Jewelry, especially an engagement ring, is often one of the biggest purchases you will make, and it needs a special type of protection. Insurance companies are modern knights who are ready to shield these sparkling pieces when in danger. But the sturdiness of their shields differs from one “knight” to another.
There are many insurance companies out there, including Geico, Progressive, State Farm, and Mutual, but none of them specialize in jewelry. Your homeowner’s or renter’s insurance doesn’t cover jewelry unless you buy an insurance rider, in which case you have to take your jewelry to an appraiser and pay for an appraisal. Your purchase receipt can’t be used as a legitimate measure of value.
How To Get Jewelry Appraised for Insurance
To start the appraisal process you need to take your jewelry to an independent appraiser. They will determine the current value of your treasure by recording the material, quality, rarity of a stone, weight, and other aspects of it. To insure your jewelry, you then have to submit this record to your insurer and wait for a quote. It is a time, energy, and money-consuming process. And, yes, it should be completed in person, not online.
Filing a jewelry claim with your homeowner’s or renter’s policy can put you at risk of an increased premium or cancellation of your full policy. You will also have to pay a deductible. Coverage options may be limited; for example, loss during travel may not be covered.
If you decide to stick with State Farm, Geico, Progressive, or Mutual Insurance, the best option is to purchase a separate jewelry insurance policy from them. But, again, you’ll need an appraisal.
How Much Does Jewelry Insurance Cost?
The price for jewelry insurance will vary depending on where you live. If you are in a low-crime area, your policy will cost less than it would for a person from a risk-prone neighborhood. Theft is the most popular reason for claims. An insurance company takes a higher risk for protecting a diamond that’s going to be worn in an unsafe place.
In most cases though, jewelry insurance will cost 1-2% of the value of your jewelry. For example, a $7,000 ring with rubies and diamonds from Kwiat may cost you $70 – $140 per year to insure.
What Is the Best Jewelry Insurance Company?
If you’re wondering what the best jewelry insurance company is, we have an answer. When you buy jewelry from Kwiat, you can get trustworthy jewelry protection with the click of a button through Zillion.
How To Get Zillion Insurance on Kwiat Jewelry
We have partnered with Zillion, a company that can provide insurance immediately after you buy that precious wedding ring, necklace, diamond earrings, or any other piece of jewelry at Kwiat. The process is as easy as one, two, three:
- After your purchase, we’ll send you a link.
- Click on it and instantly get 10 days of insurance coverage while you decide on your quote.
- Purchase the annual policy within 10 days to continue coverage. If you take no action, the policy will automatically terminate, hassle-free!
The great news is you don’t need to fill out an application or get an appraisal, and there is zero deductible.
What Does Jewelry Insurance with Zillion Cover?
Care plans and warranties cover defects and ongoing maintenance of jewelry. Some may even cover damage.
But Zillion goes beyond these to cover loss or theft of your jewelry, including while you travel anywhere in the world. It also covers damage or loss due to natural disasters or mysterious disappearances. If you want to cancel the policy for any reason, you can do it anytime and receive a pro-rated refund. If it is canceled in the first 30 days, you will be issued a full refund.
While Zillion has your back in most circumstances, it doesn’t cover loss or damage due to war, military or government action, nuclear hazard, normal wear and tear, deterioration, or intentional acts.
What Happens If You Have to File a Claim with Zillion?
Should you have to file a claim, you’ll be personally assisted by Zillion’s concierge claim service to make the process easy. You won’t have to prove ownership of the piece you lost, verify its value, pay a deductible, or negotiate a cash settlement.
Zillion will work directly with Kwiat on repair or replacement and keep you looped in every step of the way, usually with a final resolution in 1-3 weeks. Your premium won’t be raised due to a single claim. Our customers have reviewed the claim process as fast-moving, simple, and transparent.
Whether you are looking to protect an engagement ring, bracelet, pendant, or any other piece of valuable jewelry, we trust Zillion and believe it is the best jewelry insurance you can buy.