Established in 1913 and headquartered in Wisconsin, Jewelers Mutual is a longtime insurer that gives versatile jewellery protection. Per its most up-to-date annual report, the corporate has over $643 million in belongings and is very rated for monetary stability by unbiased organizations. This insurer gives standalone jewellery insurance coverage protection, and it additionally provides enterprise insurance coverage for jewellery firms.Â
When you’re serious about insuring your jewellery, right here’s what to learn about Jewelers Mutual’s choices, charges, and extra. Observe that each one charges and costs are present as of March 11, 2024, and are topic to vary.
Jewelers Mutual at a lookÂ
- Jewellery insurance coverage: Beginning at $7 per 12 months (for a $500 piece)
- Enterprise insurance coverage: 3 insurance coverage merchandise for jewellery companies
Who’s Jewelers Mutual good for?
Jewelers Mutual is a good choice for these with a diversified assortment of jewellery, because it insures the whole lot from unfastened stones and cufflinks to extra widespread items like rings and bracelets. Many jewellery insurance coverage firms received’t insure unfastened stones in any respect, so if in case you have these in your assortment, it’s price getting a quote from Jewelers Mutual. We rank Jewelers Mutual as the perfect total jewellery insurance coverage firm, and the perfect for insuring luxurious watches like a Rolex or Cartier.
It’s additionally a sensible choice for those who’re searching for comparatively inexpensive protection and versatile deductible choices. If, for instance, you’re situated in Boston, Massachusetts, and want to insure a $7,500 girls’s engagement ring, you’d pay between $84 and $113 yearly for Jewelers Mutual protection. Deductible choices vary from $0 to $5,000.Â
Who shouldn’t use Jewelers Mutual?
Many jewellery insurance coverage firms require value determinations. Whereas Jewelers Mutual doesn’t, we strongly advocate getting your jewellery appraised to make sure you get sufficient protection. Sadly, Jewelers Mutual doesn’t provide an in-house appraisal service, so it’s not a sensible choice for these searching for the comfort of an insurer who additionally does value determinations.Â
When you’re serious about bundling different widespread insurance coverage merchandise outdoors of jewellery, Jewelers Mutual isn’t the best choice both. This firm doesn’t provide automobile or property insurance coverage, so it’s not the fitting alternative for customers searching for a number of insurance coverage coverages.Â
Professionals | Cons |
Insures all kinds of items | Restricted insurance coverage merchandise |
Protection is comparatively inexpensive | No in-house appraisal choice |
A number of deductible choices out there | No month-to-month fee choice |
Jewelers Mutual charges and merchandise
This insurance coverage firm focuses completely on protection for jewellery and jewellery companies. Listed below are its protection choices.
Jewelers Mutual product | Common annual fee |
Jewellery | $98.50 annual premium for a $7,500 ring |
Enterprise | Not disclosed |
Jewelers Mutual jewellery insurance coverage
Jewelers Mutual insures many varieties of jewellery, together with the next items. Its protection is pretty inexpensive, as nicely.
Jewelers Mutual jewellery insurance coverage choices | |
Bracelet | $7–$8 annual premium for a $500 bracelet |
Earrings | $10–$11 annual premium for $750 earrings |
Necklace | $13–$15 annual premium for a $1,000 necklace |
Ring | $84–$113 annual premium for a $7,500 ring |
Along with the above items, Jewelers Mutual additionally insures brooches, chains, charms, cufflinks, unfastened stones, pearl strands, pendants, units, watches, and different varieties of jewellery. In case your gadgets are insured for 100% of their worth, Jewelers Mutual will reimburse you that quantity in the event that they’re misplaced, stolen, or broken for a coated motive.Â
Jewelers Mutual enterprise insurance coverage
When you personal a jewellery enterprise, Jewelers Mutual provides protection that would assist defend your stock and different belongings. With its jeweler’s block coverage, you’ll get protection on your assortment in addition to any items prospects entrust to you. Its enterprise homeowners coverage protects your constructing, non-jewelry belongings, revenue, and bills. You may as well get business umbrella legal responsibility safety, which gives complete protection for property injury and bodily harm legal responsibility. Study extra about enterprise insurance coverage from our complete information, along with the perfect small enterprise insurance coverage firms listing.
