Expensive jewelry pieces are something you take pride in owning and you want protection for such a treasured asset. Whether it is an heirloom jewelry piece that has been in your family for a generation or an expensive ring or necklace purchased by a significant other; there is protection available for your jewelry.
There are a few different ways to get the best insurance for your jewelry. You can either purchase a stand-alone jewelry insurance policy from an insurance company that sells these types of policies or you can add the coverage to your homeowner’s insurance policy with a scheduled floater.
A scheduled floater for expensive personal property endorses your homeowner’s policy to cover items of high value that are most likely to be lost during a theft or other covered loss. Companies who offer stand-alone jewelry insurance will also cover jewelry repair services if your jewelry breaks, in addition to losses from theft. You can also get coverage for what is called “mysterious disappearance” from stand-alone carriers if you are unsure if your jewelry was stolen or just misplaced. On average, you can expect to pay $1-$2 in premium for every $100 your jewelry item is worth. We will look at a few of the best options on the market for stand-alone jewelry coverage as well as scheduled floaters.
Best Jewelry Insurance Options of 2021
Best Overall: Jewelers Mutual Insurance Company
Jewelers Mutual has been selling jewelry insurance since 1913 and has an A+ Superior rating from AM Best. It has received endorsements from the American Gem Society, Jewelers of America, the Canadian Jewellers Association, Jewellers Vigilance Canada, Manufacturing Jewelers and Suppliers of America and the Jewelers’ Security Alliance. Jewelers Mutual offers both personal and business jewelry insurance policies.
Personal Jewelry Insurance Policy: The personal insurance jewelry policy from Jewelers Mutual Insurance Group covers theft, loss, damage and disappearance. The coverage is worldwide, so your jewelry is covered no matter where your travels take you. There is a zero deductible option available and placing a claim does not increase the cost of your insurance premium.
Business Jewelry Insurance Policy: Jeweler’s Mutual offers three policy options for jewelry shop owners: Jewelers Block and Jewelers Standard Policy (Coverage for Crime, Shipping and travel-related risk, fire and natural disaster); Businessowners Policy (BOP) (Coverage includes liability-related risks; damage due to crime, fire, and natural disaster); and the Commercial Umbrella Liability Policy (Coverage includes bodily injury, property damage, personal injury and advertising liability).
Best Jewelry Insurance for Most Comprehensive Coverage: Lavalier
Lavalier is a well-known name within the jewelry insurance industry and has an AM Best financial strength rating of A+ Excellent, through its underwriting partner Berkley National Insurance Company. Lavalier provides jewelry insurance as an “all-risk” policy. This means that any type of loss is covered unless it is specifically excluded in the policy terms. It covers theft, damage, “mysterious disappearance” and covers new jewelry you purchase until you have a chance to add it to your policy. There are a few exclusions to coverage including manufacturer’s defects, intentional loss or damage, nuclear hazard and war. The all-risk policy from Lavalier is a very comprehensive jewelry coverage policy with very few exclusions; so, your claim is not likely to be denied based on the type of loss. Lavalier will pay the cost to repair or replace your jewelry (the lesser of the two) or pay the actual cash value of the jewelry based on the limit listed for the insured jewelry in the policy declarations page.
For a jewelry set, Lavalier pays to repair or replace the missing component of the set to restore the set to its previous value before the loss. If there are any disputes as to the amount of a claim paid, you can submit a written request for an appraisal within one year of the date of loss. Limits of coverage are available up to $50,000 (higher limits may be available and can be discussed with a company representative) and the coverage is worldwide. Deductibles are flexible from as low as $0 to as high as $25,000, so if you choose a higher deductible, your premium will be lower. Discounts are available for multiple jewelry pieces insured on the same policy.
Best Jewelry Insurance for Processing Claims: JIBNA Personal Jewelry Insurance
JIBNA (Jewelry Insurance Brokerage of North America) provides personal jewelry insurance in all 50 U.S. States. JIBNA says that their carriers have an excellent AM Best rating, however we could not confirm this on the AM Best website. JIBNA does not provide business insurance to jewelers but is focused solely on personal jewelry insurance coverage. It also offers jewelry insurance to athletes and professional entertainers.
