You might assume that your jewelry is covered under your home insurance policy. But many insurance companies limit the coverage they’ll pay per claim. The typical sub-limit for jewelry is around $1,500, according to the Insurance Information Institute, though many have the option to increase it for an extra cost. However, there’s another option available, with no deductible or negative effect on your home insurance premium.
Buying a separate jewelry insurance policy allows you to “schedule” each item for its value and get more coverage — often for less premium — than adding it to your home insurance. We compared jewelry insurance companies to find which might offer the best jewelry insurance coverage for your valuables.
Best jewelry insurance companies
| Company | Best for | Coverage | Cost (% of value) | Minimum premium | Deductibles |
|---|---|---|---|---|---|
BriteCo | Coverage value | 125% of appraised value (Replacement only) | 0.5%-1.5% | $50/year | $0 |
GemShield | Inexpensive items | 100% of appraised value | 1%-2% | $20/year | $0 - $1,000 |
Jewelers Mutual | Choosing your own jeweler | 100% of appraised value (Replacement only) | 1%-2% | $25/year | $0 - $500 |
Lavalier | Discounts | 100% of appraised value (Repair or replace) | 1%-2% | $50/year | $0 - $25,000 |
Rider coverage | 100% of appraised value (Repair or replace) | 1%-2% | Average $9/year | $0 | |
State Farm | Health-related items | 100% of appraised value (Repair or replace) | 1%-2% | Varies | $0 |
Best for coverage value
BriteCo
When you buy jewelry insurance coverage for its appraised value, BriteCo will cover the item at 125% of the appraisal amount — the highest amount we found. They also have high coverage limits of up to $150,000 per item and $350,000 per policy. The minimum premium is $50 per year, and while you can pay monthly, you’ll get a discount for paying in full.
This replacement-only policy is available online through independent insurance agents, brokers, and retail jewelers. There is no deductible if you file a claim, and you can add a fiance or partner at no cost.
Best for inexpensive jewelry items
GemShield
GemShield’s minimum annual premium of $20 is an excellent option if you don’t have expensive jewelry to insure. However, they will cover items up to $35,000 in value and $100,000 per policy. Items valued over $5,000 require an appraisal no older than 18 months, but lower-cost items only need a detailed sales receipt. The GemShield policy will repair or replace your item with the same quality and kind, and you can choose your jeweler.
GemShield, like most other jewelry insurance companies, covers each piece at 100% of the value and offers a $0 deductible, but you can increase it up to $1,000 to save some money. They offer a discount if you have a centrally monitored burglar alarm, fire alarm or a home safe to store your jewelry in when not in use.
Best for choosing your own jeweler
Jewelers Mutual
Jewelers Mutual offers replacement-only coverage at 100% appraised value with a minimum $25 premium. While they don’t provide a monthly payment option, you could be eligible for a payment plan if your annual premium is over $200. You can cover fine jewelry items, including custom pieces, watches and loose gemstones, through Jewelers Mutual.
Quotes are available online, but you can also buy coverage through a retail jeweler. While the $0 deductible is standard, you can increase it to save, along with eligible discounts for having a centrally-monitored security system, safety deposit box or Gem ID.
Best for discounts
Lavalier
Although Lavalier’s minimum premium is $50, they offer several discounts to help keep costs low, like having a home alarm, Gem ID, home safe or safety deposit box. You can schedule pieces up to $50,000 each and $150,000 per policy.
Lavalier offers an unscheduled jewelry endorsem*nt in coverage amounts from $1,000 to $5,000 for inexpensive items you don't have appraised. However, these items won’t have coverage for mysterious disappearances.
Lavalier’s repair or replacement policy will cover up to 100% of the appraised value and offers deductibles up to $25,000. You can buy this policy online or through a Progressive insurance agent.
Best for rider coverage
Lemonade
If you have home, condo or renters insurance through Lemonade, their Extra Coverage endorsem*nt can cover scheduled jewelry items, fine arts, cameras, bikes and musical instruments. Things you’ve owned for at least five years require an appraisal; items you’ve owned for less only need a receipt. Scheduled items are covered for accidental damage and mysterious disappearance; unscheduled are not.
The average additional monthly cost is around $9 for a $9,000 jewelry value but may differ by item type. While there’s no deductible on Lemonade’s Extra Coverage, a claim could affect your home insurance policy and premium. Get a quote and apply for coverage online or through the Lemonade mobile app.
State Farm
State Farm offers a stand-alone personal articles policy for keepsakes, equipment like cameras, computers, silverware and sports equipment, and health-related items, such as hearing aids, prosthetics, mobility and medical devices. The policy premium depends on the article, but there is typically no deductible. State Farm will either repair or replace the item.
You can include inflation coverage and pair and set coverage for items that come in pairs, like earrings. There is also a wedding present rider, which will provide coverage up to 90 days before your wedding to protect the gifts you receive. A State Farm jewelry insurance policy is only available through State Farm agents.
How to choose a jewelry insurance company
When choosing a jewelry insurance company, consider its reputation, customer reviews and how long the company’s been in business. Some other criteria you might also want to consider:
Appraisals
While some jewelry insurers require an appraisal before insuring your items, not all do. Check when the insurance company requires one and if you need a receipt or photos for each item. If you don’t need an appraisal to start the policy, you’ll need one if you have to file a claim.
Coverage limit
Each jewelry insurance provider will have different coverage limits. Some might have a coverage maximum per item and a total coverage limit. If you have a $50,000 watch but an insurance company will only cover each item for a maximum of $35,000, you’ll probably want to go with another carrier.
Deductible
Many jewelry insurers offer a $0 deductible policy, but you can save on your premium if you choose a higher deductible. Amounts can vary from $50 to $1,000 or more.
