Jewelry is usually covered by your renters or homeowners insurance, but only up to a point. The average homeowners or renter’s insurance policy considers jewelry a high-value item and will only cover it for somewhere between $1,000 and $2,500. For many people this doesn’t even cover the cost of their engagement ring, since the average couple spends about $5,500 on the ring. Furthermore, jewelry is small and easy to be lost or stolen. If you’re concerned about your valuable jewelry, you’re going to want jewelry insurance.
Jewelers Mutual has been insuring jewelry since 1913. They cover everything from engagement rings to watches, and even loose stones. Unlike many other insurance companies, Jewelers Mutual covers your jewelry from loss, damage, and mysterious disappearances.
- Products Offered: 80/100
- Financial Strength: 100/100
- Customer Satisfaction: 90/100
- Consumer Complaints: 100/100
- Digital Experience: 100/100
Pros and Cons of Jewelers Mutual Insurance
|– $0 deductible option|
– Covers against loss, damage or theft
– Easy online quotes
– Replacement cost coverage
|– Damage due to animals, war, or intentional actions is not covered|
– General wear and tear is not covered
Products Offered by Jewelers Mutual Insurance
You can tailor your policy to suit your needs. For example, Jewelers Mutual offers deductibles of either $0, $100 or $250. Many people lose their valuable jewelry while traveling. It’s easy to do: you slide your ring off to protect it from the pool or the ocean, and the next thing you know, it’s gone. Jewelers Mutual covers your jewelry wherever you are.
Jewelers Mutual will also work with a jeweler of your choice to replace your pieces, should they be lost or stolen. Once you file a claim, a jewelry claim professional will work with the jeweler of your choice to either repair or replace your jewelry. If you see your lost jewelry as a chance to upgrade, that’s okay too. Your jeweler will just invoice Jewelers Mutual for the insurance and you can cover the rest.
To get an accurate estimate of how much your jewelry is worth, Jewelers Mutual recommends you get an appraisal before you get insurance. They offer replacement cost coverage, which means you’ll get your jewelry either repaired, or replaced with something of similar value.
Another plus to getting your jewelry covered by a standalone jewelry policy is that your homeowners insurance won’t go up if you file a claim.
Getting a quote with Jewelers Mutual is very easy and other than your zip code, you don’t have to enter any personal information at all. You can also get a quote for multiple pieces of jewelry.
This quote is for a ring valued at $5,000 and a wearer living in Los Angeles.
You can add other pieces simply by clicking the button on the bottom that says, “Add another item.” For the most part, Jewelers Mutual estimates the cost of insurance as being about 1-2% of the value of the jewelry.
Jewelers Mutual also offers insurance to jewelers and businesses for their jewelry collections and stores.
If you are interested in getting a quote from Jewelers Mutual, click here to visit their online quote page.
Financial Strength Rating of Jewelers Mutual Insurance
Jewelers Mutual gets an A+, or superior rating from A.M. Best. It’s important to have an insurance company with good financial strength so you know they have the resources to pay claims.
Customer Satisfaction Rating of Jewelers Mutual Insurance
Jewelers Mutual has been in business for over a hundred years now, so you would expect them to provide good service. On Trustpilot, they have over 9,000 reviews and an average rating of 4.8. People praise the smooth and easy application process, the easy-to-understand policy and the customer service.
The BBB rates Jewelers Mutual with an A+. There have been ten complaints in the last three years, which is not a lot of complaints.
Consumer Complaints Rating of Jewelers Mutual Insurance
The NAIC (National Association of Insurance Commissioners) keeps track of all complaints against every insurance company and gives them a ratio. A ratio of 1.0 means a company gets about the number of complaints as you would expect for a company of their size, and a ratio of 2.0 means they get twice as many complaints as expected. Jewelers Mutual gets a ratio of 0.0, meaning there were no complaints at all.
Digital Experience Rating of Jewelers Mutual Insurance
Getting a quote from Jewelers Mutual is very easy, and you don’t have to enter any personal information at all. You can also file a claim and follow up on it entirely online. You can pay your bill and manage your policy online as well. If you’d rather, you can call 888-884-2424 to speak to a real person.
Most people value their jewelry, not only because it’s expensive but because it holds sentimental value. Jewelers Mutual won’t be able to replace the sentimental value, but it can come close. It will give you peace of mind, knowing your jewelry is protected.