Are your valuable items fully covered? A homeowner’s policy typically insures the contents of your home but with limits and exceptions. For example, if you buy a $12,000 engagement ring but your contents coverage limits loss of jewelry to $10,000 then you are not fully covered. Some policies also exclude losses due to theft of jewelry.
A common limit under contents coverage for other valuables is $1500 regardless of the actual value of the item. Unique items like art or antiques may also be excluded. You can protect individual high value items by adding scheduled coverage.
The first step is to make a list of your valuable items. It’s a good idea to keep records of your purchase receipts, clear and current photos of each item, and current appraisals. Keep in mind that jewelry should be appraised every 2 to 5 years to make sure you are covered for the full value if a loss occurs. It is also recommended to have 3 photos of each item showing the top, bottom and side views.
Items that You Might Want to Schedule
- Art
- Antiques
- China
- Electronics
- Golf and Sports Equipment
- Collections
- Furs
- Jewelry
- Musical Instruments
- Silverware
Scheduled coverage is usually added by endorsement to your homeowner’s policy. Scheduling coverage may also offer the additional benefits of covering disappearance and theft, often without a deductible.
If you already have scheduled coverage it is important to periodically review your limits and document the current value of replacing these items. Many valuable items have dramatically increased in cost in recent years, especially items made from precious metals like gold or silver. Also remember to add newly acquired items.
At Longen Group, LLC we want to help you have peace of mind. If you would like to add scheduled coverage or review your existing coverage please reach out to us today. Click to read more about Valuable Possessions Insurance.
Valuable Items & Jewelry Insurance | Travelers Insurance
Scheduled personal property | The Hanover Insurance Group
Why You Should Consider Scheduled Personal Property Coverage – Forbes Advisor
