HomeBusiness InsuranceGemShield review: Affordable jewelry insurance with flexible deductible options

GemShield review: Affordable jewelry insurance with flexible deductible options

Established in 1997 and headquartered in Cincinnati, Ohio, GemShield is a well-established, trusted jewelry repair and replacement company. It insures everything from watches to necklaces to engagement rings, and its policies are underwritten by Berkley Asset Protection and issued by StarNet Insurance Company. Insurance company credit scorer AM Best rates StarNet highly for financial soundness. 

If you’re considering insuring your jewelry with GemShield, here’s what to know about this company, its coverage, and who it’s best for. 

Note that all rates and fees are current as of 3/25/24 and are subject to change.

GemShield at a glance 

  • Jewelry Insurance: Starting at $52 annually for a $5,000 engagement ring

Who is GemShield good for?

GemShield offers relatively affordable jewelry coverage compared to its competitors, making it a good choice for those seeking budget-friendly insurance. For instance, a newly engaged couple looking to insure a $5,000 ring would pay just $52 annually if they opted for a $1,000 deductible. That same couple would pay around $62 for similar coverage with GemShield competitor Jewelers Mutual.

Apart from affordable coverage, GemShield also offers flexible deductibles ranging from $0 to $1,000. This flexibility makes it a suitable option for many jewelry owners, as your individual risk tolerance can dictate your deductible amount. 

Who shouldn’t use GemShield?

If you have a very expensive piece or collection of jewelry, GemShield may not necessarily be the best choice. It only offers coverage of up to $35,000 for single pieces, and its limit for collections is $100,000. That said, GemShield indicates it may be able to offer higher coverage limits, though requests are considered on a case-by-case basis. 

Those seeking to bundle their insurance products will need to look elsewhere, too. While some insurers offer multiple coverage lines, GemShield offers jewelry insurance exclusively. You can’t insure your home or vehicle with this company. 

Pros Cons
Relatively affordable coverage Lower coverage limits than some competitors
Flexible deductibles Does not offer multiple insurance products
High AM Best rating Low consumer review scores

GemShield rates and products

GemShield specializes in standalone jewelry insurance coverage, and its premiums are affordable compared to competitors. It does have a $20 minimum premium, though, so that’s something to be aware of if you’re insuring a less expensive item. Certain competitors may not have a minimum premium requirement. 

GemShield jewelry insurance

With GemShield, you can insure the following types of jewelry. All of the examples below assume you’ve opted for a $0 deductible.

GemShield jewelry insurance options
Engagement ring $63 annually for a $5,000 engagement ring
Bracelet $6 annually for a $500 bracelet
Necklace $13 annually for a $1,000 necklace
Watch $125 annually for a $10,000 watch

Insured items are covered against loss, damage, and theft. This company also provides limited coverage for new jewelry for 30 days if you have an existing policy, giving you ample time to add your new item to your policy. Appraisals are required for items valued over $5,000. A detailed receipt will need to be provided to Gemshield for items valued below $5,000.  

Other services GemShield offers 

GemShield only offers jewelry insurance for consumers, but jewelers can sign up to be a participating GemShield partner. Its partnership program could mean additional referrals for your business, as GemShield refers individuals who inquire about its coverage to participating partner jewelers. 

The GemShield platform and customer support 

If you have a question about your GemShield coverage or need to file a claim, you can do so through phone and email. This insurance company offers an option to start your claim online, making it simple to begin the process after an item is lost, stolen, or damaged. Customer service representatives are availab le to assist you Monday through Friday, 9am to 5pm ET.

What is GemShield’s reputation for paying claims?

GemShield indicates it provides “all risk” coverage, meaning it has very few exclusions. The company’s policies are issued by StarNet Insurance Company. This company has a A+ (Superior) AM Best rating, which means it’s financially stable and able to pay out valid claims. 

GemShield user reviews

User reviews of GemShield are limited online, and those who have reviewed the company have negative things to say overall. Trustpilot users give GemShield just 2.9 out of 5 stars, though there’s only three reviews on that platform. The company doesn’t fare well with Better Business Bureau (BBB) users either, with only one 1-star customer review. Users complain about its appraisal requirements and poor customer service. 

While GemShield’s available consumer reviews aren’t great, remember that those who’ve had a negative experience with a company may be more likely to leave an online review. 

Compare GemShield alternatives

Insurers Rates AM Best rating Available products
Current Selection
$ A+ Jewelry insurance
Jewelers Mutual $$ A+ Jewelry insurance
Jewelry business insurance
BriteCo $$$ A+ Jewelry insurance
Chubb Not disclosed A++ Vehicle insurance
Home insurance
Jewelry insurance
Business insurance

Is GemShield right for you?

GemShield may be right for you if you’re seeking a jewelry insurer that offers affordable coverage. Its premiums are relatively low compared to its competitors. It also offers several deductible options to choose from, making it suitable whether you prefer a high deductible or a low one. Despite receiving negative feedback from a few customers online, this company could still be worth considering if you’re planning to insure a single piece or a jewelry collection. 

Frequently asked questions

Is GemShield legit?

Yes, GemShield is a legitimate company that’s been in business since 1997. It specializes in jewelry insurance for consumers.

How much does GemShield cost?

The cost of your GemShield premiums will vary depending on the value of the item you’re insuring and the deductible you choose. For instance, insurance for a $5,000 engagement ring could cost between $52 and $63 annually, depending on your deductible amount. 

What does GemShield cover?

GemShield indicates it’s an “all risk” insurer. Your GemShield policy will cover damage, loss, or theft of an insured item. That said, no insurance company will cover everything; there’s always some exclusions. Read the fine print carefully if you’re applying for coverage.

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