Jewelry is more than just a fashion statement. It holds special meaning, whether it’s an engagement ring, a family heirloom, or a luxury watch. But did you know that your homeowner insurance may not fully protect your jewelry? That’s why scheduling your jewelry on your policy is so important.
What Does Homeowner Insurance Cover?
A standard homeowner insurance policy does cover jewelry, but only up to a certain limit. Most policies have a cap on jewelry coverage, usually around $1,000. This means that if your expensive diamond ring or gold bracelet is lost, stolen, or damaged, you might not get enough money to replace it.
What Does It Mean to Schedule Jewelry?
Scheduling jewelry means adding it to your homeowner insurance policy as a special item, also called a “rider” or an “endorsement.” This gives your jewelry extra protection beyond the basic policy limits.
Why Should You Schedule Your Jewelry?
Here are some key reasons why scheduling jewelry is a smart move:
- Higher Coverage Limits
When you schedule your jewelry, you get coverage for its full appraised value. This means if something happens, your insurance company can reimburse you for what it’s actually worth.
- Protection Against More Risks
Standard homeowner insurance usually covers theft but may not cover things like losing your ring at the beach or dropping an earring down the sink. Scheduling jewelry often includes coverage for mysterious disappearance, which means you’re protected even if you don’t know how the item was lost.
- No Deductible in Many Cases
Most homeowner policies have a deductible, meaning you pay out of pocket before insurance kicks in. But when you schedule jewelry, many policies offer coverage with no deductible, so you don’t have to pay anything if you file a claim.
- Peace of Mind
Jewelry is valuable, both financially and emotionally. Knowing your precious items are fully protected helps you worry less and enjoy them more.
How to Schedule Your Jewelry
Scheduling jewelry is easy. Here’s how you can do it:
- Get an Appraisal – Your insurance company will likely need a professional appraisal to determine your jewelry’s value.
- Provide Documentation – Submit receipts, photos, and any other paperwork that proves ownership and value.
- Talk to Your Insurance Agent – Your agent can help you add the items to your policy and explain the cost and coverage details.
How Much Does It Cost?
The cost of scheduling jewelry depends on the value of your items and your insurance company’s rates. In general, it costs about $10 per $1000 of coverage per year. For example, if you have a $5,000 ring, it might cost around $50 per year to insure it fully.
Is It Worth It?
If you own valuable jewelry, scheduling it is absolutely worth the small extra cost. Without proper coverage, you could face a big financial loss if your jewelry is stolen, lost, or damaged. Scheduling ensures that your investment is fully protected.
Final Thoughts
Jewelry is more than just an accessory, it’s a treasure. Standard homeowner insurance may not be enough to protect your precious pieces. Scheduling your jewelry gives you the peace of mind of knowing you’re covered, no matter what happens.
If you have valuable jewelry, contact our Arnao Agency team at 610-489-1122 or fill out our form today to get information about adding it to your policy. It’s a simple step that can save you a lot of worry in the future!