Best Jewelry Insurance Options

Jewelers Mutual offers a strong reputation and flexible coverage limits

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Fine jewelry is an investment, whether it's an heirloom necklace or a brand new engagement ring. To protect your pieces, jewelry insurance can be valuable. Jewelry insurance companies protect your jewelry from various perils, like theft, disappearance, and damage. Although homeowners and renters insurance offers some coverage for fine jewelry, it’s typically limited.

The best jewelry insurance companies offer comprehensive coverage for common losses, low or no deductibles, flexible coverage limits, and affordable premiums. The top jewelry insurance services also provide coverage for your jewelry anywhere in the world. Before choosing a fine jewelry insurance provider, it’s important to compare providers based on your coverage needs.

Best Jewelry Insurance Options of 2021

Best Overall : Jewelers Mutual Insurance Company


Jewelers Mutual Insurance Company

 Jewelers Mutual Insurance Company

  • Free Appraisal: No
  • No. of States: 50 states
Why We Chose It

Jewelers Mutual is the best jewelry insurance provider overall because it has more than 100 years of experience insuring jewelry. Additionally, it includes coverage for all major perils and offers customizable coverage with no deductible.

Pros & Cons
Pros
  • Strong reputation in the industry

  • Option for $0 deductible policy

  • Coverage is for all perils

Cons
  • Some losses are excluded, like wear and tear

  • Doesn’t offer 24/7 customer service

  • No free appraisals

Overview

We chose Jewelers Mutual as the best jewelry insurance company overall because the company has a strong reputation in the industry. Jewelers Mutual has been in business since 1913 and is backed by leading organizations, like the American Gem Society and Jewelers of America.

In addition, we were impressed by Jewelers Mutual’s coverage. Every piece is covered on an all-risk basis and is protected against losses like theft, mysterious disappearance, and damage, including damage from floods and earthquakes. Jewelry is covered worldwide and during travel.

Overall, insurance from Jewelers Mutual is affordable. According to the company, the annual cost of coverage is between 1% and 2% of the item’s value. You can get a quote online to see what you will pay based on the value of your jewelry, and set your own coverage limits. We also like that Jewelers Mutual offers $0 deductible policies.

One of the downsides to Jewelers Mutual is that the company doesn’t offer free appraisals, but you don’t need one in order to purchase insurance. Additionally, the company doesn’t offer 24/7 customer service, but you can file a claim anytime through the online customer portal.

Best for Heirlooms : Chubb


Chubb

 Chubb

  • Free Appraisal: No
  • No. of States: 50 states
Why We Chose It

Chubb offers generous coverage for heirloom jewelry pieces, including market value increase coverage, which raises your policy limits if your older heirloom jewelry becomes more valuable over time. 

Pros & Cons
Pros
  • No deductible required

  • Pieces are insured at their agreed value

  • Includes coverage for market value increases

Cons
  • Must work with an agent to get a quote and buy a policy

  • Doesn’t include pricing information online

Overview

If you own heirloom jewelry, Chubb is your best option for jewelry insurance. Not only does the company offer high coverage limits and no required deductible, but every policy comes with unique protection that can be beneficial for older pieces that have been passed down for generations.

Every Chubb jewelry insurance policy includes market increase protection, so if your heirloom pieces gain value, Chubb will pay up to 150% of the new value in the event of a claim. Additionally, your items are covered at their agreed value, and you’ll get 100% of the amount as a cash settlement if you experience a loss. Appraisals are only required if your individual pieces are worth $100,000 or more.

Chubb jewelry insurance is also a good option if you have both heirlooms and new fine jewelry pieces in your collection. The company offers scheduled policies that cover one item, and blanket policies that cover multiple pieces. Plus, new pieces are automatically covered for up to 90 days if you already have a policy.

There aren’t many downsides to Chubb, but it’s worth noting that you have to work with an agent to get a quote and purchase a policy. Additionally, the company doesn’t include any information online about how much its policies typically cost.

