Best Jewelry Insurance of 2024 (2024)

Best Jewelry Insurance of April 2024

Best Jewelry Insurance of April 2024

Jewelers Mutual lets you choose the jeweler you work with, making it a great choice if you have an established relationship with a jeweler you trust to repair your valuables. You don’t need to supply personal information to get a quote, nor do you need to provide an appraisal to get coverage. Jewelers Mutual provides high coverage limits relative to other insurers and will discount your premium if you have a home security system.

Jewelers Mutual has been around for over a century. It's built a reputation for reliability, works with jewelers nationwide, and offers robust coverage, including mysterious disappearance coverage and worldwide travel. (Note that mysterious disappearance is not typically covered by a homeowners insurance policy).

You can get a replacement of like kind and quality from the jeweler of your choice, and the company has excellent customer service reviews on Trustpilot plus far fewer complaints than expected with the NAIC. It also has an A+ (Superior) financial strength rating with AM Best.

Unlike some other companies, however, Jewelers Mutual excludes coverage for damage from critters. If you’re not wearing your watch or jewelry, make sure you store it securely where pets and pests can’t reach it.

BriteCo offers comprehensive coverage for engagement rings, and only excludes things like prior damage, wear and tear, and voluntary separation. The company even provides some limited coverage for preventive maintenance.

What’s more, you’re covered for up to 125% of your jewelry’s original appraised value, which is helpful if the appraised value of your engagement ring increases. And pricing for engagement ring coverage is also very affordable at BriteCo. The company offers the second lowest premium of the insurers we reviewed, with discounts for storing your jewelry securely.

BriteCo policies come with high coverage limits—you can insure up to $150,000 per item and $500,000 per policy. While the company offers discounts for security measures such as safes and alarms, they may be required for larger policies. Unfortunately, BriteCo’s quote process requires your personal information and isn’t as streamlined as some. But you can apply entirely online and start claims online as well.

BriteCo has excellent customer reviews on Google and hasn’t received any complaints with the NAIC in recent years, which indicates that the company has few issues with customer satisfaction. BriteCo policies are also backed by an insurer that holds an A+ (Superior) financial strength rating with AM Best, which highlights a superior claims paying ability.

WAX offered the lowest premiums of the jewelry insurance providers we reviewed, for both watches and engagement rings. The company, which offers coverage through Chubb, is also a great choice for people insuring a large collection of jewelry and other collectibles such as watches, handbags, and shoes. There are high coverage limits of $1 million or more, and appraisals are only required for items worth $100,000 or more.

Once you’re a policyholder, you can download the WAX Insurance app and snap a picture of each new jewelry item you want to add to your collection. You can receive a quote and pay for additional coverage in minutes via the WAX app. In some states, you can even take out a loan against your collection.

WAX provides worldwide coverage for loss, fire, theft, earthquake, flood, and breakage. And if you insure multiple pieces, you’ll be covered for up to 150% of each piece’s value, up to the policy limit, should its market value increase. But the platform isn’t designed for shopping around. You’ll need to supply your contact information to have a quote emailed to you or download the WAX app.

WAX Insurance is underwritten by Chubb, which has been in business since 1882 and holds an A++ (Superior) financial strength rating from AM Best. The company also had fewer complaints than expected in recent years, given its market share.

GemShield has one of the easiest quote and application processes of the insurers we reviewed. You can get a quote in less than a minute without providing any personal information, or you can speak to an agent if you need help. You can also apply online and have coverage in minutes. You can even start claims and request policy changes online. However, you’ll need an appraisal for items worth $5,000 or more. A sales receipt may be accepted for items under $5,000.

GemShield provides robust, nationwide coverage—there are only a few exclusions, including intentional loss or damage, manufacturer’s defects, and situations such as war or nuclear hazard. New jewelry you buy even receives limited coverage for 30 days until you add the piece to your policy.

What’s more, GemShield's insurance parter that issues the policies, StarNet Insurance Company, has an A+ (Superior) financial strength rating from AM Best, which indicates superior claims paying reliability. And the company had far fewer complaints than expected in recent years with the National Association of Insurance Commissioners (NAIC).

GemShield’s pricing was reasonable based on the quotes we gathered for wedding rings and watches, but it wasn’t the cheapest. However, you can get discounts for multiple policies as well as other discounts specific to your jewelry and situation. Note that GemShield policies have a maximum limit of $35,000 per piece and $100,000 per policy.

We found that Lavalier offered reasonable pricing and a wide variety of discounts, including savings for having a home safe, home alarm, or gemstone grading report. You can also save if you keep your jewelry in a bank vault or safe deposit box. Another way to reduce your premium is to choose a higher deductible.

Lavalier offers flexible deductible amounts from $0 to $25,000. You can also insure a variety of items under $1,000 with the unscheduled jewelry endorsem*nt from Lavalier, which can be an affordable way to cover a lot of different pieces.

Lavalier has a simple quote tool that doesn’t require you to enter personal information. You can apply online as well, but you can’t start a claim online. You’ll need an appraisal for items worth $5,000 or more, and there’s a $50,000 single item limit and a $150,000 policy limit. One of the downsides of choosing Lavalier is that watches require underwriting review and may not be eligible for standalone scheduled coverage. You can, however, include watches as part of a schedule with other jewelry.

Lavalier’s underwriter has an A+ (Superior) financial strength rating with AM Best, indicating superior reliability when it comes to paying claims. The company has a good customer satisfaction record—it received far fewer complaints than expected in recent years. Lavalier offers robust coverage, only excluding intentional damage or loss, manufacturer’s defects, and rare circ*mstances such as nuclear hazard and war.