Our jewelry insurance guide reviews the policies of the top eight companies. Learn what to look for so you can find the coverage that’s right for you.
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The Ultimate Guide to the Best Jewelry Insurance Companies
IGS may receive customer referral fees from the companies listed in this page.
IGS may receive customer referral fees from the companies listed in this page. Learn more.So, you took a huge step and decided to purchase that engagement ring? Your boyfriend just proposed to you? You hit a huge milestone anniversary with your significant other and decided to purchase a beautiful piece of jewelry? You rewarded yourself with that watch you've always wanted? Congratulations! That's amazing and we're super happy for you.
But have you thought about jewelry insurance?
In most cases, insuring your jewelry is absolutely worth it. For most of us, jewelry is a significant purchase, sometimes the largest (or second largest) purchase in our lives. Let me ask you, how much did you spend on that engagement ring, earrings, or watch? Would you be able to replace the item completely out of pocket? Generally, the answer is "Yes, I would be able to replace the jewelry" — but it would be extremely expensive and painful.
What if we told you that you can insure that piece of jewelry for only a small percentage of the value? Well, you can. Specialized companies, like BriteCo Jewelry Insurance, for example, can offer you impressive diamond ring insurance coverage for as low as 0.5%-1.5% of your item's total value, annually.
To make your life easier, we've put together the ultimate guide to the best jewelry insurance companies. Think of it as your one-stop shop for all things jewelry insurance related. We've researched the entire market and selected the eight best jewelry insurance companies to keep you covered in the event of jewelry loss or damage.
#2 Jewelers Mutual Insurance Company — Oldest, Well-Established Jewelry Insurer
#3 Lavalier — Best for Less Expensive Jewelry
#4 Zillion — Best Value Indirect Insurer
#5 JIBNA — Best for Antique or Highly Customized Jewelry
#6 GemShield — Best Basic Jewelry Coverage
#7 Chubb — Best High-End Insurance
#8 State Farm Insurance — Best for Bundling Jewelry Under $5,000
Before diving into each company, it's important to understand your options and how jewelry insurance works. The two main types of jewelry insurance policies are:
A specialized jewelry insurance policy is specifically designed for insuring jewelry. If you're looking for the absolute best jewelry insurance coverage, a specialized policy is the right choice. Because it's a very specific coverage tailor-made to a piece of jewelry or a watch, you'll get additional coverage you may not get with a homeowners rider. Additionally, it's most often the smarter money-saving option.
Generally, we recommend not tying your jewelry to your homeowners policy.
Many homeowners riders don't cover "mysterious disappearance." You'll definitely want this important coverage, since most losses fall under this category. Imagine your ring simply disappeared from your gym bag. Was it stolen or did you lose it? You're not really sure. You don't even know exactly when it happened. You'll want coverage for this. The better specialized jewelry insurance policies will cover this.
Before choosing a policy, you should consider coverage value limits and coverage for damage (not only a pure loss). You should also learn how your claims will impact your insurance credit score.
You have an insurance credit score, distinct from other personal credit scores, like your FICO score. It's very important — and no one talks about it. When you file a claim, some insurance companies will actually report your loss to a reporting agency. As a result, your rates will increase. A reported loss can stay on your insurance credit report for 5-7 years.
Just like any credit score, you need to keep this score as high as possible. If you have a jewelry loss, most homeowners insurance companies will report this loss, so your homeowners rates will increase. In the worst-case scenario, your homeowners could actually drop you. Some specialized insurance companies will also report claims.
Most homeowners policies do have some sort of inherent coverage for jewelry, as it does for some other household items. However, problems may arise because a homeowners policy wasn't really meant to include jewelry, watch, and ring coverage. This usually results in coverage gaps and incomplete coverage. If you're purchasing jewelry insurance, make sure you're fully covered. We detailed a few issues above, like "mysterious disappearance," but there are more things to take into consideration.
Let's talk about deductibles. Insurance companies introduce deductibles to reduce your monthly or annual premium payment. In turn, when a loss or damage occurs, you have to cover a specific portion of the claim out of pocket. This could be a sizable amount, especially if it's a percentage of the claim. Since the difference in premium payment is typically minimal, we usually recommend opting for a zero-deductible plan.
We don't recommend specialized jewelry policies in all cases. For instance, we wouldn't recommend purchasing a specialized jewelry policy if you had a schedule of $500,000 and had other assets such as boats, art, etc. We would recommend an umbrella carrier. However, for most cases, we recommend a specialized jewelry insurance policy.
If you're ready to shop for specialized jewelry insurance coverage, you're in luck. We've researched the best jewelry insurance companies, so you can make an informed decision based on your situation.
When comparing the best jewelry insurance companies, we took multiple factors into account, such as their AM Best credit and company rating, how long they've been in business, coverage offered, known limitations, and any other competitive advantages one company may have over the others.
Established in 2017 by a third-generation jeweler, BriteCo is our top choice for best overall value. BriteCo has quickly become renowned in the industry as the first insurtech company that specializes solely in insuring fine jewelry and watches.
Because they're an online-only insurer, BriteCo has no local offices or hundreds of affiliated agents, like a traditional carrier. While this may seem odd, BriteCo's innovative approach makes shopping for jewelry insurance easy.
Obtaining a quote is as simple as clicking a link and entering some information about the type of jewelry you wish to insure as well as your location. With your smartphone, it takes less than a minute to get a free, instant quote for AM Best A+ rated coverage and less than 5 minutes to purchase a policy. Their online interface is top-notch, and there's no app to download. You can easily access policy services through the company's website (including filing a claim).
Trusted by thousands of jewelers across the USA, BriteCo has the best overall coverage of the companies we surveyed. Surprisingly, they're also one of the most affordable. For example, BriteCo's average policy rates typically undercut their competitors' rates, and they also offer monthly premium payment options starting at less than $5 per month. In fact, BriteCo has revolutionized the way fine jewelry and watches are insured, with rates at only 0.5-1.5% of a piece's value compared to the industry standard of 1-3%.
Insuring with BriteCo feels more like a Netflix subscription than a stuffy insurance policy. Nevertheless, their replacement-only policies are the best available, since they have zero deductible and cover your jewelry up to 125% of its appraised value at no additional cost.