Best for Wedding Jewelry : BriteCo


BriteCo

BriteCo

  • Free Appraisal: No
  • No. of States: 50 states
Why We Chose It

Not only does BriteCo offer comprehensive coverage for engagement rings and wedding bands, but it also covers preventative maintenance and repairs, which can help your wedding jewelry last for decades.

Pros & Cons
Pros
  • No deductible required

  • Very affordable premiums

  • Free preventative maintenance and repairs

Cons
  • No in-person offices or agents

  • Requires a recent appraisal to purchase coverage

Overview

BriteCo is our top recommendation for wedding jewelry insurance. Whether you want to insure a diamond engagement ring or a platinum wedding band, BriteCo offers flexible coverage for common perils, like damage, theft, and loss, with zero deductible. 

One of the most unique features of BriteCo is that the company covers preventive maintenance and repairs for wedding rings specifically. That includes things like stone tightening, prong re-tipping, and replacement of broken, worn, and bent ring prongs. If something happens to your ring, BriteCo will provide up to 125% of the appraised value to replace it.

Note that BriteCo operates entirely online. You can get an instant rate quote and file claims right from the website. There’s also a live chat feature if you have questions about purchasing a policy. 

If you’re looking for an affordable premium, BriteCo is also a good option. Most policies cost between 0.5% and 1.5% of the item’s value, and you have the option to pay monthly or annually. The biggest downside of BriteCo is that you have to appraise your items to purchase insurance.

Best for Accidental Coverage : GemShield


GemShield

GemShield

  • Free Appraisal: No
  • No. of States: 50 states
Why We Chose It

If you accidentally lose or damage your fine jewelry, GemShield will pay to repair or replace your pieces. Coverage is provided on an all-risk basis, which means that most causes of loss are covered.

Pros & Cons
Pros
  • Policies are underwritten on an all risk basis

  • Pieces are covered anywhere in the world

  • Easy to get an instant quote online

Cons
  • Can’t file a claim online

  • Appraisals required for pieces valued at more than $5,000

Overview

If you wear fine jewelry on a daily basis, accidents can happen. We recommend GemShield for accidental coverage, because policies are underwritten on an all risk basis, and cover your items from most causes of loss, including theft and disappearance. It also helps cover the cost of repairs and replacements.

GemShield’s policies are underwritten by Berkley Asset Protection, a division of Berkley National Insurance Company. Most policies cost between 1% and 2% of the item’s value, and there’s a minimum premium of $20. The maximum policy limit is $100,000, with up to $35,000 for any single piece of jewelry. However, you can get higher coverage limits depending on the item and its value.

One important thing to know about GemShield is that appraisals are required for every item that is valued at $5,000 or more, and the appraisal must have been done in the last 18 months. GemShield allows you to insure newly purchased jewelry, but it also must be appraised.

To get a quote from GemShield, you can visit the website. However, you aren’t able to manage your policy, make changes, or file claims online. If you need assistance, you’ll have to email or call the company during business hours, Monday through Friday from 9 a.m. to 5 p.m.

Most Comprehensive Coverage : Lavalier


Lavalier

 Lavalier

  • Free Appraisal: No
  • No. of States: 50 states
Why We Chose It

Lavalier offers generous coverage limits for most types of jewelry, which makes it a great option if you have expensive pieces. Plus, you can work with your personal jewelry for repairs.

Pros & Cons
Pros
  • High coverage limits available

  • Easy to get a quote online

  • Policies are underwritten on an all risk basis

Cons
  • Appraisals are required for pieces valued at $5,000 or more

  • Can’t manage your policy online

  • Watches may not be covered

Overview

We chose Lavalier as the best jewelry insurance provider for comprehensive coverage because the company offers flexible policies with high coverage limits. Plus, policies protect your pieces on an all-risk basis, which includes most common losses, like theft, damage, and sudden disappearance, anywhere in the world.

