Embark on a journey of safeguarding your precious jewelry with GEICO Jewelry Insurance, a tailored coverage that goes beyond the limits of standard homeowners insurance policies.
In the realm of valuable possessions, GEICO Jewelry Insurance stands as a trusted shield, ensuring comprehensive protection and peace of mind for your cherished items.
Does homeowners insurance cover jewelry?
- Limitations of Homeowners Insurance:
- Homeowners insurance may not automatically cover jewelry adequately.
- Policies typically have limits on personal property coverage, often around $1,000 to $2,000 per item or $5,000 to $10,000 total.
- If jewelry exceeds these limits, full compensation may not be guaranteed in a claim.
- Incomplete Risk Coverage:
- Homeowners insurance might not encompass all potential risks for jewelry.
- Some policies may exclude accidental loss or damage, such as dropping items down drains or causing scratches.
- Certain types of jewelry, like antiques or collectibles, might be excluded from coverage.
- Considerations for Additional Coverage:
- For valuable jewelry beyond homeowners insurance limits or facing uncovered risks, additional coverage is advisable.
- Exploring options like GEICO jewelry insurance can provide comprehensive protection for your valuable items.
How much does GEICO jewelry insurance cost?
GEICO’s jewelry insurance, a personal touch beyond home coverage, is facilitated through their trusted partner, Jewelers Mutual Insurance Group, with a rich history in jewelry insurance since 1913.
The pricing of GEICO’s jewelry insurance is influenced by factors like jewelry value, chosen coverage, deductible, and location.
GEICO highlights that, on average, the cost is a mere 1% to 2% of your jewelry’s value annually.
For instance, with jewelry worth $10,000, the expected yearly insurance expense falls between $100 and $200, ensuring a personalized and affordable touch to protect your valuables.
What is covered by GEICO jewelry insurance?
Full Appraised Value Coverage: GEICO’s jewelry insurance ensures coverage for your jewelry at its full appraised value, irrespective of your homeowners insurance policy limit.
In the event of loss, theft, or damage, you receive the appraised amount, not the depreciated value.
Comprehensive Risk Coverage: GEICO’s jewelry insurance safeguards your precious items against a broad spectrum of risks, including fire, flood, vandalism, natural disasters and accidental loss or damage.
Optional coverage for mysterious disappearance is also available, addressing situations where jewelry goes missing without explanation.
Worldwide Coverage and Flexibility: GEICO’s jewelry insurance provides coverage globally, offering peace of mind while traveling.
Enjoy the flexibility to update your coverage at any time, whether adding new items, removing old ones, or adjusting the value of your jewelry.
What is not covered by GEICO jewelry insurance?
GEICO jewelry insurance does not cover your jewelry for normal wear and tear, such as scratches, dents, or tarnish.
It also does not cover your jewelry for intentional damage, such as breaking or destroying your jewelry on purpose.
Additionally, GEICO jewelry insurance does not cover your jewelry for fraudulent or illegal acts, such as selling or trading your jewelry without proper documentation.
Can I insure loose diamonds with GEICO?
Yes, you can insure loose diamonds with GEICO jewelry insurance, as long as they are appraised and certified by a reputable gemological laboratory, such as the Gemological Institute of America (GIA) or the American Gem Society (AGS).
You will need to provide a copy of the appraisal and the certificate when you apply for coverage.
GEICO jewelry insurance will cover your loose diamonds for their full appraised value, just like any other jewelry item.
GEICO jewelry insurance claim process
File Your Claim: Submit your claim online or call the sales team at (888) 903-9174. Contact Jewelers Mutual for jewelry insurance at (844) 517-0556.
Provide Details: Furnish specifics about the incident, including what, when, where, who, and the damages or injuries.
Claim Review: An Allstate representative assesses your claim and policy, determining coverage and assigning a claim adjuster for further information or inspection.
Adjuster Evaluation: The claim adjuster estimates repair or medical costs, working towards a fair settlement with you and other involved parties. You receive payment, minus any deductible.
Claim Closure: After payment and completing repairs or treatments, your claim concludes. Check its status anytime online, on the app, or by phone.
Check Claim Status: Monitor your claim’s progress online, on the app, or by phone. Opt for text or email alerts for updates.
Required Documents: Prepare necessary documents, including policy details, police reports, proof of loss forms, receipts, invoices, estimates and photos or videos.
Claim Approval Time: Claim approval time varies but typically takes 10 to 15 business days. Expedite the process by providing accurate information and cooperating with the claim adjuster
GEICO jewelry insurance cost
You can save money on your jewelry insurance by taking advantage of some discounts and tips, such as:
- Bundling your jewelry insurance with your homeowners insurance policy through GEICO. You may be eligible for a discount on both policies if you purchase them together.
- Choosing a higher deductible. The deductible is the amount of money you have to pay out of pocket before your insurance kicks in. The higher the deductible, the lower the premium. However, make sure you can afford the deductible in case of a claim.
- Keeping your jewelry in a safe place. You can reduce the risk of losing or damaging your jewelry by storing it in a secure location, such as a safe, a lockbox, or a bank vault. You can also avoid wearing your jewelry in situations where it may be exposed to harm, such as swimming, gardening, or playing sports.
- Maintaining your jewelry. You can prevent your jewelry from deteriorating or breaking by taking good care of it. You can clean your jewelry regularly, inspect it for any signs of damage, and repair it as soon as possible. You can also have your jewelry appraised every few years to make sure it is insured for its current value.
Policy Extensions and Termination
Policy Renewal Procedure: Your policy undergoes automatic annual renewal, barring any modifications or cancellations. Expect a renewal notice and bill 30 days before expiration.
Payment options include online, app, phone, or mail. Policy updates can be managed online, on the app, or through contact with GEICO or Jewelers Mutual.
Cancellation Protocol and Refunds: Terminate your policy anytime by contacting GEICO or Jewelers Mutual. A prorated refund for the unused premium portion is issued with no cancellation fees or penalties.
Grace Periods and Late Payments: GEICO offers a nine-day grace period for late payments. Beyond this, there’s a risk of policy cancellation. Late fees are not charged, but a formal cancellation notice is sent after a missed payment, specifying a final due date—typically two weeks from the original due date.
Contact information
| Category | Information |
|---|---|
| Phone Number | Sales Team: (888) 903-9174, Mon-Fri: 7:00 AM – 11:00 PM (ET), Sat-Sun: 8:00 AM – 10:30 PM (ET). Jewelry Insurance: (844) 517-0556. |
| Address | Corporate HQ: 5260 Western Avenue, Chevy Chase, MD 20815. Quote, claim, or manage policies online, on the app, or by phone. |
| Customer Service | Contact through website, app, live chat, or email via contact form after logging in. |
| Policy Details | Review and edit online, on the app, or contact GEICO directly for assistance. |
| Email Address | No provided email for jewelry insurance. Message via contact form after logging in. |
| Fax Number | No fax number provided; use the contact form on the GEICO website for communication. |
| Operating Hours | 24/7 service available across the United States, Canada, Mexico, and U.S. territories. |
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