JIBNA asks that you have a receipt for your jewelry item, an appraisal and a photo whenever possible. If you do not have these items, a JIBNA agent can help you obtain them. If you have your appraisal done by a certified appraiser, you can receive a discount on your insurance premium. JIBNA pays claims 60 days after receiving proof of the loss. Unlike many other jewelry insurers, JIBNA does not require an annual appraisal of your jewelry items. It uses patented software to analyze each item’s value and adjusts the premium accordingly. JIBNA is incredibly thorough in the appraisal process. Because its records are so complete, it has all the relevant documents necessary in advance to process claims when they are filed.
Best Jewelry Insurance for No Deductible Coverage: Chubb
Chubb is rated “A++” Superior in financial strength by AM Best. It is a very reliable insurer and offers jewelry insurance both as a stand-alone policy or as a scheduled items, you can protect an entire collection with blanket coverage, or itemize individual pieces, or do both. The stand-alone policy offers a no deductible coverage with worldwide coverage. Most causes of loss are covered. Inflation protection is included for up to 150% of the amount itemized on the policy. Newly acquired jewelry is covered for up to 90 days for up to $50,000. Jewelry appraisals are not required for jewelry items valued at less than $100,000 or on fine art valued at less than $250,000.
Best for Less Expensive Jewelry Items: Nationwide
What if you have some expensive items but you do not think it warrants a stand-alone jewelry insurance policy? You can always add them by endorsement to your homeowner’s or renter’s insurance policy. Nationwide is one of the insurers that offer this option. Nationwide is one of the largest insurance companies in the U.S. and has an “A+” Superior financial strength rating from AM Best.
Nationwide’s homeowner’s and renter’s policies cover jewelry up to a certain value. However, for more coverage than the typical homeowner’s policy provides, you can add an optional endorsement called Valuables Plus. It covers antiques, valuable artwork, and other high-value personal items. You can probably save yourself some money if you do not already have insurance for jewelry items valued at over $50,000 by adding them to your Nationwide homeowner’s policy through the Valuables Plus policy endorsement.
How Does Jewelry Insurance Work?
You can purchase jewelry insurance by either purchasing a stand-alone policy to specifically insure your jewelry, or you can add a scheduled floater to your homeowners insurance policy. A jewelry insurance policy should cover the full value of your jewelry in the event of theft, accidental loss, or a mysterious disappearance.
The insurance company pays their portion to either replace or repair your jewelry up to the same standards and quality as the original piece after you’ve met the deductible.
How Much Does Jewelry Insurance Cost?
Jewelry insurance costs can vary based on the type of policy you choose and the value of the jewelry that the policy is intended to cover. The cost can also vary depending on whether you purchase a stand-alone jewelry policy or you add coverage to your existing homeowners policy with a scheduled floater.
On average, you can expect to pay a $1 to $2 premium per year for every $100 of your jewelry’s value.
What Kind of Jewelry is Covered by Homeowners Insurance?
The type of jewelry that’s covered by homeowners insurance will depend on the policy and whether the loss is considered to be a covered loss. For example, your diamond earrings wouldn’t be covered if a flood swept them away but your policy doesn’t include flood insurance.
Most homeowners insurance policies that do cover jewelry have limits on each piece, and this might be only $2,000 or so. The full value probably wouldn’t be covered if you have a valuable item such as an heirloom or an engagement ring. Homeowners insurance doesn’t typically cover losses, such as if you misplace that diamond pendant.
How We Chose the Best Jewelry Insurance Options
We chose the best jewelry insurance options by first reviewing and researching multiple insurance policies, then choosing the top contenders. We chose the best options based on the type of coverage they offer, what’s included in the policy terms, the customer satisfaction rating, and the company’s reputation.
Jewelers Mutual. Jewelers Mutual earns 33rd consecutive A+ Superior rating from A.M. Best. Accessed December 8, 2020.
AM Best. "AM Best Affirms Credit Ratings of W. R. Berkley Corporation and Its Subsidiaries." Accessed December 10, 2020.
AM Best. AM Best Affirms Credit Ratings of Chubb Limited and its Subsidiaries. Accessed December 9, 2020.
AM Best. "AM Best Revises Outlooks to Stable for Nationwide Mutual Insurance Co. and Its P/C Subsidiaries; Affirms Ratings for Affiliates." Accessed December 10, 2020.