Lavalier’s policies are underwritten by Berkley Asset Protection, which also provides GemShield’s policies. You can get coverage for individual items up to $50,000 and up to $150,000 in combined coverage. Additionally, the deductible options are very flexible, ranging anywhere from $0 to $25,000. Premiums cost about 1% to 2% of the item’s value.

Lavalier's personalized claim process stands out. If you experience a loss, you can work with your own jeweler to repair or replace the item, or you can use a jeweler in Lavalier’s network.

Getting a quote from Lavalier is quick and easy using the online rate generator. You can also purchase a policy on the website. Just keep in mind that appraisals are required for items valued at more than $5,000. Also, watches that are insured on an individual basis may not be eligible for coverage.

Best for Processing Claims : JIBNA Personal Jewelry Insurance


JIBNA Personal Jewelry Insurance

 JIBNA Personal Jewelry Insurance

  • Free Appraisal: No
  • No. of States: 50 states
Why We Chose It

JIBNA stands out for its efficient claim handling process. The company prides itself on providing fair and efficient claim payouts, with the option for repairs, replacements, or a cash settlement.

Pros & Cons
Pros
  • All risk coverage for most types of jewelry

  • Competitive premiums

  • Personalized claim handling

Cons
  • Limited policy information online

  • Must work with an agent to get a quote and buy coverage

  • Appraisals are required

Overview

JIBNA, which stands for Jewelry Insurance Brokerage of North America, is our top pick for the best claim processing. JIBNA is dedicated to fast, fair, and personalized claim handling, with the option to repair or replace damaged jewelry, or opt for a cash settlement for the item’s full value (minus a deductible) at the time of the loss.

JIBNA’s jewelry insurance policies are underwritten on an all-risk basis, so your pieces are covered against most causes of loss. Policies are competitively priced, with a minimum premium of $50. Additionally, the company uses proprietary software to screen jewelry appraisals and calculate value, which ensures you have just the right amount of coverage.

While JIBNA has excellent claim handling, the company lacks some beneficial features. For example, you have to work with an agent to get a quote, purchase a policy, and file claims. There is also no online customer portal where you can manage your policy.

Note that JIBNA requires an appraisal in order to purchase insurance, regardless of the item’s value. And because the company doesn’t offer market value increase coverage, you’ll probably want to reappraise your pieces annually to ensure you always have sufficient protection.

Final Verdict

There are several key players in the jewelry insurance space. Based on our in-depth comparison, we found that Jewelers Mutual is the best provider overall. It offers comprehensive coverage with flexible policy limits and deductibles, and your pieces are protected from most perils, even while traveling. We also like that Jewelers Mutual has more than 100 years of industry experience and is backed by major jewelry organizations. 

Compare The Best Jewelry Insurance Companies

Company Coverage Limit  Price  Requires an Appraisal 
Jewelers Mutual Insurance Group
Best Overall
Varies 1% to 2% of the item’s value No
Chubb
Best Jewelry Insurance for No Deductible 
Varies Varies Yes, if item is worth more than $100,000
BriteCo
Best for Wedding Jewelry
Varies 0.5% to 1.5% of the item’s value Yes
GemShield
Best for Accidental Coverage
Up to $35,000 per item, up to $100,000 per policy 1% to 2% of the item’s value Yes, if item is worth more than $5,000
Lavalier
Most Comprehensive Coverage 
Up to $50,000 per item, up to $150,000 per policy 1% to 2% of the item’s value Yes, if item is worth more than $5,000
JIBNA Personal Jewelry Insurance
Best Jewelry Insurance for Processing Claims 
Varies  Varies Yes, all items require an appraisal

Guide to Choosing the Best Jewelry Insurance Companies

Should You Insure Your Jewelry?

Before deciding if you need to purchase jewelry insurance, first consider what type of homeowners or renters insurance you already have, the coverage limits, and the value of your jewelry collection. 

