Best Jewelry Insurance

Contributor, Benzinga

Get the right amount of coverage you need to protect your valuables with Lemonade Home.

Whether it’s a family heirloom or a Valentine’s Day gift from a special someone, jewelry often has a value beyond dollars. Insurance can’t cover the sentimental loss of those glistening treasures if they go missing, but with the right jewelry insurance coverage, you can protect the financial value of your precious jewelry.

Recent FBI statistics indicate reported burglaries are on the decline. That’s great news for jewelry owners — except that there are still over 1.5 million burglaries reported each year. Add in nearly a million robberies and it’s clear that crime is still a big risk to homeowners and renters — and jewelry is a favorite target for thieves.

There are several ways to insure your jewelry, ranging from your homeowners or renters insurance policy to specialized insurance policies specifically for jewelry.

Quick Look: The Best Jewelry Insurance

The Best Jewelry Insurance

Based on our research, experience, and the criteria above, we picked the best-specialized jewelry insurance companies for this year.

1. Best Overall: BriteCo

BriteCo offers impressive coverage. It covers your jewelry or watches at 125% of the appraised value. It provides worldwide coverage for damage, loss, theft and mysterious disappearances. It covers damage and losses due to catastrophes like hurricanes, floods and earthquakes. There’s a $0 deductible on most policies, and your insurance is updated annually. 

BriteCo’s jewelry insurance typically costs .5% to 1.5% of the appraised value of the item you’re insuring. That’s very competitive pricing for jewelry insurance. At that price, a $9,000 engagement ring would cost $50 to $135 per year, with an option to pay monthly.

BriteCo also offers a straightforward claims process. You can file a claim using the BriteCo website or by logging into your BriteCo online account.

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Best For
Watch and jewelry coverage
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1 Minute Review

BriteCo is an insurtech providing bespoke coverage for jewelry and watches. Homeowners and renters insurance policies cover personal items like jewelry and fine watches, but that coverage tends to be limited. Since these items are small and easily stolen, there’s often a low limit for theft, like $1,500. The average engagement ring is $5,900, according to The Knot. If you have a ring worth $6,000 and it’s stolen, you’d have to pay $4,500 out of pocket to replace it. 

To secure coverage for your valuable jewelry and watches, you have 2 options. One is to add an endorsement to your current home or renters insurance policy. You may need to have the jewelry reappraised periodically, though, especially if you change insurers. This will also increase the cost of your home insurance policy. 

The other option is to purchase a standalone jewelry insurance policy. BriteCo takes a unique approach to coverage. Instead of contacting BriteCo directly, you start the insurance process at a partner jeweler. When you get your piece appraised, your jeweler sends the information to BriteCo. You’re sent a quote via text or email. You review the quote, and if it suits you, you can purchase the policy. The entire process is simple. 

Best For
  • Those who want consistent coverage for jewelry and watches
  • Those who want a streamlined application process
Pros
  • Easy application process
  • Zero deductible on many policies
Cons
  • No mobile app available

2. Best for Theft Coverage: Lemonade

Lemonade provides a top-rated homeowners insurance experience that’s easy and hassle free. Award-winning customer service and digital, super-fast everything from just $25 a month. Leveraging insurtech to rewrite the traditional insurance model, Lemonade offers home insurance for the tech-savvy consumer.

Your jewelry will be well-protected under your base homeowners or renters insurance policy.

Coverage for your jewelry under your base policy includes things like theft (whether inside or outside your home) and perils (fire, water damage, storm damage.) It doesn’t include things like normal wear and tear.

You may also purchase Extra Coverage. This not only covers the full worth of your jewelry (deductible-free!), it also covers accidental damage and mysterious disappearances.

Lemonade Home is available in the following states: Arizona, Colorado, Connecticut, District Of Columbia, Georgia, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, Washington, and Wisconsin

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Disclosure: Phone, drones, expensive electronics, motorized (non-pedal assist) and sunglasses not eligible for scheduled property coverage.
Best For
Bundling extra coverage with your base homeowners’ policy
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1 Minute Review

Lemonade home insurance provides a top-rated homeowners insurance experience that’s easy and hassle free. Award-winning customer service and digital, super-fast everything starting at $25 a month.

Lemonade uses technology to simplify the home insurance claims and sign up process. It’s base policy offers up to $1500 in coverage for valuables, but they also offer extended options for more expensive items.

Lemonade Home offers Extra Coverage, also known as Scheduled Property Coverage. They offer protection for the following and more:

  • Jewelry
  • Bikes
  • Photography equipment
  • Fine art
  • Musical instruments

Best For
Pros
  • Easy-to-use app
  • Easy to add on extra coverage
  • Many types of valuables covered
Cons
  • Not all items or perils covered

3. Best for Custom Jewelry Coverage: Jewelers Mutual

Formed by jewelers over 100 years ago, Jewelers Mutual is one of the oldest names in the business end even keeps GIA Graduate Gemologists and AGS Certified Gemologists on staff. Deductible choices begin at zero deductible, so full coverage without any out-of-pocket expenses is available. Expect to pay about 1-2% of the value of your insured jewelry each year in premiums with Jewelers Mutual. Lower deductibles can increase premiums, but rates may not be appreciably higher depending on insured value and claims history.

