Home Business Jewelers Mutual review 2024: A financially stable jewelry insurer for your rings, watches, and loose stones

Jewelers Mutual review 2024: A financially stable jewelry insurer for your rings, watches, and loose stones

Jewelers Mutual review 2024: A financially stable jewelry insurer for your rings, watches, and loose stones


Established in 1913 and headquartered in Wisconsin, Jewelers Mutual is an established insurer that provides flexible jewelry coverage. Per its most recent annual report, the company has over $643 million in assets and is highly rated for financial stability by independent organizations. This insurer provides standalone jewelry insurance coverage, and it also offers business insurance for jewelry companies. 

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

Jewelers Mutual at a glance 

  • Jewelry insurance: Starting at $7 per year (for a $500 piece)
  • Business insurance: 3 insurance products for jewelry businesses

Who is Jewelers Mutual good for?

Jewelers Mutual is a great option for those with a varied collection of jewelry, as it insures everything from loose stones and cufflinks to more common pieces like rings and bracelets. Many jewelry insurance companies won’t insure loose stones at all, so if you have these in your collection, it’s worth getting a quote from Jewelers Mutual. We rank Jewelers Mutual as the best overall jewelry insurance company, and the best for insuring luxury watches like a Rolex or Cartier.

It’s also a good choice if you’re seeking relatively affordable coverage and flexible deductible options. If, for example, you’re located in Boston, Massachusetts, and would like to insure a $7,500 women’s engagement ring, you’d pay between $84 and $113 annually for Jewelers Mutual coverage. Deductible options range from $0 to $5,000. 

Who shouldn’t use Jewelers Mutual?

Many jewelry insurance companies require appraisals. While Jewelers Mutual does not, we strongly recommend getting your jewelry appraised to ensure you get adequate coverage. Unfortunately, Jewelers Mutual doesn’t offer an in-house appraisal service, so it’s not a good choice for those seeking the convenience of an insurer who also does appraisals. 

If you’re interested in bundling other common insurance products outside of jewelry, Jewelers Mutual isn’t the best option either. This company doesn’t offer vehicle or property insurance, so it’s not the right choice for consumers seeking multiple insurance coverages. 

Pros Cons
Insures a wide variety of pieces Limited insurance products
Coverage is relatively affordable No in-house appraisal option
Multiple deductible options available No monthly payment option

Jewelers Mutual rates and products

This insurance company focuses exclusively on coverage for jewelry and jewelry businesses. Here are its coverage options.

Jewelers Mutual product Average annual rate
Jewelry $98.50 annual premium for a $7,500 ring
Business Not disclosed

Jewelers Mutual jewelry insurance

Jewelers Mutual insures many types of jewelry, including the following pieces. Its coverage is fairly affordable, as well.

Jewelers Mutual jewelry insurance options
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
Note: Quotes are for jewelry coverage in Boston, MA. Your location will impact the cost of your coverage. Your state’s insurance regulations may also affect your rates.

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

Jewelers Mutual business insurance

If you own a jewelry business, Jewelers Mutual offers coverage that could help protect your inventory and other assets. With its jeweler’s block policy, you’ll get coverage for your collection as well as any pieces customers entrust to you. Its business owners policy protects your building, non-jewelry assets, income, and expenses. You can also get commercial umbrella liability protection, which provides comprehensive coverage for property damage and bodily injury liability. Learn more about business insurance from our comprehensive guide, in addition to the best small business insurance companies list.

The Jewelers Mutual platform and customer support 

The Jewelers Mutual claims process is fairly straightforward. Customers can either file a claim online after a covered loss, or speak with a representative to make a claim. Once you file a claim, a claims examiner will follow up with you to gather more information, including the name of your preferred jeweler if you’ve lost a piece or it needs repair.

If you need to reach the Jewelers Mutual customer service team, you can do so through the following channels. Representatives are available to assist you over the phone Monday through Thursday from 7 a.m. to 7 p.m. CST and Friday from 7 a.m. to 6 p.m. CST. They can also be reached via email about claims or policy questions.

What is Jewelers Mutual’s reputation for paying claims?

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

In addition to its high AM Best rating, the majority of Jewelers Mutual customers express satisfaction with the company’s claims process and results. That said, some mention issues with claims being denied. 

Jewelers Mutual user reviews

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

Satisfied customers praise the company’s customer service team, easy application process, and straightforward claims filing process. However, some negative reviews mention issues with policy cancellation and unexpected charges. 

Compare Jewelers Mutual alternatives

Jewelers Mutual BriteCo GemShield Chubb
Rates $$ $$$ $ Not disclosed
Available products Jewelry insurance
Jewelry business insurance
Jewelry insurance Jewelry insurance Vehicle insurance
Homeowners insurance
Jewelry insurance
AM Best rating A+ A+ A+ A++

Is Jewelers Mutual right for you?

Jewelers Mutual is a highly-rated, financially sound company offering flexible jewelry insurance coverage at fair rates. It insures many types of jewelry, so it’s suitable for many types of customers. Overall, it’s a great choice whether you want to insure a single piece or a full collection. 

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

Frequently asked questions

Is Jewelers Mutual reliable?

Jewelers Mutual has a high AM Best rating, which suggests that it is financially stable. Past customers also have mostly positive things to say about the company, which is a good indication that it is reliable and trustworthy. 

Does Jewelers Mutual charge an annual or monthly premium?

Jewelers Mutual charges annual premiums, so you’ll pay for your coverage once a year. You cannot opt to pay a monthly premium for your jewelry insurance coverage with this company. 

Does Jewelers Mutual require appraisals?

In most cases, Jewelers Mutual doesn’t require appraisals. However, we strongly recommend getting your jewelry appraised anyway. Doing so will help ensure you get the proper coverage amount. 


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