Most property insurance policies cover valuable items, but the coverage limit is usually very low. For instance, you might only have $1,500 in jewelry coverage, which may not be enough to cover the full value of your pieces. In that case, investing in jewelry insurance can be a good idea. On the other hand, if you want to insure a single ring worth $800, it’s possible that your home or renters insurance policy will be suitable.

Comparing Jewelry Insurance Companies

When comparing jewelry insurance companies, there are several things to keep in mind, like the reputation of the company, customer reviews, and how long the provider has been in business. Additionally, here are some other things to consider:

  • Premium: The premium is the amount of money you pay on a monthly or annual basis to keep your policy in force. Most jewelry insurance policies cost between 1% and 2% of the item’s value, but it can vary based on the insurance company and other factors, like the type of jewelry and how it’s stored.
  • Deductible: When you have an insurance claim, you typically pay a deductible out-of-pocket. However, some insurance companies offer zero-deductible policies or low deductible policies. 
  • Coverage limit: Each insurance company has different coverage limits. Make sure the company you choose covers the value of your jewelry in full. You don’t want to choose a company that only covers $100,000 worth of jewelry if you own a $250,000 one-of-a-kind watch. 
  • Appraisals: Some insurance companies require appraisals before you can purchase coverage, but not all. Check and see if the company you’re considering requires one, when it needs to be submitted, and if additional photographs or receipts are required. This is important to know before you experience a loss. 
  • Exclusions: Every carrier will have different exclusions, and it’s important to know what they are. For example, if you want coverage for loose stones or bent ring prongs, look for insurance companies that cover those things. You’ll likely want to choose the provider that has the fewest exclusions, especially if you plan on adding more pieces to your policy in the future.

How to Sign Up for Jewelry Insurance

After comparing insurance companies, obtain a quote, usually online or over the phone, before making a decision.

Many companies allow you to purchase coverage online, but a few, like Chubb, require you to work with an agent. You’ll need to provide your personal information, details about the piece(s) you want to insure, and information about where the item is kept, like a home jewelry box or locked safe.

If you need to upload an appraisal or receipt, you can do so during the signup process. Some insurance companies allow you to take a picture of the item in lieu of a formal appraisal. Once you complete the application, you will provide your payment details and choose when you want your coverage to start.

In terms of managing your policy, every insurance company is slightly different. Some have an online customer portal where you can update your coverage, add new jewelry items, and file claims. Other providers require you to contact an agent for these things.

Frequently Asked Questions

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 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?

Most jewelry insurance policies cost between 1% and 2% of the jewelry's value. For example, an insurance policy to cover a wedding ring worth $10,000 could set you back between $100 and $200 per year. However, your premium will vary based on the insurance company you choose, your coverage limits, your deductible, and where you store your jewelry.

What Do Jewelry Insurance Companies Cover?

Jewelry insurance companies cover different things, but it’s usually fairly comprehensive. Most providers offer coverage for damage, disappearance, loss, and theft. Some providers cover your jewelry on an all-risk basis, which means that your jewelry is covered from any event that is not specifically excluded from the policy. Keep in mind that jewelry insurance does not typically include damage from wear and tear or intentional acts.

Do Jewelry Insurance Companies Require an Appraisal? 

Some jewelry insurance companies require an appraisal, but not all. Oftentimes, appraisals are required if your insured pieces are extremely valuable, such as a $150,000 diamond necklace. If you want to insure a $500 wedding band, however, most providers probably would not require an appraisal. Even still, having an appraisal will make sure you have adequate coverage in the event of a claim.

Methodology

To find the best jewelry insurance companies, we compared 15 providers that exclusively sell jewelry insurance, as well as property insurance companies that offer jewelry insurance endorsements. We looked closely at the premiums, coverage limits, deductible options, areas of availability, and customer reviews for each company. We also considered the ease of getting a quote and contacting an agent, the claim reporting process, and the appraisal requirements for all providers.