Nationally known insurers such as GEICO trust their specialized jewelry insurance policies to Jewelers Mutual, another nod in the specialized jewelry insurer’s favor. Coverage limits are based on the value of the jewelry you insure with Jewelers Mutual, confirmed by an appraisal.

Best For
Jewelry business solutions
N/A
1 Minute Review

Jewelers Mutual is an insurer with over 100 years of experience in the jewelry business. Their policies are built specifically around personal jewelry insurance as well as insurance and solutions for jewelry business owners.

Jewelers Mutual offers a wide range of coverage as well as a $0 deductible option.

While they don’t offer a mobile app, their website is pretty straightforward and easy to use.

Best For
Pros
  • No deductible
  • Offers personal jewelry insurance and jewelry business insurance options
Cons
  • No mobile app
  • Claims process less intuitive than others

4. Best for New Jewelry: Lavalier

With coverage limits of up to $50,000 per item and higher limits, if approved by underwriting, Lavalier can insure the jewelry owned by most people. Coverage for jewelry items valued over $5,000 requires an appraisal less than 18 months old. For items insured for less than $5,000, a detailed sales receipt is sufficient for valuation. You can choose your own deductible with Lavalier, with options as low as zero deductible.

The deductible, as the part of the claim you pay, can drive premiums up or down depending on how much of the financial risk you are willing to accept if your jewelry is lost, stolen, or damaged. Lavalier also provides discounts for insuring multiple items and an option to insure unscheduled items, meaning less valuable items that do not have an appraisal. Unscheduled coverage is limited to $1,000 per item and is subject to a $100 deductible per occurrence. Newly acquired jewelry is automatically covered for up to 30 days, allowing your time to add the item to your policy. During this time, coverage may be limited.

5. Best for Antique Jewelry: Personal Articles Policy by State Farm

Staying power matters when you’re trusting an insurer with your precious jewelry. A massive network of local agents is a comfort when you need to add items to your jewelry insurance policy — or even if you just have coverage questions. 

State Farm, with over 18,000 agents has that staying power and local presence. State Farm’s personal articles policy isn’t a jewelry-specific policy but is structured similarly. What State Farm’s personal articles coverage offers, in addition, is flexibility. You can use your policy for more than just jewelry.

Have an antique piano? Add it to your policy. Have valuable art? Add that as well. This eliminates the issue of having separate policies for every type of valuable you’d like to specifically insure — while still keeping claims for these valuables safely away from your home insurance policy.

Buying a personal articles policy with State Farm won’t earn any extra discounts on home, auto, or any other policies, but it can be convenient to have all or most of your coverage for life’s valuables with one company.  

Best For
Customers who have existing policies with State Farm
N/A
1 Minute Review

State Farm offers a selection of home insurance products designed to meet the needs of most customers. All the basic policy types are covered by this national insurer, with coverage options that are easy for consumers to understand. Some less common types of insurance are not well represented and, as always, customers are encouraged to get quotes from multiple insurers.

Best For
  • Customers who have existing policies with State Farm
Pros
  • Website provides helpful information
  • A nationwide network of over 18,000 agents
  • Bundling discounts
Cons
  • Premiums may be higher than some competitors

6. Best for No Deductible: Zillion

Zillion can protect your jewelry from loss, theft, damage or other unforeseeable circumstances. The best part? It will cost you $0 out of pocket for replacement or repair. Another added bonus: Zillion’s coverage is worldwide so even when traveling the globe, you’re covered. If you do have to file a claim with Zillion you can be sure they will address your claim with a sense of urgency. Within 24 hours your jeweler will be on the phone with Zillion to repair or replace your precious diamonds and the like.

There are some things that Zillion won’t cover when it comes to your jewelry: War, military, action, nuclear hazard, normal wear and tear or intentional acts. You can get a custom quote from Zillion and also cancel anytime PLUS receive a full refund if you do so within 30 days. Take a chance on Zillion so you don’t have to take a chance on losing your valuables.

Home Insurance Jewelry Coverage Caveats

Your home insurance policy covers many risks, but not everything. In fact, personal property is often covered for fewer risks than your house itself.

You’ll want to read the fine print on your policy, particularly the covered perils and exclusions if you’re counting on your home insurance policy to cover your valuables. Of note, many home insurance policies have a “mysterious disappearance” clause, which can affect your coverage if the cause of the missing jewelry is unclear. Home insurance also does not cover wear and tear. Consider your home insurance coverage to be only for damage or loss.

