If you have a lot of expensive jewelry, you probably already know that your homeowners insurance only covers a small portion of the total cost. You could add a rider to your homeowners insurance, but even that might not cover the full replacement cost of your precious jewelry. You might want to consider jewelry insurance for your expensive heirlooms.
Here are our top seven picks for jewelry insurance in 2021.
Jewelers Mutual: Best Overall
Jewelers Mutual has been insuring jewelry since 1913, which makes it one of the oldest jewelry insurance companies. You won’t have to worry about them going out of business. They cover all major perils, such as theft, loss, damage and disappearance. After all, jewelry is small and can be lost or stolen easily.
It’s easy to get a quote from Jewelers Mutual; simply enter your zip code and the value of your jewelry. All the quotes are for a $10,000 ring owned by someone in California.
Lavalier: Best for Comprehensive Coverage, including International
Lavalier is also very easy to secure a quote from—all you have to do is enter your zip code where you reside and the value of your jewelry.
International travel is covered, and if you purchase jewelry through Lavalier, it’s automatically insured for up to 30 days. If your jewelry is lost, stolen, or damaged, Lavalier will work with the jeweler of your choice to repair or replace it.
Lavalier gets a B+ from the BBB. Every type of peril is covered, but Lavalier will only insure your jewelry for up to $50,000, so if you have very expensive pieces, you’ll want to look elsewhere, although Lavalier does say they make occasional exceptions.
Zillion: Best If Zillion Works with Your Jeweler
Zillion covers your jewelry against loss, theft, damage, disappearance and natural disasters. They offer a $0 deductible and estimate your cost will be about 1-2% of the replacement value of your jewelry. That means a $10,000 ring could be insured for about $100 a year.
Zillion partners with many jewelers to offer low rates on jewelry insurance. There’s a drop-down menu, and you choose where you purchased your jewelry to get a quote. If the jeweler you purchased your bauble from is not listed, you’re out of luck.
We couldn’t find them on the BBB website, but they have a 4.9 star rating on Trustpilot.
Chubb: Best for High Value Jewelry and Fine Art
Chubb offers insurance of all types, including fine art, wine, and jewelry. They score an impressive A++, or superior, from A.M. Best, which means you never have to worry Chubb won’t have the resources it needs to pay claims. They also offer worldwide coverage with a no deductible option.
If you already have a Chubb policy, new items are automatically covered for up to 90 days. You can also protect your entire collection of fine art, antiques, and jewelry with Chubb. They don’t require an appraisal, just an estimate of the value and the description, unless the piece is valued at over $100,000 (or fine art at more than $250,000).
To get a quote from Chubb, you would have to speak to an agent, so we were unable to obtain a quote.
GemSafe: Best for Reappraisal Discounts
If you’re willing to have your jewelry reappraised every year, you can get up to a 3% discount on your policy. GemSafe offers all-risk coverage, which means unless something is specifically excluded, it’s covered.
GemSafe policies are underwritten by SterlingRisk insurance, which is one of the nation’s top 40 independently owned insurance brokerages. It’s easy to get a quote from GemSafe.
One con is that you can’t file a claim online with GemSafe—you have to call.
JIBNA Personal Jewelry Insurance: Best for Personalized Experience
If you like working with agents, or have a lot of questions about jewelry insurance, JIBNA might be for you. They’ll help you navigate what they offer so you can choose the best policy for you. They only insure jewelry and they use patented software to make appraisals. They offer all-risk coverage, which means your jewelry is protected against theft, damage, mysterious disappearances and loss.
Because JIBNA prefers working through agents, you have to call an agent to get a quote. You also have to call your agent to file a claim: you can’t do that online. They also require a $50
Gemshield: Best If You don’t Like Appraisal and Have the Receipts Handy
GemShield protects your jewelry against all risks specific to jewelry—loss, theft, damage, mysterious disappearance and unexplained losses. They also offer replacement coverage. There is also automatic coverage for any new jewelry for up to 30 days. You can then add it to your regular policy.
GemShield doesn’t require appraisals to insure your jewelry, you can just give them the receipts which can expedite the process. They do have a policy limit of $100,000, with a maximum of $35,000 per piece, so if you have a great deal of expensive jewelry, GemShield might not work for you.
If your jewelry is lost or stolen, you can work with their network of jewelers to repair it or replace it. You can get a quote online and make a claim online as well. Coverage is worldwide, which is nice if you travel a lot.
Get quotes for a $10,000 ring in zip code 90230 (California)
Why do You Need Jewelry Insurance?
Your homeowners policy does provide some coverage, but it usually maxes out at around $2,000. Many people have jewelry worth more than that. Also, some homeowners policies won’t cover theft, and they usually won’t cover damage and loss.
If you have an heirloom that you’re hoping to pass down to others in your family, you’ll want to protect it. Also, if you have more than one piece of good jewelry, you’ll want to look into jewelry insurance. It offers more comprehensive coverage with higher limits for a reasonable cost.