Premium
The premium is the monthly or annual amount you pay to cover your jewelry items. Although most jewelry insurance policies cost around 1% to 2% of the item’s value, the cost can vary by company, ZIP code, how you store the jewelry and the type of jewelry you’re insuring.
Exclusions
It’s important to understand what each jewelry insurance company excludes from their policy, like loose stones. Choosing a provider with the fewest exclusions will protect your jewelry items the most.
Replace or repair
You’ll also want to check if the insurer only offers replacement coverage or if it will repair damaged items. If you want to keep your Grandma’s heirloom ring in the family, you’ll want a policy to repair your item to its original state before it was damaged or lost.
Discounts
Some jewelry insurance companies offer discounts for things like having a centrally-monitored alarm system, a home safe or a bank vault.
Claims process
While some insurance companies offer the ease of filing a claim through their mobile app, some may only provide claims submissions online or by calling it in.
What does jewelry insurance cover?
Jewelry insurance covers items on an “all risk” basis, meaning unless it's specifically excluded, it's covered. Although coverage can vary, most jewelry insurance policies cover:
- Theft.
- Damage.
- Loss.
- Mysterious disappearance.
- Flood or earthquake.
- Worldwide travel.
What jewelry insurance doesn’t cover
There are some things jewelry insurance usually won’t cover, like:
- Pre-existing damage.
- Intentional damage or loss.
- Pest damage.
- War.
- Nuclear hazard.
- Civil authority confiscation.
- Normal wear and tear.
- Manufacturer defects.
How much does jewelry insurance cost?
Jewelry insurance cost depends on your ZIP code and the value of your items. Most policies will cost 1%-2% of the jewelry’s value. For example, if you have a $10,000 ring to insure, the cost might be around $100 annually. You will usually have the option for a $0 deductible, but choosing a higher deductible can lower the premium.
Some jewelry insurance companies offer discounts, making the policy premium cheaper. If you have a security system in your home or keep your jewelry in a vault, you could get a discount on your jewelry insurance policy.
Like home, auto and pet insurance, comparing quotes for jewelry insurance can help you find the best price and coverage in your New Jersey ZIP code.
Should you get jewelry insurance?
Whether you should get jewelry insurance is a personal decision. If you don’t have expensive jewelry items and won’t be upset if you lose them, then jewelry insurance may not be worth it. But if an item is expensive, has sentimental value or you couldn’t afford to replace it, the cost of jewelry insurance might be worth it.
According to Lemonade Insurance’s most recent claims data, 44% of jewelry claims are for theft. And in a 2021 survey of 758 respondents, BriteCo found that almost two-thirds of those who insured an engagement ring made a claim for damage or mysterious disappearance in the last 10 years.
Keep in mind what jewelry insurance covers and what it doesn’t. You might also consider the cost of an appraisal for each jewelry item, which you will need if you have to file a claim. Getting a jewelry insurance policy may be better than insuring your jewelry under a home insurance rider since any claim you make could affect your policy premiums and go against your claims history.
Methodology
We compared property insurance companies offering jewelry insurance endorsem*nts and stand-alone jewelry insurance companies to find the best jewelry insurance companies. We analyzed several criteria, including coverage limits, availability, premiums, customer reviews and deductible options. We also evaluated appraisal requirements and the process to report claims, get quotes, and contact the company.
Frequently asked questions (FAQs)
What is jewelry insurance?
Jewelry insurance is a policy that covers specific jewelry items against certain losses, like damage, theft, loss or mysterious disappearance. A jewelry insurance policy allows you to “schedule” items for their appraised value or the cost you paid. You can insure a single piece of jewelry, like an engagement ring, or a set, like a pair of earrings and schedule multiple items on the same policy. However, coverage limits per item can vary by the jewelry insurance company. You can also have a $0 deductible or choose a higher deductible, which will lower the policy’s total cost.
How does jewelry insurance work?
Jewelry insurance covers your jewelry against claims for damage, theft and loss. If your jewelry gets damaged, lost or stolen, you can file a claim with the jewelry insurance company to have it repaired or replaced. The insurance company usually pays the jeweler directly, but you’ll be responsible for the deductible if you have one.
How much should jewelry be worth to insure it?
Jewelry insurance companies don’t typically have a minimum jewelry value to insure it, but they usually have a minimum premium amount. For example, Gemshield’s minimum annual premium is $20, while Jewelers Mutual’s minimum is $25 annually. These quotes were based on a ring valued at $50 with a $0 deductible.
Does homeowners or renters insurance cover jewelry?
Homeowners or renters insurance does cover jewelry, but there is usually a sub-limit on jewelry, which limits the types of loss and coverage maximum you can claim. For example, if your renters insurance has a $1,000 jewelry sub-limit and you file a claim for a $10,000 ring, the most the insurance company will pay is $1,000. There may be a deductible, and if you file a claim, it could cause your property insurance premium to increase at the next renewal.
Some insurance companies offer scheduled personal property coverage as a rider endorsem*nt, more like a jewelry insurance policy. You’ll “schedule” each jewelry item for its appraised value and avoid the sub-limit. Scheduling items usually means you won’t have a deductible, but it could raise your policy rates after a claim.
Do you need an appraisal to buy jewelry insurance?
Whether you need an appraisal to buy jewelry insurance depends on the insurance company, the value and the last time it was appraised. If you don’t have a recent appraisal, you could under-insure your item, meaning you could lose money if your item is lost or damaged. Or, you could over-insure it, which means you’ll overpay for the insurance coverage. While you might not need an appraisal or detailed receipt to start the policy, you will need it to file a claim. And it would be hard to get an appraisal on an item you no longer have because it was stolen.
