2 weeks Ago
Jewelry insurance can help you replace a lost item or even cover repairs. While and usually cover valuables, even when outside of the home, most have a limit of $1,500 or $2,000. That's fairly low considering the average cost of an engagement ring in 2023 was about $5,500, according to .
You could add a floater or a separate policy for an item included in your homeowners or renters insurance, but that could increase your premiums and may not cover every potential scenario. Standalone jewelry insurance can provide broader coverage and may come with a smaller deductible — or no deductible at all. has selected five jewelry insurance policies that stand out based on service, cost and breadth of coverage.
(See on how we chose the best jewelry insurance companies.) offers strong, no-deductible coverage for a low price. Its coverage also extends to some maintenance items, including repairs related to normal wear and tear.
A standard policy from Jewelers Mutual can include things like "prong re-tipping, broken, worn or bent prongs, broken earring posts, clasp replacement, restringing of broken or stretched pearl strands and stone tightening," according to the company's website. is ideal if you want to save on your jewelry coverage through various discounts. There are numerous discounts available, such as for having a home alarm or safe, getting a gemstone grading report and keeping your jewelry in a bank vault or safe deposit box.
offers affordable coverage for engagement rings, watches and other fine jewelry pieces. While the company offers a discount to those who pay their insurance premiums annually, it does offer the option to pay monthly — a perk for those with a lot of other wedding expenses in their budget. BriteCo coverage includes preventative maintenance, like prong re-tipping, wearing or bending, broken earring posts and stone re-tightening.
offers quick, strong coverage suitable for many jewelry collections. This company offers a variety of deductibles to help make the price fit your budget — generally, the higher the deductible, the lower the premium. It also offers repair or replacement coverage, which ensures that your replacement will be recreated to match your original piece.
Plus, GemShield offers automatic coverage for new jewelry for 30 days, so any pieces you buy will be covered temporarily until you get a chance to cover them. offers jewelry coverage through its Chubb Masterpiece Valuable Articles Coverage. While it requires a minimum coverage of $15,000, it could be a strong option for those who have a large collection to cover with strong ratings for financial strength and a low complaint index.
With Chubb, you can opt to protect your entire collection with blanket coverage or itemize individual pieces, or do both. , which also sells policies through Geico, has been insuring jewelry since 1913 and has been endorsed by many jewelry trade groups like Jewelers of America and American Gem Society. You may be able to get a discount if you have a home security system, store your jewelry in a safe deposit box or inscribe your jewelry with an identification number from an industry partner.
A+ 0.14, very low is a part of Berkley Asset Protection, a specialty insurance company that boasts one of the lowest NAIC complaint indexes of the companies we reviewed. It covers loss and theft, damage, mysterious disappearances, claims resulting from floods or earthquakes and gifts up to $50,000 per piece and $150,000 per policy, making it sufficient for most needs.
A+ 0.00, very low has been in the insurance space for over 20 years, working with a claims administration company founded in 1996. Policies are underwritten by Glencar and Hannover Re, which both have received A+ ratings from A.
M. Best. A+ 2.
5, above average (for Glencar, which BriteCo works with to underwrite policies). offers jewelry insurance quickly and simply. Policies are backed by StarNet Insurance Company.
A+ 0.11, very low is known for its coverage of high-value homes, vehicles and other valuable items like art, wine and . It is highly rated for financial strength and boasts a low complaint index.
A++ 0.96, about average and both offer individual jewelry insurance policies with $0 deductibles. Both are repair or replacement policies, so there isn't an option to receive cash for your loss.
However, there are a few key differences that could help one stand out over the other in certain situations: At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every homeowners insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See for more information on how we choose the best jewelry insurance.
To determine the best jewelry insurance companies, CNBC Select analyzed several jewelry insurance companies in the space and compared them based on various factors. We focused on the cost, coverage, and financial strength and National Association of Insurance Commissioners (NAIC) complaint indexes. We also considered the availability of discounts and deductible choices.
Sample premiums we gathered were based on a $6,000 engagement ring in the 10012 zip code with a $0 deductible. From there, we sorted our recommendations by the best overall and runner-up, the best for quick coverage and the best for high-value collections..
