This February, many New Englanders received expensive rings. Some rings were the result of an engagement, while others were of the championship football team variety.
When acquiring expensive jewelry or other items, consider whether you need to add additional coverage to your homeowner’s insurance policy.
A standard homeowner’s policy limits coverage on unscheduled jewelry to $1,000. Unscheduled jewelry are items that are not specifically listed on your policy. If you have an item or items that exceed $1,000, it is recommended that you have them appraised and scheduled onto the policy. Scheduling an item on the policy is usually very inexpensive (approximately $13-$15 annually per thousand), and extends coverage if the item is lost and not just stolen.
For example, a certain local quarterback adding to his collection.
Scenario A: Tom Brady owns a 2015 Patriots Super Bowl ring with an estimated value of $36,500*. His house is broken into and among other things, his ring is stolen. Tom didn’t have the ring listed specifically on his policy, so he only receives $1,000 and is at a loss of $35,500.
Scenario B: Tom Brady owns a 2015 Patriots Super Bowl ring with an estimated value of $36,500*. His house is broken into and among other things, his ring is stolen. When he received the ring, Tom had it appraised, and faxed the appraisal to his insurance agent. Scheduling the ring cost Tom $540. When Tom’s ring was stolen from his home, he received the full scheduled amount, at a “loss” of $540.
Scheduling an item is a great way to protect its value. Other items that can be scheduled include artwork, collectables, musical instruments and guns. If you have a high value item that you are interested in getting a quote to schedule on your policy, you can contact your personal customer service representative.
*This is just an estimate based on researched values. The real value of Tom Brady’s Super Bowl ring is hard to estimate. Unfortunately, he never had the chance to seek coverage for his most recent Super Bowl jersey.