Your Expensive Jewelry and Insurance

Some of you reading this have a lot of expensive items that you think are covered by insurance. But, they may not be covered. Your insurance policy limits how much it will pay for certain items. Most policies limit jewelry, for example, to $1,000. Each policy, though, has a different limit.

That is where scheduling your jewelry comes in handy. Scheduling means that you provide the insurance company with a list of the items and they cover these items based on a separate agreement. Scheduling jewelry, and other items like art, cameras, fur, musical equipment and the like, has two benefits.

First, these items are covered up to the amount that you have insured them for. However, you have to understand that this is the MOST they will pay. If the insurance company can replace your $10,000 diamond ring for $8,000, then that is all they will pay. Conversely, if your $10,000 ring can be replaced for $15,000, they will still not pay more than $10,000.

Second, these items are covered for more than what is covered in your insurance policy. For example, you insurance covers theft, but not mysterious disappearance. Scheduled property is covered for mysterious disappearance, as well as theft. Therefore, for the extra premium, you get more coverage.

If you have expensive items in your home, talk to your insurance agent about scheduling your personal property.