When you purchase a home insurance policy, besides the actual building you are also purchasing limited coverage for many of your belongings as well. This coverage may be enough to cover your average items but if you have expensive items like jewelry, artwork or collectors items you may want to consider purchasing additional, specific coverage for those items.
Take jewelry for example, 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, say a certain quarterback added to his collection.
Scenario A: A quarterback adds a SuperBowl ring with an estimated value of $36,500* to his collection. His house is broken into and among other things, his ring is stolen. He 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: A quarterback adds a SuperBowl ring with an estimated value of $36,500* to his collection*. His house is broken into and among other things, his ring is stolen. When he received the ring, he had it appraised, and faxed the appraisal to his insurance agent. Scheduling the ring cost the player $540. When his 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 a Super Bowl ring is hard to estimate.