Jewelers Joint Review: Jewelry Insurance

If you’re interested in insuring your jewelry, here’s what you need to know about Jewelers Mutual’s offers, rates and more. Please note that all rates and fees are correct as of March 11, 2024 and are subject to change.

Jewelers Mutual at first sight

• Jewelry insurance: From $7 per year ($500 per piece)
• Business insurance: 3 insurance products for jewelry business

Who is Jewelers Mutual suitable for?

Jewelers Mutual is a great option for those with a varied jewelry collection, as it insures everything from single stones and cufflinks to more common pieces like rings and bracelets. Many jewelry insurance companies don’t insure individual stones at all, so if you have one in your collection, it’s worth getting a quote from Jewelers Mutual. We rate Jewelers Mutual as the best jewelry insurance company and the best luxury watch insurance company like Rolex or Cartier.

It’s also a good choice if you’re looking for relatively affordable insurance coverage and flexible deductible options. If, for example, you’re in Boston, Massachusetts, and want to insure a woman’s engagement ring worth $7,500, you’ll pay between $84 and $113 per year for Jewelers Mutual insurance. Deductibles range from $0 to $5,000.

Who should not use Jewelers Mutual?

Many jewelry insurance companies require appraisals. Although Jewelers Mutual does not do this, we strongly recommend having your jewelry assessed to ensure adequate coverage. Unfortunately, Jewelers Mutual does not offer in-house appraisal services, so it is not the best choice for those looking for the convenience of an insurer who also provides appraisals.

If you’re interested in bundling other common insurance products besides jewelry, Jewelers Mutual isn’t the best option either. This company does not offer vehicle or property insurance, so it is not the right choice for consumers who need multiple coverages.

Jewelers Mutual rates and products

This insurance company specializes exclusively in insuring jewelry and jewelry businesses. Here are the coverage options.

Jewelers Mutual jewelry insurance

Jewelers Mutual insures many types of jewelry, including the following. Its coverage is also quite affordable.

In addition to the items listed above, Jewelers Mutual also insures brooches, chains, pendants, cufflinks, single stones, strands of pearls, pendants, sets, watches and other types of jewelry. If your items are insured for 100% of their value, Jewelers Mutual will reimburse you for that amount if they are lost, stolen or damaged for a covered reason.

Jewelers Mutual business insurance

If you own a jewelry business, Jewelers Mutual offers insurance coverage to help protect your inventory and other assets. With a jewelry lock-in policy, you’ll have protection for both your collection and any items your customers entrust to you. A business owners policy protects your building, non-jewelry assets, income and expenses. You can also get commercial liability protection, which provides comprehensive liability coverage for property damage and bodily injury. Learn more about business insurance with our detailed guide as well as our list of the best small business insurance companies.

Jewelers Mutual Platform and Customer Support

Jewelers Mutual’s claims process is quite simple. Clients can either submit a claim online after a covered loss or speak with a representative to make a claim. After you file a claim, a claims adjuster will contact you to gather additional information, including the name of your preferred jeweler if you have lost the item or it needs repair.

If you need to contact Jewelers Mutual customer service, you can do so through the following channels. Representatives are available to assist you by phone Monday through Thursday from 7:00 am to 7:00 pm CST and Friday from 7:00 am to 6:00 pm CST. They can also be contacted via email regarding complaints or policy questions.

What is Jewelers Mutual’s track record for paying claims?

AM Best, a company that specializes in providing credit ratings to insurance companies, has assigned Jewelers Mutual an A+ (superior) rating for the past 37 years. This rating means that the company is financially sound and able to pay claims without problems.

In addition to AM Best’s high rating, most Jewelers Mutual customers express satisfaction with the company’s claims process and results. However, some mention problems with claims being rejected.

Feedback from Jewelers Mutual users

Jewelers Mutual receives high ratings from most of its customers. On Trustpilot, the company has an average rating of 4.7 out of 5 stars across nearly 13,600 reviews. However, Better Business Bureau reviews paint a slightly different picture of the company. On the BBB it has a rating of just 2.2 stars out of 5 across five reviews.

Satisfied customers praise the company’s customer service team, easy application process, and straightforward claims process. However, some negative reviews mention problems with policy cancellations and unexpected write-offs.

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Is Jewelers Mutual right for you?

Jewelers Mutual is a financially sound, highly rated company that offers flexible jewelry insurance coverage at fair rates. It insures many types of jewelry, making it suitable for many types of clients. Overall, this is a great choice whether you want to insure one piece or an entire collection.

However, we recommend shopping around for coverage as rates can vary depending on where you live and the value of your items. Getting multiple insurance quotes can help you find an affordable jewelry insurance policy that fits your needs.

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