Jewelry insurance can help you replace a lost item or even cover repairs.
While homeowners insurance and renters insurance 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 The Knot. 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.
CNBC Select has selected five jewelry insurance policies that stand out based on service, cost and breadth of coverage. (See our methodology on how we chose the best jewelry insurance companies.)
Best for preventative maintenance
Jewelers Mutual Jewelry Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Undisclosed
Policy highlights
Jewelers Mutual policies are a strong option for those wanting more than just insurance coverage. Policies cover normal wear and tear, and can include things like prong retipping, broken or bent prongs, pearl restringing, and stone tightening. Coverage can be optioned to include a deductible.
Pros
- Deductible options available
- Quotes and purchasing available online
Cons
- No monthly payment options available
Who's this for: Jewelers Mutual Jewelry Insurance 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.
Standout benefits: 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.
Best for discounts
Lavalier Jewelry Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Up to $50,000 per piece, $150,000 per policy
Policy highlights
Lavalier offers jewelry insurance policies that can cover a wide range of items and several discounts to make jewelry insurance affordable. Lavalier offers an option of deductibles to make premiums more affordable, too. This company's jewelry insurance is easily available with quotes and policy purchasing offered online.
Pros
- Quotes available online
- Discounts for home alarms and safes, gemstone grading reports, or bank vault or safe deposit box storage.
- Flexible deductibles
Cons
- Policies must be bought annually, no monthly payments
- Appraisals required for items over $5,000
Who's this for: Lavalier is ideal if you want to save on your jewelry coverage through various discounts.
Standout benefits: 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.
Best for an engagement ring
BriteCo Jewelry Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Individual Item Limit is $250,000 and Schedule Limit is $750,000
Policy highlights
BriteCo's jewelry insurance is a strong choice for its no-deductible policies that include coverage for loss, theft, damage, and mysterious disappearance. It offers replacement values up to 125% for jewelry which has appreciated in value.
Pros
- Affordable coverage with a $0 deductible
Cons
- BriteCo doesn't offer cash reimbursement — you'll need to repair or replace your item if you file a claim
Who's this for: BriteCo 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.
Standout benefits: BriteCo coverage includes preventative maintenance, like prong re-tipping, wearing or bending, broken earring posts and stone re-tightening.
Best for quick coverage
Gemshield Jewelry Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
$35,000 per piece, $100,000 per policy
Policy highlights
Gemshield policies are available online and covers everything from theft, loss, and damage to your pieces. These policies include coverage for new pieces for up to 30 days, and covers pieces worldwide.
Pros
- Automatic coverage for new jewelry pieces for 30 days
- Policies and quotes available online
Cons
- Appraisals required for all items over $5,000
Who's this for: GemShield Jewelry Insurance 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.
Standout benefits: 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.
Best for high-value collections
Chubb Masterpiece Valuables Jewelry Insurance
Cost
The best way to estimate your costs is to request a quote
Maximum coverage
Undisclosed
Policy highlights
For those with large jewelry collections to cover, Chubb's jewelry insurance could be a good fit. Coverage can extend to new purchases, and an agreed value option can help you cover unique pieces. Policies are available as a blanket coverage for your entire collection, or by scheduling individual pieces.
Pros
- Appraisals only required for items over $100,000
- New items can be automatically covered for 90 days
Cons
- Minimum coverage requirement of $15,000
Who's this for: Chubb 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.
Standout benefits: With Chubb, you can opt to protect your entire collection with blanket coverage or itemize individual pieces, or do both.
Compare homeowners insurance companies
More on our top jewelry insurance companies
Jewelers Mutual
Jewelers Mutual, 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.M. Best rating
A+
NAIC complaint index
0.14, very low
Lavalier
Lavalier 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.M. Best rating
A+
NAIC complaint index (Average is 1)
0.00, very low
BriteCo
BriteCo 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.M. Best rating
A+
NAIC complaint index (Average is 1)
2.5, above average (for Glencar, which BriteCo works with to underwrite policies).
GemShield
Gemshield offers jewelry insurance quickly and simply. Policies are backed by StarNet Insurance Company.
A.M. Best rating
A+
NAIC complaint index (Average is 1)
0.11, very low
Chubb
Chubb is known for its coverage of high-value homes, vehicles and other valuable items like art, wine and yachts. It is highly rated for financial strength and boasts a low complaint index.
A.M. Best rating
A++
NAIC complaint index (Average is 1)
0.96, about average
BriteCo vs. Jewelers Mutual
BriteCo and Jewelers Mutual 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:
- Jewelers Mutual has higher value limits than BriteCo: If you have a large collection to cover, you might find that Jewelers Mutual is a better fit. It has a specialized policy for collections starting at $250,000, while BriteCo's policies max at $750,000 total.
- BriteCo offers monthly payment plans: If you want to pay monthly, BriteCo might be a better fit — Jewelers Mutual only offers payment plans if your policy's annual premium is over $200.
- BriteCo includes free, automated annual value updates: BriteCo will adjust your annual insurance value automatically for free each year. Jewelers Mutual requires an updated appraisal to increase coverage limits or offers an "Insurance Value Adjustment" option at renewal after the item is two years old.
FAQs
Is jewelry insurance worth it?
Jewelry insurance can be well worth it if you have an expensive piece. Jewelry insurance can go one step beyond homeowners insurance coverage, covering your piece if it's accidentally lost without a large deductible. It can also help you get coverage specific to jewelry and covers working with your jeweler of choice instead of your insurance company's network.
How much should you pay for jewelry insurance?
Jewelry insurance usually costs about 1% to 2% of your piece's value per year.
Does homeowners insurance cover jewelry?
Homeowners insurance can cover jewelry, either with or without added coverage. A standard homeowners policy has a monetary reimbursement limit for jewelry, generally between $1,500 and $2,000, and your homeowners insurance deductible would apply. Adding a floater can add more specialized coverage for an important piece of your policy, but can also add to the cost.
Does ring insurance cover a lost diamond?
Ring and other jewelry-specific insurance generally cover damage and mysterious disappearances, which could include a lost diamond. Read your policy or a sample policy from the company you're considering to be sure that would be covered.
What is the best way to insure jewelry?
If you don't want to affect your homeowners or renters insurance policy, getting a separate jewelry insurance policy could help you protect your pieces. These policies can also cover preventative maintenance, a plus for valuable pieces.
What does jewelry insurance not cover?
Jewelry insurance doesn't cover some situations, including war or confiscation by law enforcement and intentional acts. It also doesn't cover cleaning, inspection and resizing. Read your jewelry insurance policy carefully to see what it specifically excludes.
Why trust CNBC Select?
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 our methodology for more information on how we choose the best jewelry insurance.
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Our methodology
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.
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