Scheduling your jewelry on your homeowners policy this Valentines Day will prevent future heartbreak

Posted by on Feb 14, 2011 in Downey Insurance, Homeowners Insurance, Insurance, Personal Insurance

Did you treat your special someone with jewelry or fine arts this Valentines Day?  If your gift is lost or stolen do you know if it is covered by your homeowners policy?  One of the most important discussions we have with homeowners here at Downey Insurance Group is the question of whether or not they should add a special schedule of insurance for their jewelry.  Here are a few reasons why you might want to consider scheduling special coverage for jewelry, art, collections, etc.

1. Most policies limit the amount of coverage for theft of jewelry. If your jewelry burns on a house fire, this is a standard cause of loss and it will be covered along with all of your other personal property that would be lost in a fire.  But if it is stolen, some policies limit theft of unscheduled 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. Low or No deductible for covered losses.

3. Establishes a set value for the payment of the piece’s replacement cost.

4. Expands the kinds of loss covered to include mysterious disappearance, breakage and other kinds of loss. 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, musical instruments and many other things.

Many of the things that our clients schedule are very important to them. Insurance can’t prevent the loss, but having the peace of mind  that an important piece can be replaced is quite a comfort!  At Downey Insurance Group we know how troubling it can be to be unsure if your loss would be covered, so call us today to review your current homeowners policy.