Should I schedule jewelry on my homeowners insurance?

Did Valentine’s Day treat you well?

 

Maybe you were on the receiving end of a new piece of jewelry such as a necklace, bracelet, or engagement ring.

 

You have had a few days to share your excitement with friends and family so now you should contact your insurance agent.

 

Your home, condo, or renter’s insurance policy typically has a limit that they will pay on a jewelry loss. A typical limit is $1,000, which might not be enough to cover the cost to replace your jewelry in the event of a covered loss. Not only is there a limit of insurance on jewelry there also is better coverage available to you by scheduling your jewelry on your home insurance policy.

 

How does scheduling my jewelry give me better coverage?

 

Not only are you able to insure your jewelry for its replacement cost, you are also protecting yourself with better coverage. Personal property on your home insurance policy is typically insured against named perils. By scheduling your jewelry you are scheduling it against open perils with exclusions listed of wear and tear, deterioration, inherent vice, war, insects and vermin, or nuclear hazard.

 

What is an example of a time a claim was paid?

 

One of the coverages that scheduling your jewelry gives you is known as “mysterious disappearance”. Mysterious disappearance simply means it is lost and you have no idea where it is.

 

A few years back we had a client lose her engagement ring while she was out running errands a few days before her big day. Luckily, she had scheduled the ring on her homeowners policy a few days after her engagement and we were able to get the item replaced quickly.

 

What does it cost to schedule a piece of jewelry?

 

This varies by insurance carrier. We generally tell people to expect to pay about $11 per $1,000 of value.

 

 

What do I need in order to schedule a piece of jewelry?

 

Once again, this is going to depend on your insurance company and the value of the item. Anytime you do wish to schedule an item you should have a recent appraisal showing the replacement cost of your item.