Your new engagement ring or the emerald necklace you inherited from your grandmother may not be sufficiently insured against damage or loss. Homeowners insurance generally provides some protection for jewelry and other valuables, but it’s often capped at a fairly low amount. If you own a high-value watch or family heirloom, losing it could be both emotionally and financially damaging if you rely solely on your home insurance for coverage.
Fortunately, certain companies specialize in jewelry insurance, and we’ve rounded up the top options available. To create our list of the best jewelry insurers, we evaluated several key factors, including company reputation, average rates, available policies, and minimum/ maximum value. As part of our analysis of company reputations, we considered AM Best ratings, which measures a company’s financial soundness. (See full methodology.)
The 5 best jewelry insurance plans of February 2024*
- Best overall: Jeweler’s Mutual
- Best for high replacement value: BriteCo
- Best low-cost coverage: GemShield
- Best flexible deductible options: Lavalier
- Best for automatic coverage on new items: Chubb
*Last updated February 12, 2024
The following companies are well-regarded in the industry and offer competitive rates and suitable coverage for most jewelry owners. Rates and minimum/maximum coverage requirements are up to date as of February 12, 2024, and are subject to change.
1. Best overall: Jeweler’s Mutual
About: Jeweler’s Mutual is a highly-rated, financially sound, established insurer that’s been in business since 1913. It offers stand alone jewelry insurance for all types of pieces.
- Appraisal required: No
- Estimated monthly premium for $7,500 women’s engagement ring: $84-$113, depending on the size of your deductible
- AM Best rating: A+
- Customer support: Jeweler’s Mutual customer service can be reached over the phone Monday thru Thursday between 7 am-7 pm CST, and Fridays between 7 am-6 pm CST. You can also reached them by email.
Jeweler’s Mutual insures everything from loose stones and cufflinks to engagement rings and watches, so it’s a suitable option no matter what type of jewelry you’d like to insure. Unlike some competitors, it doesn’t have a minimum or maximum dollar value for pieces, and will provide up to 100% of an item’s replacement cost if it’s lost, stolen, or damaged for a covered reason. You can insure as many pieces as you’d like with this company and choose from flexible deductibles ranging from $0 to $5,000.
While Jeweler’s Mutual doesn’t require an appraisal to get coverage, you’ll likely need one or a detailed receipt if you file a claim. There’s no in-house appraisal service with this company, so you’ll need to find a trusted appraiser independently. Jeweler’s Mutual recommends getting your jewelry appraised every two years, but it also offers an ‘Insurance Value Adjustment’ service that can automatically increase your coverage based on your item’s current estimated value if you’d rather not submit future appraisals.
2. Best for high replacement value: BriteCo
About: Founded in 2017 by jewelry and insurance experts, BriteCo is a highly-rated company offering standalone coverage for pieces valued up to $150,000 or collections valued up to $500,000.
- Appraisal required: Yes
- Estimated monthly premium for $7,500 women’s engagement ring: $114
- AM Best rating: A+
- Customer support: Chat with BriteCo on their website for customer service. You can also reach them by email
Many jewelry insurers will provide coverage for up to 100% of your item’s replacement value, but BriteCo covers you for up to 125% of its replacement value. This is convenient because you won’t necessarily need to increase your coverage over time to align with your item’s higher value. And unlike some companies that require you to get your jewelry re-appraised, BriteCo offers free automated valuation increases each year.
Those who opt for a policy from BriteCo won’t need to pay deductibles on most items, either. You simply pay your monthly premiums, and your insurance kicks in immediately after a covered event—no need to pay anything out of pocket.
3. Best low-cost coverage: GemShield
About: GemShield has been offering comprehensive jewelry insurance since its founding in 1997. Policyholders are covered against loss, damage, theft, certain natural disasters, and more.
- Appraisal required: For items valued at $5,000 or more
- Estimated monthly premium for $7,500 women’s engagement ring: $78-$94, depending on the size of your deductible
- AM Best rating: A+
- Customer support: GemShield’s customer service can be reached over the phone on weekdays between 9 am to 5 pm ET. You can also contact them via email.
GemShield offers lower-than-average premiums for its policies, which makes it a smart choice if you’re looking for inexpensive jewelry insurance. That said, it also has lower maximum coverage limits than some competitors—$35,000 per item or $100,000 per collection, though case-by-case exceptions may apply. For this reason, we’ve deemed it a good pick for single pieces, but those with very high-value items should look elsewhere.
Apart from relatively affordable coverage, GemShield also offers automatic coverage on new jewelry for up to 30 days if you’re an existing customer, and you benefit from flexible deductibles ranging from $0 to $1,000. Opting for a higher deductible will result in lower premiums, but ensure you understand the potential risks of that decision. For instance, if you opt for a $1,000 deductible and your jewelry is lost, stolen, or damaged, you’ll need to pay out that amount before your coverage kicks in.
4. Best flexible deductible options: Lavalier
About: Founded in 2013, Lavalier specializes in affordable jewelry coverage and provides flexible deductibles and discounts for its policyholders.
