Insuring Jewelry on a Scheduled Basis on a Homeowners Insurance Policy
Most people run away as soon as they hear about homeowner’s insurance policy. All that legal jargon boggles the mind until you are ready to give into just about any policy. You need an insurance policy and that’s a given, but do you know what your basic home insurance policy covers?
Here’s a scenario:
You are out partying with your friends one night. You don’t get home unit 3:00 AM. In your drunken state, when you finally stumble into your house, you find the door cracked open. Since you are so inebriated, you don’t understand the importance of the situation. You blindly stumble to your bed and go to sleep.
Rise and shine and not a “good morning” to you because not only do you have a raging hangover, you now realize that you have been robbed too. Explain that to your insurance company!
So, getting back on track – a basic home insurance policy covers clothes, television, stereo, etc. You will get a set amount that will enable you to get by until things are in order. Let’s come to the fine art, antiques and especially the jewelry you lost. Most insurance companies provide insurance for these things of around $1,000 to $2,500. Say, you lost a ring that costs $3,000. You will only get $2,500 and the rest you will have to cover on your own. This is where a scheduled insurance policy comes in.
What Is Scheduled Coverage?
Scheduled coverage is a part of an insurance policy that you can add to your current policy. This coverage allows you to get your jewelry’s worth in case it is stolen or gets lost. In basic insurance, you get the money only if the valuable item is stolen. If you accidentally misplace it or it gets stolen from your house, then the insurance company does not cover the loss.
In scheduled coverage, you provide the insurer with a list that has all the valuable items written on it. This coverage has a higher premium but the benefits offered to give you the assurance that you will be fully compensated for the loss.
What Can Be Included in Schedule Coverage
Say you accidentally lost the big diamond on your ring. Though you have the ring, the stone got loose and fell off. Since your ring was on the list, you will be compensated for the diamond even though the ring is still in your hand.
Think about schedule coverage as an add-on to the homeowner’s insurance policy. On the other hand, non-scheduled coverage provides you with part of the amount of the lost item that is after you have shown proof to the insurer in the form of a receipt or picture that you were the actual owner.
Following are the items that can be insured under schedule coverage:
Coin or stamp collection
Once you have decided on all the items you want to get insured, you need to get an appraisal from a professional. This appraisal will become the basis for the premium and you will be able to include scheduled coverage in your homeowner’s insurance policy.