal must be done up front. In most cases, this insurance costs 1-2% of the total value of each item.
Most renters and homeowners policies cover loss or damage to jewelry, up until a certain amount. This limit is usually $1,000-$5,000. But that may not be enough to protect you against a catastrophic event like losing your jewelry in a flood or earthquake.
A specialized insurance plan that replaces your most valuable jewelry with pieces of comparable value is the best way to avoid paying for it out of your own pocket. You may have to spend a little extra every month but it will pay off in the end.
A good policy will cover other types such as theft or disappearances. This is vital, since most losses fall in this category.
You should take time to research the type of coverage provided by a special jewelry policy. Also, you need to find out how much they cost and what the claim procedure is. You can then get a quotation and decide on the insurer that is best for you.
GemShield
GemShield is the provider with the easiest online application. It also has 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's jewelry insurance is available with a rating of A+ from AM Best, and has received excellent reviews across sites such as Google and Facebook. There are no upfront appraisal or deductibles required. You can pay for your monthly premium or annually.
Lavalier
A jewelry insurance policy can be customized to meet your needs and risk tolerance. Limits range from $35,000 for each item up until $100,000. You can also cover jewelry that is less than 18 month old, or has a detailed sale receipt.
You can choose a policy that only covers replacements, which will replace or repair your jewelry with an item of comparable value. It is better to choose the latter if you don't have high-value jewelry or if you do not want an appraisal.
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.