- Appraisal required: For items valued at $5,000 or more
- Estimated monthly premium for $7,500 women’s engagement ring: $88-$113, depending on the size of your deductible
- AM Best rating: A+
- Customer support: Lavalier customer service can be reached over the phone or email
Some jewelry insurers offer limited deductibles, but this isn’t the case with Lavalier. Deductibles range from $0 to $25,000, so you can customize your policy based on your preferences and risk tolerance. Your deductible options will vary based on the value of your item or collection, though opting for a higher deductible will reduce your coverage costs. It also offers discounts for things like storing your jewelry in a safe or having a home alarm system, which can further lower the cost of your policy.
Lavalier offers coverage up to $50,000 per item and $150,000 per collection, though some exceptions may apply. These relatively generous coverage limits make it a suitable option for many jewelry owners.
5. Best for automatic coverage on new items: Chubb
About: Chubb was initially established as an underwriting company in 1882. Today, it offers multiple insurance coverages for individuals and families, including jewelry insurance.
- Appraisal required: For items valued at $100,000 or more
- Estimated monthly premium for $7,500 women’s engagement ring: Online quotes not available.
- AM Best rating: A++
- Customer support: Chubb’s customer service can be reached over the phone or via emai
While certain companies offer automatic coverage for new items in your jewelry collection, Chubb’s offering outshines competitors. This insurer gives existing policyholders 25% of itemized coverage on newly acquired pieces for up to 90 days, giving you ample time to ensure your entire collection is properly protected.
Besides its generous automatic coverage offering, Chubb also pays out up to 150% of a covered item’s replacement cost value if its current exceeds your coverage amount. This insurer also offers flexible appraisal requirements, only requiring appraisals for items valued at over $100,000. While this flexibility may be useful, we still highly recommend getting your jewelry appraised to ensure you get adequate insurance.
What to know about jewelry insurance
Jewelry insurance can reimburse you if a covered item is lost, damaged, or stolen, and it typically provides a higher coverage limit than a typical homeowners policy. Maximum coverage limits vary based on the company you choose.
Depending on the insurer, you may need your jewelry appraised to help determine its value. Some jewelry insurance companies offer in-house appraisers, which can be convenient. Even if a dedicated appraisal service isn’t available, your insurer can likely recommend a reputable appraiser.
The cost of your coverage will vary depending on the value of the piece (or pieces) you’re insuring. For instance, you’ll likely pay slightly higher premiums to insure a $25,000 ring than you would with a $10,000 ring. A deductible may apply as well, so it’s important to understand what you’ll need to pay before your insurance kicks in if you’re shopping for a policy.
How to choose jewelry insurance
Comparing jewelry insurance companies is essential, as policies, rates, and coverage minimums and maximums vary. Here’s what to consider as you’re researching potential insurers:
- Company reputation: You want to ensure you’re working with a reputable company that will pay out if you need to file a claim. Review each company’s AM Best rating and past customer feedback to assess whether it’s trustworthy.
- Premiums: Many jewelry insurers offer online quotes that will offer insight into your premiums. The quote process is typically quick, and since there’s no standard cost for jewelry insurance, it’s worth getting multiple quotes as you compare options.
- Deductibles: You’ll want to consider the deductibles each company offers. Many offer a range, with higher deductibles typically resulting in lower premiums.
- Coverage minimums and maximums: Some companies may have minimum or maximum dollar values for coverage. For instance, some only insure items valued at over $5,000. Others may have per-item or per-collection maximum limits.
- Appraisal requirements: Many jewelry insurance companies require appraisals. Some offer in-house services, while others do not. Look into appraisal requirements as you shop for coverage.
- Exclusions: Exclusions also vary by insurer. For instance, some may cover damage due to regular wear and tear, while others won’t. Reading the fine print will help you determine which exclusions apply.
Frequently asked questions
Is jewelry insurance worth it?
Jewelry insurance can be worth the cost if you own meaningful, expensive jewelry. A typical homeowners policy may not cover the full replacement cost of your rings, necklaces, or watches, and jewelry insurance can fill this gap.
How much does jewelry insurance cost?
Many jewelry insurance policies cost around 1%-2% of an item’s total value, though premiums vary by company. For instance, it may cost around $75-$120 annually to insure a $7,500 engagement ring.
How often should you have jewelry appraised for insurance?
You’ll likely want to have your jewelry appraised every two or three years as it fluctuates in value over time. Appraisal requirements and timeframes may vary by insurer.
The Fortune RecommendsTM editorial team compared the top jewelry insurers on the market to help you find the best possible coverage. We considered key data points like the following to choose the best jewelry insurance companies.
- Company strength: We researched each company’s financial strength and reputation in our evaluation, reviewing their current AM Best ratings and NAIC Customer Complaint Scores.
- Average rates: As part of our evaluation process, we obtained quotes from each jewelry insurance company. All the companies on our list have competitive premiums and multiple deductible options.
- Available policies: Each company on our list offers stand alone jewelry insurance policies. Coverage is not bundled with homeowners or renters insurance.
- Minimum/maximum value: We also considered if the companies we evaluated only insured items of a certain minimum value and any maximum applicable coverage limits.