Jewelry Insurance

You got that bling-bling, feeling good about yourself, a nice piece of jewelry doesn’t make you a better person, but it sure brightens up the day! Feeling materialistic, don’t be ashamed, we all go through it. Embrace that new ring/rock/bracelet/necklace feeling, you deserve it!

Ok, now that we’re done feeling great about ourselves, time to protect that feeling (piece of jewelry). And a surefire way to do that is via jewelry insurance. There are lots of providers out there but we’re going to run through the three most popular.

Jewelers Mutual Insurance Company

Selling their services since 1913 (pre-Depression!), industry powerhouse A.M. Best has awarded Mutual an A+ Superior rating. That sounds rather exemplary, and by all accounts, they deserve it. This company has also received endorsements from the Jewelers’ Security Alliance, Manufacturing Jewelers and Suppliers of America, Jewelers Vigilance Canada and the American Gem Society. Their personal insurance policy covers loss, theft, disappearance and damage. What is the difference between disappearance and loss you ask? Great question, and one this company is sure to have the answer for. There is a zero deductible option and by placing a claim your premium will not be affected.

For shop owners Mutual has three policy options which covers every conceivably terrible scenario. Sounds depressing but being prepped for the worst is the name of the game.

Lavalier

If you’re seeking the best comprehensive coverage, look no further. A.M. again ranks these folks very high (A+ Excellent) and via their “all-risk” policy, any type of loss is covered unless it is excluded in bold letters in their policy terms. This is attractive because one of the most common complaints with insurance companies are exclusions that mysteriously pop up after the policy is signed.

Coverage limits usually hit the $50,000 range, but higher limits are available on a case by case basis. Coverage is worldwide and deductibles are as low as nothing (0, zilch, nada, the big donut) to $25,000 (much more than 0). Like auto insurance, choosing the higher deductible will result in lower premiums. A cool perk with Lavalier is discounts are available on the same policy for multiple pieces of jewelry. This is not always the case with other outfits.

JIBNA Personal Jewelry Insurance

Coverage throughout the U.S., JIBNA is privately held and a bit more boutique in their approach. Focused rather intently on personal jewelry coverage, athletes have been known to flock to JIBNA as well as professional entertainers. To receive a quote, it is recommended to provide a receipt of the item as well as an appraisal. If you employ a certified appraiser to appraise said piece, a discount is also available. JIBNA claims are paid out in roughly 60 days and their thoroughness sets the company apart.

If you do consider JIBNA know that their fees tend to be higher than the industry standard. They are dealing with a boutique public and as such provide a boutique approach. More personalized and hands-on, which of course comes with a cost.