How Do I Insure High Value Items?

Most of your personal property is not specifically listed on your homeowners or renter’s policy. However, there are instances when certain high value items should be listed. (the insurance companies call it scheduling)

Reasons to insure your high value items:

Theft limitation.

Did you know that policies have a limit for loss by theft on items most targeted by burglars? This can include jewelry, cameras, furs, fine arts, and silverware and the limit can be as low as $1500. If you schedule them (for a slight additional premium), you can have them insured for full value.

Broader Protection.

Scheduling items provides broader protection. For instance, if a someone drops their ring down the sink and can’t find it, or if the diamond is chipped or lost, it is covered.

Valued up front.

Another advantage is that the true value of jewelry can be hard to determine after a claim.  So, when you schedule an item, you and the insurance company at least have a “general” idea of what you are agreeing the value might be.  However, do keep in mind that when you schedule it, it’s often to your advantage to have a professional jeweler appraise it, and to remind them it’s for insurance purposes.  They will often slightly inflate the amount, so you have some limited time protection for when and if the value appreciates.

Lower deductible.

When items are scheduled, claims are settled with no deductible.  While people are often willing to pay out of pocket for some large losses, when it involves jewelry, which can carry sentimental value, they usually feel better knowing there is coverage!

Be sure to ask your agent if and when you should consider scheduling other high valued items as well!