The Jewelers Mutual platform and buyer assistÂ
The Jewelers Mutual claims course of is pretty simple. Clients can both file a declare on-line after a coated loss, or converse with a consultant to make a declare. When you file a declare, a claims examiner will comply with up with you to assemble extra data, together with the title of your most well-liked jeweler for those who’ve misplaced a bit or it wants restore.
If it’s good to attain the Jewelers Mutual customer support workforce, you are able to do so by the next channels. Representatives can be found to help you over the cellphone Monday by Thursday from 7 a.m. to 7 p.m. CST and Friday from 7 a.m. to six p.m. CST. They may also be reached through electronic mail about claims or coverage questions.
What’s Jewelers Mutual’s status for paying claims?
AM Finest, which focuses on offering credit score scores for insurance coverage firms, has rated Jewelers Mutual as an A+ (superior) firm for the previous 37 years. This ranking signifies that the corporate is financially sound and in a position to pay claims with out points.Â
Along with its excessive AM Finest ranking, nearly all of Jewelers Mutual prospects specific satisfaction with the corporate’s claims course of and outcomes. That mentioned, some point out points with claims being denied.Â
Jewelers Mutual person evaluations
Jewelers Mutual receives excessive scores from nearly all of its prospects. On Trustpilot, the corporate has a mean ranking of 4.7 out of 5 stars throughout practically 13,600 evaluations. Its Higher Enterprise Bureau evaluations paint a barely completely different image of the corporate, although. On the BBB, it has a ranking of simply 2.2 out of 5 stars throughout 5 evaluations.Â
Glad prospects reward the corporate’s customer support workforce, straightforward software course of, and easy claims submitting course of. Nevertheless, some unfavourable evaluations point out points with coverage cancellation and surprising costs.Â
Examine Jewelers Mutual options
Jewelers Mutual | BriteCo | GemShield | Chubb | |
Charges | $$ | $$$ | $ | Not disclosed |
Obtainable merchandise | Jewellery insurance coverage Jewellery enterprise insurance coverage |
Jewellery insurance coverage | Jewellery insurance coverage | Automobile insurance coverage Householders insurance coverage Jewellery insurance coverage |
AM Finest ranking | A+ | A+ | A+ | A++ |
Is Jewelers Mutual best for you?
Jewelers Mutual is a highly-rated, financially sound firm providing versatile jewellery insurance coverage protection at honest charges. It insures many varieties of jewellery, so it’s appropriate for a lot of varieties of prospects. Total, it’s an awesome alternative whether or not you wish to insure a single piece or a full assortment.Â
That mentioned, we advocate buying round for insurance coverage protection, as charges can range relying on the place you reside and the worth of your gadgets. Acquiring a number of insurance coverage quotes will help you discover an inexpensive jewellery insurance coverage coverage that meets your wants.Â
Continuously requested questions
Is Jewelers Mutual dependable?
Jewelers Mutual has a excessive AM Finest ranking, which means that it’s financially secure. Previous prospects even have largely constructive issues to say concerning the firm, which is an effective indication that it’s dependable and reliable.Â
Does Jewelers Mutual cost an annual or month-to-month premium?
Jewelers Mutual costs annual premiums, so that you’ll pay on your protection yearly. You can not decide to pay a month-to-month premium on your jewellery insurance coverage protection with this firm.Â
Does Jewelers Mutual require value determinations?
Typically, Jewelers Mutual doesn’t require value determinations. Nevertheless, we strongly advocate getting your jewellery appraised anyway. Doing so will assist make sure you get the correct protection quantity.Â