Often overlooked, protecting your valuable items with insurance is a powerful tool to have in your insurance arsenal. Whether it’s an engagement ring or a family heirloom, these special pieces must be insured to their value, which often is not covered on a standard homeowner’s policy .
Commonly referred to as “Jewelry Insurance” or “Valuable Possessions Insurance”, Scheduled Personal Property Insurance allows you name the item you want insured, have it insured to its appraised or purchased value, and protect yourself from a major financial loss. These special items could range from important pieces of jewelry such as engagement rings, to valuable paintings, and the antique vase your Great-Aunt Clara gifted to you.
One common question that customers have is about the valuable items protection that is included in their homeowner’s policy. Although homeowner’s policies usually come with coverage for valuable items, the policy limits are relatively low per item and for the maximum payout in a single loss. To add more coverage, a customer is recommended to obtain a Scheduled Policy.
Scheduled policies are usually flexible and allow for you to individually insure each piece. These policies also provide protection for a wide range of loss and are not just limited to fire, theft, wind, and water damage that are covered on a standard homeowner’s policy. A scheduled policy can also cover mysterious disappearance and accidental losses, such as forgetting your valuables in a hotel room drawer in Thailand or having your diamond necklace fall off in the lake while waterskiing.
Scheduled policies are also highly customizable, and allow customers to include a list of items that they would like to have insured, including but not limited to:
- Rings, watches, bracelets, necklaces, etc.
- Paintings
- Collectible items
- Vintage Items
- Family Heirlooms
- one-of-a-kind pieces
If you have questions about these two options or about insuring your valuables, reach out to us via phone or email!