Personal Articles Policy

Some insurers offer a special type of policy called a personal articles policy, although you might find the same type of policy under different names, such as the often-confusing moniker inland marine insurance.” This is a stand-alone policy that is not connected to your homeowners or renters insurance policy. Claims made on a personal articles policy do not affect your home insurance policy.

Typically, a personal articles policy can be used for one item, or for several, but you’ll need to provide a recent appraisal or a recent proof of purchase. For jewelry items, an appraisal is usually a better option because it describes the jewelry item in detail. In most cases, a personal articles policy can insure your valuables without a deductible. However, many times these policies are written with a default deductible amount. Be sure to check your policy details.

A personal article policy is available through many of the large insurers, such as State Farm or Allstate. You might also find some companies referencing a personal articles floater. A personal article floater may or may not be a separate policy from your home insurance, depending on the insurer. In some cases, it’s the same as scheduled personal property.

Specialized Jewelry Insurance

A handful of insurers have made a name for themselves in the market by offering insurance policies specifically for jewelry. Jewelry insurers bring a few benefits when compared to scheduled coverage on a home insurance policy. In both cases, your jewelry is covered anywhere in the world.

However, with specialized jewelry insurance, there are fewer holes in coverage. Home insurance policies only cover specific risks, excluding floods and often earthquakes. Mysterious disappearance, which just means you don’t know how or where your jewelry was lost, is also a concern with some home insurers who won’t cover such claims. Specialized jewelry policies typically cover all risks, including floods and mysterious disappearance. Exclusions are also limited to less likely perils such as war or nuclear hazards. Don’t confuse this coverage with jewelry warranties, which are frequently sold by jewelers.

A jewelry warranty is much more limited in scope than an insurance policy and is usually structured as a service plan that does not insure loss.

Appraisals for Specialized Jewelry

For valuable jewelry, an appraisal is often a basis for determining a coverage amount, although a recent detailed receipt may be acceptable to insurers in some cases.An appraisal states not only a value for the jewelry but also a thorough description of the jewelry, describing all its features such as metal quality, gemstone weight, cut, and clarity. Both gemstones and precious metals are subject to market forces that can drive values north or south.

Gold prices more than doubled between 2009 and 2011. Diamond prices also doubled between 2000 and 2016. Because the prices of precious metals and gemstones are volatile, it’s important to keep current appraisals.

It’s recommended that you get new appraisals every 2-3 years, which helps to ensure that your jewelry isn’t underinsured, but your insurer may have specific requirements. Changing your coverage amount to match the most recent appraisal keeps you closer to full coverage for your jewelry. The amount of detail in an appraisal is also helpful if you have a claim. The detailed description is the roadmap for finding a replacement or having one made.

Where You Store Your Jewelry Matters

Jewelry stored in a bank vault is likely to earn a discounted premium compared to jewelry kept at home or worn daily. Insurance premiums reflect risk and insured value. By storing your jewelry at a bank vault and only removing it when needed, such as for special occasions, your jewelry is safer. If you’re receiving this discount, some insurers require evidence that you have a bank vault and prior notice when the jewelry item will be removed from the vault.

Final Thoughts on Jewelry Insurance

Many people assume that jewelry is insured as part of a homeowners or renters insurance policy.

While partly true, these policies can leave massive gaps in coverage that can turn a lost, stolen, or damaged jewelry claim payment into a pittance compared to the cost of replacement. Even insuring your jewelry as scheduled personal property, while ensuring full replacement cost coverage, leaves gaps in coverage and can affect your future home insurance rates if you have a claim.

The answer is either a dedicated jewelry insurance policy or a personal articles policy that can protect your valuables up to the full appraised value and is separate from your home insurance coverage, eliminating the risk of claims affecting your home insurance premiums.

Quotes are free, and insurers often need similar information to provide a quote, making the quote process quick as well. As is always recommended, get two or three quotes to compare prices and coverage features. The unexpected can happen at any time. Are you covered?

Want to learn more about insurance? Check out Benzinga’s guides to the best home insurancebest car insurance and best mobile home insurance.

Frequently Asked Questions

Q

How much does jewelry insurance cost?

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How much does jewelry insurance cost?
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Most jewelry insurance costs 1-2% of the value of your insured jewelry each year in premiums.

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Q

What exactly does jewelry insurance cover?

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What exactly does jewelry insurance cover?
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Typically jewelry insurance covers the full value of the item insured and that number depends on the appraisal. Depending on your insurance provider, coverage can include theft, loss and damage.

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Q

Does my homeowner’s insurance cover my jewelry?

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Does my homeowner’s insurance cover my jewelry?
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Jewelry coverage varies greatly on your home insurance carrier, but typical home insurance policies cover jewelry nominally. Consider adding riders with the piece’s agreed upon value.

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What is the deductible?

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What is the deductible?
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A deductible is the amount you pay out of pocket before the insurance takes over.

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What are the best jewelry insurance carriers?

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What are the best jewelry insurance carriers?
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The best jewelry insurance companies include Jewelers Mutual, Lavalier and BriteCo.

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