You own extremely valuable jewelry. You keep these pieces in a bank vault, and rarely if ever wear them. You think your pieces are protected, but theft, loss and mysterious disappearance may still occur. Because of this risk, some jewelry insurance companies offer specific policies or discounts for this situation.

Through our research we found three carriers offering specific policies or discounts for jewelry kept in a vault. If this sounds like your situation, it may be worth quoting with these insurers first. But it’s definitely worth asking any insurer what discounts they offer.

As always, be certain to understand the fine details of your coverage. For example, you will see many policies/discounts below do not apply if the jewelry is ever taken out of the vault and worn, unless specifically agreed upon during the creation of the policy.

What insurance companies offer specific policies or discounts for keeping my jewelry in a safe?

We found three carriers discussing vault-related coverage or discounts on their websites. Each carrier stipulates that the vault/safe must be a bank vault, and not an in-home vault.

  • Jeweler’s Mutual – this link is to a blog post from 2011 that references JM’s “vault coverage”. The writing is a bit vague. In the beginning it mentions that this coverage protects jewelry that is rarely worn and stored in a bank vault. However, later in the article, it sounds as though the coverage is only for when the piece(s) are in the vault. So definitely ask for clarity on if your jewelry is actually covered during the “rarely worn” phase.
  • Chubb Insurance (note, this link is not from Chubb but another source) – Chubb’s coverage is called “in-vault” coverage. It very explicitly states that this coverage does not cover jewelry when it is out of the vault (i.e., being worn), unless there is advance acknowledgement of this coverage. Be certain to get any of these “advance” coverage specifics in writing on your policy.
  • Brite Co – Mentions in the link that they will offer up to a 75% discount, if the pieces are stored within a bank vault. Presumably, this discount is not in play if you are planning to wear the jewelry at all. Be sure to inquire during quote process, and that it is clearly described in the policy itself.
  • Lavalier (this is from a Progressive site that evidently use Lavalier as their jewelry insurer) – Definitely, confirm from Lavalier directly if they offer these discounts. This post seems to be written by Progressive, and oddly it’s the only reference we’ve seen from any insurer of discounts offered for in-home vaults — which seems a bit suspect.
Picture of a bank vault used to explain that keeping jewelry in a bank vault could yield discounts on your insurance premiums
Keeping jewelry in a bank vault can provide you discounts on your premiums

When does it make sense to get vault coverage for my jewelry?

These coverage types seem to make the most sense when:

  1. You truly never plan to wear your jewelry
  2. You own multiple pieces that you keep in a vault.
  3. You need semi-permanent coverage for specific pieces you know you will keep in-vault for an extended period of time. When you plan to start wearing the jewelry again, you would cancel your vault coverage and start a more traditional one.

Are there any other discount opportunities for keeping my jewelry safe?

Based on our research there may be other discount opportunities available on your jewelry insurance policies. It’s always worth asking during the quote process, whether these (listed below) or others exist:

  • Alarm system (usually must include 24/7 3rd party monitoring)
  • Loyalty programs – recurring years of coverage with no lapses in payments
  • Gemprint® gemstone – appears to be a non-invasive “finger print” for individual gems.
  • In-home safe (we only saw this once on Progressive’s reference to Lavalier’s coverage which appears unique to them or misquoted — be sure to inquire)
  • Gemstone grading report – (we only saw this once on Progressive’s reference to Lavalier’s coverage which appears unique to them or misquoted — be sure to inquire)

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