One of the most fequent discussions we have with homeowners is the question of whether or not they should add a special schedule of insurance for their jewelry. Here's why you might want to consider scheduling special coverage for jewelry, art, collections, etc.
1. Most policies limit the amount of insurance for theft of jewelry. If your jewelry burns, no problem because the policy will be there for you. But if it is stolen, some policies limit theft of jewelry to just $1,500 per item up to a maximum of $3,000 for all jewelry that is stolen. Scheduling jewelry voids/overcomes this limit.
2. No deductible for covered losses.
3. Establishes a set value for the payment of the piece's replacement.
4. Expands the kinds of losses covered. If you just can't find your jewelry or if it drops down the sink, or if your expensive vase breaks, normal policies will not cover that. But if you schedule your jewelry or art, those kinds of losses would be covered.
Personally, I think items 1 and 4 are the best reasons to schedule certain pieces of property, especially when they are expensive. We've helped clients schedule computers, bikes, wine, art, jewelry, baseball cards, guns, cameras, and a bunch of other things.
Not only are a lot of these expensive, but many of the things that our clients schedule are very important to them emotionally. Insurance can't prevent the loss, but sometimes knowing that an important piece can be replaced is quite a comfort!
