Some things in insurance are easy to figure out. Your home policy covers your home, your auto policy covers your car. When it comes to jewelry and other valuables you own sometimes the coverage is less clear. Simply put, you have limited coverage for jewelry or other valuables built into your homeowners’ policy. If you own expensive jewelry or other collectable items of value, you should consider scheduling them on your homeowner’s policy for more comprehensive coverage.
Scheduling an item will ensure that if the items is lost, stolen, or destroyed you have enough coverage to replace it to the specifications it used to be. On most policies misplacing a non-scheduled item would not be covered.
Without scheduling an item there are limited coverages for personal items. For example, if you have a $5,000 dollar wedding ring that is stolen but your policy has a limit of $2,000 for jewelry you will only be paid the $2,000. If your wedding ring was stolen along with some other jewelry, you still only get $2,000 for the entire lot stolen in the claim.
There are many items that you can schedule on your policy besides jewelry.
-Art & antiques
-Stamp, coin or other collections where significant money has been spent
-Expensive camera or computer equipment
– Silverware or expensive China
To schedule an item on your policy most insurance companies require an appraisal 5 years or newer. This sets the amount the item would need to be covered up to. Depending on the value of the item you are scheduling most scheduled items are relatively inexpensive, often under $10 a year.
For more specific information about scheduling an item on your policy you can always contact your customer service representative.