Geico jewelry coverage, available via its GEICO Insurance Agency offers customers peace of mind when it comes to high-end rings, heirlooms, and other items. This coverage is provided by Jewelers Mutual Insurance Group. You can choose your own trusted jeweler to repair jewelry, make claims fast and easily, and get worldwide travel protection.
Homeowners and renters policies typically cover jewelry under the personal property section of your policy (along with clothes, furniture and more), but that may not be enough to protect certain pieces. 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. In general, the cost of this coverage is about 1-2% per year.
Most homeowners and renters policies cover jewelry damage or loss up to a limit, usually $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. Spending a bit extra each month could mean saving you a lot over time.
A good policy that covers all types of loss will also cover thefts and disappearances. This is very important because most losses are in this category.
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. After you've completed this step, you can get a quote to determine which insurer will be best for you.
GemShield
GemShield had the simplest and fastest online application of all providers we tested. You enter your ZIP Code and the estimated value for your ring, and then choose between $0 and $1000 as your deductible.
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 choose to pay monthly or annually.
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.
If you want to replace your jewelry, you can opt for a replacement-only policy. This will allow the insurer to repair or replace it with items of similar value. The latter can be a better choice for people who don't want to deal with the hassle of an appraisal or those with low-value jewelry.
In addition to your homeowners insurance, you can opt to purchase an independent policy that provides jewelry insurance. This type of insurance will not increase your homeowners' rates.