The Ultimate Guide to the Best Jewelry Insurance Companies
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.
7 Minute Read
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.
Specialized Jewelry Insurance
Non-Specialized Insurance
The Top 8 Jewelry Insurance Companies
Cost
(% of value)
Cost(% of value) | Coverage | Convenience | Payment | Value Updates | Channels |
|---|---|---|---|---|---|
1 | 0.5-1.5% | 125% of appraised value *All perils coverage (covers theft, loss, damage, and disappearance) | Custom quote in 60 seconds online. Policy purchase in 2 minutes. | Annual or monthly payment (no extra cost) | Annually (no extra cost) |
2 | 1-3% | 100% of appraised value | General quote online | Annual or 5 payments for $7.00 fee | Automatic elevator |
3 | 1-2% | 100% of appraised value | General quote online | Annual or 5 payments for $7.00 fee | None |
4 | 1-2% | 100% of appraised value | Can't get a quote or purchase a policy/direct online. Must purchase through select brokers. | Annual only | None |
5 | 1-2% | 100% of appraised value | Focused on lower-value items | Offers low minimum payment ($20) | None |
6 | 1-5% | Agreed value | Designed for high-priced jewelry, fine art, wine, and collectibles | Annual only | None |
7 | 1-3% | 100% of appraised value | Must purchase through an agent and add a rider to your homeowner's policy | Pay in conjunction with homeowner's policy | Automatic Elevator |
Types of Jewelry Insurance
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 or stand-alone jewelry insurance policy.
- A scheduled item on your homeowners insurance policy. This is sometimes referred to as an endorsement, a rider, or a floater.
Specialized Jewelry Insurance
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.
Mysterious Disappearance Coverage
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.
Claims Can Affect Your Insurance Credit Score
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.
Homeowners Insurance Coverage
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.
Deductibles
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.
When is Umbrella Coverage Preferable to Specialized Insurance?
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.
Specialized Jewelry Insurance Comparison
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.
1. BriteCo Jewelry Insurance — Best Overall Value
BriteCo
Coverage
Up to 125% of appraised value
Deductible
No deductible
Average insurance cost for a $10,000 jewelry piece
$50–$150 per year
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.
BriteCo Jewelry Insurance — Key Highlights
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.
- Top choice of the International Gem Society, with insurance rates below competitors' for better coverage.
- AM Best A+ rated jewelry insurance policies underwritten by GIC.
- Worldwide coverage for U.S. residents against major perils: loss, damage, theft, and mysterious disappearances.
- Zero-deductible, replacement-only policies with lowest rates on average, which means the best specialized jewelry insurance coverage available is also among the most affordable.
- Annual coverage periods payable up-front with a 5% discount, or convenient, low monthly premium payments starting below $5/month.
- Automatically covers up to 125% of the appraised value (that's an additional 25% of coverage at no extra cost).
- Covers your significant other without the need for additional verification. (Won't ruin a surprise proposal).
- Coverage for preventative maintenance included without a deductible.
- Only specialized online jewelry insurer with flexible, small monthly payments.
- Ample limits, with coverage up to $150,000 per item/$350,000 total schedule value per individual.
- Easy, straightforward claims process allows you to work with your local jeweler.
- Automatically keeps appraised values up to date on a yearly basis.
- Jewelers of America (JA) partner, and trusted by over 2,000 independent retail jewelers across the USA.
- Licensed in all 50 states plus the District of Columbia.
2. Jewelers Mutual Insurance Company — Oldest, Well-Established Jewelry Insurer
Jewelers Mutual
Coverage
Offers Insurance Value Adjustment (IVA) to prevent underinsurance
Deductible
$0 deductible option available
Average insurance cost for a $10,000 jewelry piece
Not specified
Jewelers Mutual was founded in 1913 by a group of Wisconsin jewelers who wanted to solve jewelry store owners' insurance needs. For more than 100 years, Jewelers Mutual has billed itself as the only company that insures the jewelry industry, with Jeweler's Block coverage (insurance for jewelry stores) being the largest portion of their overall portfolio. Nowadays, they offer among the best direct coverage for individual policyholders, especially for those with unique, highly customized pieces, like custom Rolexes.
Like BriteCo, Jewelers Mutual offers replacement-only insurance policies, but the policies don't provide coverage above 100% of the appraised value of your jewelry. However, they do cover the same major perils.
Jewelers Mutual earns a top spot on our list because their customers can choose whether to have a deductible. While some customers insist on coverage with no out-of-pocket expenses, others favor setting a deductible to lower their annual premiums, especially when insuring higher-risk items. (Again, we usually recommend opting for zero-deductible policies).
Jewelers Mutual Insurance Company — Highlights
- Well-established, over 100-year-old company.
- AM Best A+ rated.
- Perfect for one-of-a-kind pieces, including high-dollar custom pieces and luxury watches with aftermarket stones.
- Offers worldwide protection against: loss, damage, theft, and mysterious disappearances.
- Offers different deductible limits to offset insurance rate costs.
- Replacement-only policies repair or replace insured items with those of like kind and quality, up to 100% of the appraised value.
- Will cover loose gemstones.
- Claims process that allows you to use your local jeweler.
- Annual pay with periodic payments available (for an extra fee).
International Gem Society
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