Best Jewelry Insurance of 2023

  • April 24, 2023

Final Verdict

For no-commitment quotes, start with Jewelers Mutual, GemShield, and Lavalier. Without providing your contact info, you can easily get an idea of cost. We found that WAX offered the lowest premiums, but only by a small margin.

However, WAX caters to consumers with both jewelry and other valuable collectibles. If you have a collection and add to it frequently, WAX is a good option. But choose Jewelers Mutual if you want quick coverage for your jewelry without an appraisal, and opt for BriteCo if you want the most robust engagement ring coverage.

Get an Appraisal

With most companies, you’ll need an appraisal. Sometimes, you can submit less expensive pieces of jewelry with only a receipt. WAX Insurance offers digital verification with a photo and description. But even if an appraisal isn’t required to apply for coverage, you should consider getting one for high-value pieces to avoid disputes during the claims process. Remember, you won’t be able to appraise a lost or stolen piece of jewelry after-the-fact. 

Apply for Coverage

Some companies make it easy to apply entirely online, while you may need to apply by phone with others. When you apply, you’ll pay your first premium (most companies offer monthly payments), which will activate your coverage. 

Update Your Coverage

If you add new jewelry to your collection and want it covered, you’ll need to request a change and pay the new premium. Some insurance companies also recommend you get an updated appraisal for your pieces every two years, in case their value changes. 

Frequently Asked Questions

  • Your annual premium for jewelry insurance and watch insurance will depend on the value of your jewelry, your location, and the deductible you choose. Most jewelry insurers estimate that you’ll pay between 1% and 2% of the value of each piece you insure. At GemShield, our pick for the top jewelry insurance provider, the premium you’d pay for a $10,000 item with a $0 deductible would be $150 in San Diego; $200 in Brooklyn, New York; or $110 in Columbus, Ohio. 

  • You’ll want to start by getting a premium estimate from a handful of jewelry insurance companies. Compare the coverage offered at different companies. Then, ask each company questions like:

    1. How will I prove my ring was lost?
    2. Is the policy a repair and replacement policy?
    3. Can I choose the jeweler I work with for repair or replacement?
    4. Does coverage extend out of the country?
    5. What are the exclusions?

  • Homeowners insurance does not cover accidental loss of jewelry. You’ll need to either purchase an endorsement or a standalone jewelry policy for mysterious disappearance to be covered. Most homeowners policies will cover theft, but the limit for jewelry is typically capped around $1,500.

  • When you apply for jewelry insurance, you’ll pay a premium, or a monthly or annual fee for coverage. In exchange for that premium, your insurance company will agree to provide reimbursement for repair or replacement of your jewelry in the event of a covered loss. Your policy will state what is covered and what is excluded, but jewelry insurance generally covers things like theft, damage, and accidental loss

    If something happens to your jewelry and it’s covered under your policy, you’ll file an insurance claim. You’ll work with your insurer to settle the claim, and they’ll write you a check for the amount you need to either repair or replace your jewelry. Typically, that amount is based on an appraisal.



Methodology

To choose the best jewelry insurance companies, we compared premium quotes for engagement rings, wedding rings, and watches across the largest jewelry insurers nationwide. We also evaluated whether discounts and monthly payments were available and whether there were membership or other requirements to get coverage. 

We placed particular importance on the ease of the application process, evaluating whether online quotes were available without submitting personal information and whether appraisals were required. We also looked at how comprehensive the coverage was at each company and whether policyholders could file a claim online. And we checked both complaint data with the NAIC and financial strength ratings to determine reputability, eliminating any companies with serious customer satisfaction issues.

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