Best Jewelry Insurance of 2023

Jewelry is an extension of you — it can be a reminder of a memorable event, an important person in your life or an important milestone. Losing a unique piece can be emotionally and financially devastating. Fortunately, jewelry insurance can help you replace a lost item, and some policies even cover repairs.

Jewelry coverage comes in many forms. Homeowners insurance and renters insurance often cover possessions like jewelry, even when outside of your home. However, most insurance policies have a limit of $1,500 or $2,000 for reimbursement. For an engagement ring, that might not be enough — the typical couple spends about $6,000 on an engagement ring according to The Knot. And, many pieces today are worth more than that. You could add a floater, or separate coverage for an item on your homeowners or renters insurance coverage, to add coverage for items above that limit. But adding a floater may significantly increase the cost of your policy, and may not cover as many scenarios.  

Jewelry insurance can help cover your precious gemstones and watches with broader coverage than the typical homeowners or renters insurance policy and help you pay a smaller deductible, often as low as $0.  

If you’re considering a jewelry insurance policy, CNBC Select has done the research for you and picked four that stand out based on service, cost, and breadth of coverage. (See our methodology on how we chose the best jewelry insurance companies.)

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. A standard policy 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. It’s a unique perk that many other jewelry insurance companies don’t offer. Plus, 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. 

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. There are also various 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.

GemShield Jewelry Insurance offers quick, strong coverage that’s 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. 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.  

Chubb is well-known for covering unique and valuable items, including things like art, wine and yachts. Naturally, jewelry is no exception. Chubb offers jewelry coverage through its Chubb Masterpiece Valuable Articles Coverage. While it does require a minimum coverage requirement 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. You can opt to protect your entire collection with blanket coverage or itemize individual pieces, or do both.

Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.